Customise your home loan to suit your circumstances with Firefighters Credit Union
The Firefighters Credit Union in Victoria was established in 1976 to assist local firefighters facing financial difficulties. Starting off by offering small loans to firefighters, the credit union now works with all types of firefighting brigades and their families and friends.
One thing that has not changed is the credit union’s aim to provide loan solutions to its members. This includes home loans which offer many of the same benefits as the banks do.
Who are Firefighters Credit Union?
Firefighters Credit Union provides a home loan package that members may customise. Loan amounts are available between $30,000 to $750,000 with terms of up to 30 years. An owner occupant or investor loan has the same interest rate and you have the option of variable, fixed rate or interest only loans. There are no monthly fees charged for a home loan but you will be charged $25 for using the redraw facility to access additional repayments.
Home loans offered by Firefighters Credit Union
Mortgage Breaker home loan
By linking a home loan with your Firefighters Credit Union savings account you are provided with a 100% offset account where the amount of your savings is applied to your loan balance to reduce your interest payment. There's no minimum amount required to be in your mortgage breaker savings account.
Benefits and considerations of Firefighters Credit Union home loans
Firefighters Credit Union offers you the ability to choose the features for your home loan that will make it convenient and save you money:
- Repayments. You can choose to make repayments using automatic deductions from your payroll or from your savings account.
- Consistent interest rates. Whether you are buying a home for your family, or one as an investment the interest rate will be the same.
- Fees. There are no account keeping fees, although there could be fees with a linked account if you choose the Mortgage Breaker home loan.
- 100% offset. Having the opportunity to offset your home loan balance with your savings will save you money on interest over the life of the home loan.
- Credit union membership. Home loans are only available to members of the credit union. To become a member you must be a part of the firefighting industry or a family member or friend of someone who is already a member.
- Fees. There is a $200 application fee.
How to apply for a home loan from Firefighter Credit Union
Firefighters Credit Union has a downloadable home loan application that you can print and fill out from home:
- Member number. You must already be a member of the credit union to apply. If you are not you can fill out a membership application and pay the $10 fee before applying for the home loan.
- Submitting the application. Once complete you can fax the form to the credit union.
- Application fee. You will be asked to pay a $200 fee before the loan can be processed. This payment can be made with a cheque or with direct debit from your savings account.
Firefighters Credit Union will peruse your application and contact you to discuss your options. This will include the maximum loan amount available.
Documents needed to apply for a Firefighters Credit Union home loan
In addition to your credit union membership number, you are going to be asked to provide other personal details including:
- Identification information. Your full name and driver’s licence number to help verify your identity.
- Contact information. Your current address, telephone number and mobile phone number are asked for.
As the property you are purchasing will be used as security for the home loan, the credit union is going to want to see copies of the following:
- Sales contract. The sales contract is the agreement you made with the seller of the property.
- Title certificate. This is necessary to show that the person who is selling the property is the owner.
- Land transfer. This is a document showing that the ownership of the land is being transferred into the buyer’s name.
Your finances will help determine whether the loan is approved and for how much. The type of information the credit union will ask for includes:
- Employment details. The name and address of your current employer along with your salary before and after taxes.
- Financial commitments. These are debts that you are required to pay monthly and include any other loans, child support payments and credit card debt.
- Assets. A list of items owned by you of significant value such as a home, property or vehicle.