What you need to know about borrowing with Credit Union South Australia
Australia’s third-largest credit union boasts 50 years’ worth of experience and goes the distance in providing personal attention, community service, varied home loan products and competitive rates and fees.
What do I need to know about Credit Union SA?
The Credit Union SA philosophy is rooted in creating a happier, healthier community by helping their members realise their financial goals and bettering their quality of life. Half a century’s worth of experience means that the Credit Union SA staff understands home loans and helping members select the right product for their needs.
They assist members in financial difficulty and practise good corporate citizenship by participating in community-based projects, from helping the homeless to coordinating awareness programmes for troubled teens. As far as their home loans go, Credit Union SA offers four attractive options as well as an all-inclusive package. Whether members are looking for reliability, peace of mind or flexibility, Credit Union SA is committed to helping them secure the right home loan and manage their financial future in a responsible way.
Teachers Banking Benefits
Credit Union South Australia offer extra banking benefits to teachers extra benefits when choosing to bank with them. This includes $2,000 cash back to teachers who choose to take out their first home loan with them or choose to refinance from another lender to them.
If you work in the education system in South Australia and are looking for a first home loan of $200,000 and apply with Credit Union South Australia you will receive $2,000 cash back. If you are looking to refinance with over $200,000 of your loan to be used for this they will also give you $2,000 cash back as well as more benefits see their website for details.
Compare Credit Union SA Home Loans
What home loans are provided by Credit Union SA?
Standard Variable Rate Home Loan
This home loan’s main feature is its flexibility thanks to features that allow maximum freedom in managing repayments. Members choose the pace at which they repay the loan and they also have the option of settling the full amount without risk of penalty. The standard variable loan is available for as little as $20,000 for a loan period of up to 30 years. Credit Union SA offers the standard variable option as part of their Home Loan Package product.
Discounted Home Loan
This loan option features competitive rates and could be the ideal product for members keeping a close eye on their budget. Members have access to the same flexible features allowing early and extra repayments, as well as the option to increase the home loan amount (certain conditions apply). In addition to paying no monthly fees, the $600 application fee for this loan is also waived.
Fixed Rate Home Loan
Borrowing at a fixed rate means peace of mind as your interest rate remains unchanged for up to three years of the loan period. Credit Union SA provides this kind of certainty to help home buyers ease into a long financial relationship, and also helps them cultivate responsibility while managing their budgets. This loan’s features allows for maximum flexibility to make additional repayments, choose the frequency of those repayments and access a redraw facility when necessary.
Line of Credit Home Loan
If you currently have a home loan with Credit Union SA and you’d like a little more financial breathing room, you can borrow against the equity accrued in your loan with a line of credit. As long as the interest payments are made each month and you borrow within the set limit, you can withdraw whenever you need access to additional funds. The line of credit is available for a minimum of 10 years and can be repaid at any time.
Home Loan Package
This is a comprehensive solution for first-home or refinancing customers. When opting for the package deal, customers gain access to a number of Credit Union products like Visa cards and transaction accounts, all at discounted rates while maintaining 100% of the benefits. Besides offering a redraw facility, an offset account and waived fees, customers benefit from discounted interest rates if they choose the Fixed Rate, Standard Variable or Line of Credit options as part of the package.
Advantages and considerations
Credit Union SA offers its customers flexible, low-interest home loan options with a number of benefits.
- Flexibility. All Credit Union SA’s home loans allow its customers the option to choose how and when they’re able to repay their loans.
- All-inclusive package. The Home Loan Package is a comprehensive option that allows access to a full range of Credit Union SA products along with a discount on the home loan’s interest rate.
While customers stand to benefit from these home loans, they should keep an eye out for the pitfalls.
- Debt traps. A line of credit can provide a convenient windfall, but if spending is not managed properly, you could quickly fall into a debt trap. Failure to make payments incurs additional dishonour charges and negative implications for your credit record.
How to apply for a Credit Union SA home loan
If you would like to apply for a home loan form Credit Union SA, click on ‘more info’ in the table above to speak to a mortgage broker about your eligibility.
Documents needed to apply for a Credit Union SA home loan
- Identification. This includes documentation that verifies your identity and complies with the 100-point ID check. You could include birth or citizenship certificates, a current passport or a driver’s licence.
- Property information. A complete home loan application should include a contract of sale, a receipt for a deposit, all building-inspection documents and construction or renovation paperwork if applicable.
- Financial information. Here they’d like to know about your employment status, salary and whether you have assets in your name that bring in additional income. You should also include a list of liabilities like current loans, credit-card statements, rent and a list of monthly expenses; this helps the lender determine whether or not you’re able to make repayments, and also the amount for which you can borrow.
Whether it’s for a first purchase, a refinancing project or investment in a second or third property, Credit Union SA’s home loans offer flexibility with repayments and a line of credit option, but also a culture of financial responsibility thanks to fixed-rate options for the first three years.