Dnister offers many different and diverse home loans for its members.
Starting life as the financial arm of the Ukrainian Catholic Church, the Dnister credit union continues in the tradition of providing home loans to Ukrainians and their relatives living in Australia.
All about Dnister
Getting started in a new country can be tough and sometimes you need a little help from people who understand your challenges.
Dnister assists both newly arrived and settled Ukrainians in achieving their financial goals. Whether it’s opening an account or buying a home, their aim is to make the transition to life in Australia a smooth one. After 56 years in the business, Dnister can now offer its members a comprehensive portfolio of financial products.
Values like family, tradition and community are integral to Dnister’s approach to banking, the same values upon which all credit unions are built. Dnister’s combination of its commitment to community and accessible loan products is why they’re currently Australia’s biggest ethnic-based credit union.
Compare Dnister Home Loans
What home loans are provided by Dnister?
Premier Home Loan
This loan is available to members borrowing $150,000 or more. Choose variable or fixed rates for your loan, but keep in mind that if the loan is repaid in full on a fixed rate, you’ll be charged a penalty (not the case when repaying in full on a variable rate). The Premier loan allows borrowers the space and freedom to make payments at their chosen pace. If necessary, a redraw facility is available for up to $50,000. You can also set up an offset account for further savings: the amount in your bank account is subtracted from the loan balance and you only pay interest on the difference.
Standard Home Loan
Accessible and easy to manage, the Standard Home Loan is Dnister’s most basic solution. They lend at a variable rate for a maximum loan term of 30 years, and you can borrow from as little as $20,000. Despite its simplicity, this loan’s features are quite flexible: choose to repay weekly, fortnightly or monthly, depending on your financial situation. Members only pay the application fee since monthly ongoing costs are waived. Without features like a redraw facility or lump-sum repayments, this option is for you if you want to keep it simple: secure the funds, buy your home and repay at your own pace.
Interest Only Loan
For a maximum period of five years, borrowers only pay the monthly interest on the loan amount. This loan’s features make it an ideal alternative for members looking to expand their financial portfolios by investing in one or more properties. You can choose to make payments weekly, fortnightly or monthly, and also shorten the loan period with additional and lump-sum payments. Members only pay an application fee and can borrow from a minimum of $20,000.
If you’ve accumulated enough equity in your property (or properties), you can apply for an additional financial injection in the form of Dnister’s line of credit. Whatever the purpose of the loan, borrowers have access to a minimum of $20,000 at the prevailing variable rate. An application fee is levied to establish the loan, but no further fees are charged for ongoing services. You can access the line of credit with Dnister’s CueCard or via online banking.
What you should think about when applying for a Dnister home loan
Dnister makes banking easy for their Ukrainian membership with the following advantages:
- Common challenges. Dnister understands that their members face the same set of challenges when banking in a new country. They can offer the kind of tailored, specific solutions their members might not find at a traditional bank.
- Trust and community. Members are part of more than just a credit union: thanks to their shared heritage, members are also part of a community where people keep tradition and family alive.
- No monthly charges. None of the home loan options come with monthly ongoing charges.
Members should also be mindful of the negative aspects.
- Exclusivity. This credit union actively seeks out only Ukrainians and their families as potential clients.
How do I apply for a Dnister home loan?
If you would like to find out more information about a home loan from Dnister or apply for one, please get in touch with one of our mortgage brokers or click on ‘find out more’.
Documents needed to apply for a Dnister home loan
- Personal information. Here you should include documents to support the information supplied on the application form. The identity documents should comply with Australia’s 100-point check. Citizenship certificates, passports and a driver’s licence would be enough.
- Property information. This would include a contract of sale signed by both the buyer and seller, a deposit receipt and the documents confirming the completed inspections of the property.
- Financial information. Besides declaring your income with payslips and tax returns, you’ll also have to declare every asset that contributes to your income, like shares or additional property investments. They’ll also need to see a list of your liabilities, or what you owe. This would include other loan balances and credit card statements.