Home loans deals worthy of the NSW fire and rescue services.
The Firefighter Mutual Bank formerly (Fire Brigades Employee’s Credit Union) was formed in 1968 to provide financial services to employees of NSW fire and rescue services and their families.
Surplus funds are returned to members in the form products with better deals and better rates.
The Firefighter Mutual Bank offers home loans to NSW emergency services personnel. Home loans are available to personal borrowers and can be used by owner occupiers and investors. Business entities cannot apply for a Firefighters Mutual Bank home loan; however, registered members can apply for a loan in the name of a SMSF. Firefighters Mutual Bank home loans are fully featured and aimed at the money conscious. Fire Brigades Employees Credit Union has recently completed a merger with Teachers Mutual Bank and rebranded to Firefighters Mutual Bank. They still offer the same products and services to firefighters and emergency workers and their families just under a new name and brand.Fire Brigades Employees Credit Union rebrand.
Compare Firefighter Mutual Bank Home Loan
Home loans provided by Firefighters Mutual Bank
Fixed Rate Home Loan
Firefighters Mutual Bank Fixed Rate Home Loan allows you to choose a fixed rate between 1 and 5 years and have the security of knowing your repayments for that period. Also included with this fixed rate loan is a 100% offset account and no ongoing fees to help you pay off your home loan sooner. It has options for owner occupiers and investors and you also have the option to choose interest only repayments to free up some cash flow.
My First Home Loan
Built with first home buyers in mind the Firefighters Mutual Bank My First Home Loan has all the great benefits and features that any first time buyer would love including discounted interest rate, no establishment or ongoing fees as well as a 100% offset account. You can also opt for interest only repayments and use the loan to construct a your new home if you choose to build rather than purchase an established property to take advantage of the First Home Owners Grant, which can be used as part of your settlement.
Classic Home Loan
Slim on features but also on rates and fees the Firefighters Mutual Bank Classic Home Loan is suitable for owner occupiers who are just wanting a basic variable rate home loan. With no ongoing fees but still features such as fee free redraw of any additional repayments made onto the loan this loan is all refinancers and new purchases who want to borrow up to 85% loan-to-value ratio with Lenders Mortgage Insurance included.
Interest Only Home Loan
The Firefighters Mutual Bank Interest Only Home Loan has options for owner occupiers and investors and can be used for purchasing an established property, vacant land or building a new home. With other uses and purposes for the loan also acceptable including renovations it is extremely flexible with 100% offset account and no monthly fees. It also allows you to opt for a split loan option or if your financial circumstances change you can take a repayment pause by discussing it with the bank.
Flexi Choice Home Loan
With a range of flexible features the Firefighters Mutual Bank Flexi Choice Home Loan gives the borrower options to shape the loan to best suit their needs. It has options for both owner occupiers and investors and offers features to assist in paying off your home loan sooner such as a 100% offset account, unlimited additional repayments and no penalty for paying off your home loan before the end of your loan term.
Solutions Plus Home Loan
Offering a discounted rate for the life of the loan to Firefighter Mutual Bank members who qualify for the Rewards Package the Firefighters Mutual Bank's Solutions Plus Home Loan is a package loan that can be used by both owner occupiers and investors. With a range of benefits and features including interest only and repayment pause options, and discounts across other banking products at Firefighters Mutual Bank.
Pros and cons of Firefighters Mutual Bank home loans
Pros
- First Home Owner Grant Processing. The Firefighters Mutual Bank check your eligibility and lodge an application for the NSW First Home Owner Grant (FHOG) on your behalf when you apply for a home loan. The FHOG is available once the purchase of your home has been settled.
- Home loan repayment insurance. If you’re paying both the interest and the principle components of your home loan, you’re eligible for home loan repayment insurance. For a premium, you’re covered if you’re unable to meet your mortgage repayments due to a number of events.
- Top-up your loan. If you want more money from the credit union, there’s no need to get a new loan. You can ‘top-up’ your home loan with extra funds. Home loan top-ups are available for any reasonable purpose.
Cons
- Limited availability. Firefighters Mutual Bank home loans are only available to members of the NSW rescue services and their families.
- Budget Home Loan fees. If you want to take advantage of the offset account home loan feature, you must pay a small offset account keeping fee.
How to apply for a Firefighters Mutual Bank home loan
An application for a Firefighters Mutual Bank home loan can be completed either online or at a branch.
- Apply online. You can download, complete and send in an application form for a Firefighters Mutual Bank home loan. This form can be found on their website. This is a full application for a home loan and you need to provide identification, information about your assets, liabilities, income and expenses to support your application.
- Apply in-branch. The Firefighters Mutual Bank have a branch in Sydney. You can pick up an application form and complete it on the spot in-branch. Or you can take the form home with you and send it in at your convenience.
Following the completion of your home loan application, a member of the Firefighters Mutual Bank will be in touch to confirm your loan application has been received. Once all your information has been received and processed by Firefighters Mutual Bank, you will be contacted about whether your loan has been approved.
Documents needed to apply for a Firefighters Mutual Bank home loan
Personal information
You do not need to verify your identity when you first complete the home loan application.
- Identification. If you’re not a member of the credit union, you need to provide 100 points of identification before the loan contracts are finalised.
- Membership number. Existing members of the Firefighters Mutual Bank n need to enter their membership number.
- Previous address. If you’ve been in your current address for less than two years, you need to list your previous address.
Property information
You need to provide information about the property you want to purchase to complete an application for a home loan.
- Contract of sale. The contract of sale will have information about the following: the location of the property, the property type, the purchase price, the size of your deposit, the name of the agent of the vendor and the name of your solicitor.
Financial information
These financial details need to be provided to complete a Firefighters Mutual Bank home loan application.
- Income. Two most recent payslips, Centrelink details (if applicable) or tax returns and profit and loss statements if you’re self employed.
- Employer’s information. Provide your employer’s name and contact details and your previous employer’s contact information if you’ve been in your current job for less than three years.
- Assets. Information about any bank accounts, personal assets, shares or other income generating assets. Verification of these assets is required too.
- Liabilities. Information about any loan payments, credit cards or any other financial commitments. You must provide recent statements for accounts like credit cards.
