If you work in the transport industry or are just after a competitive home loan, Encompass could have a product worth comparing today.
Encompass Credit Union, founded in 1953, provides its financial services and products to members and their families Australia wide. It has a large range of home loans for buyers and investors, enabling customers to structure their home loans according to their wants and needs.
Awards that Encompass Credit Union has earned
- Finalist, 2012 ASFA Awards: Encompass Credit Union was a finalist for its Regret Nothing program, which is designed to help young Australians make smart decisions with their money.
Who is Encompass Credit Union and what do Encompass Credit Union do?
Encompass Credit Union, like all credit unions, works in the best interests of its members. Any surplus funds it generates are channeled back into the credit union to provide its members with better banking products and services.
As well as savings and investment accounts and a range of financial advice, Encompass also offers several home loan options. Its suite of home loans includes no-frills options, fixed and variable interest rates, equity loans, premium packages, and even a loan designed for those in the transport industry.
Home loans offered by Encompass Credit Union
Transport Mortgage Package
This type of home loan is tailored to suit the needs of individuals in the transport industry. It gives members savings on their home loans by offering discounted interest rates on variable and fixed rate home loans as well as savings on daily banking products and insurance services. The Transport Mortgage Package also has free redraw facility, lump sum and extra repayment capability without penalty, and no monthly maintenance fees.
Introductory Rate Home Loan
The Introductory Rate Home Loan is structured to enable members to save as much money as possible on their home loans. It offers a low interest rate for an introductory period to enable borrowers to get a jumpstart on their repayments.
1, 2, 3 and 5 Year Fixed Home Loan
Fixed interest rate loans makes it possible for borrowers to know what their future payments will be. These Encompass loans include a competitive interest rate and the certainty of the same repayment amount over the fixed term of your loan.
Standard Variable Home Loan
This type of home loan is available for owner-occupiers and investment purchasers who want to enjoy more flexibility in dealing with changes to their financial situation. The Standard Variable Home Loan is a simple-to-manage loan offering a competitive variable interest rate to customers.
RTBU Home Loan Package
The Rail, Tram and Bus Union (RTBU) Home Loan Package has been specially designed together with the RTBU to provide the men and women of the transport industry with low-cost home loans. Benefits of the RTBU Home Loan Package include access to interest rate savings on the standard variable and fixed rate loans of Encompass Credit Union, no establishment fee, no annual fee, no valuation fee, and no credit card annual fee.
Equity Home Loan
The Equity Home Loan offering allows you to access the equity in your home or investment property.
Pros and cons of Encompass Credit Union home loans
- Competitive rates. Encompass Credit Union offers competitive rates and flexible terms on its range of home loans.
- Focus on the needs of customers. Since Encompass Credit Union is owned and controlled by its members, it does not aim to make huge profits for shareholders. The profits it makes are sent back to members through offering attractive interest rates, low fees and improved products and services.
- Fast registration process. Becoming a member of Encompass Credit Union is fast and simple. It takes about five minutes to complete registration and a representative of the organisation will get in touch with you shortly afterwards to finalise the application process.
- Multiple methods of accessing your funds. Encompass Credit Union has various reliable and efficient methods you can use to access your funds, including mobile banking, internet banking, major credit cards and branch deposits and withdrawals.
- Fees and charges. Encompass charges establishment fees for loans secured by residential property.
How to apply for an Encompass Credit Union home loan
Applying for an Encompass home loan is simple and hassle-free:
- Start by filling an online membership form in five minutes.
- A representative will contact you. An Encompass Credit Union representative will contact you within one business day to help you finalise the rest of your account.
Documents needed to apply for an Encompass Credit Union home loan
When you want to become a member of Encompass Credit Union you will have to prove your identity. The documents you will need to provide include the following:
- Driver’s licence
- Birth certificate
Encompass Credit Union will want you to provide documentation regarding the property you are purchasing, including copies of the:
- Contract of sale
- Certificate of title
- Transfer of land
You will need to provide financial information so the lender can determine your ability to make repayments and how much you can borrow. The information you’ll have to provide includes:
- Details of your income. Depending on your situation, this could be in the form of payslips, tax returns, bank statements or your contract of employment.
- Details of your assets, including real estate, vehicles, savings and shares.
- Details of any liabilities you may have, such as credit card debt and other loans, as well as information about your recurring expenses.
Before deciding whether one of Encompass Credit Union’s home loans is right for you, compare its products with other loans on the market and speak to an expert to get tailored advice.