Heritage Isle Credit Union Home Loans

Rates and Fees verified correct on December 8th, 2016

Compare the features and fees of a Heritage Isle Credit Union home loan

HeritageIsle

Heritage Isle Credit Union was founded in 1965 and today has more than 7,000 members. This community-based credit union serves all of its members but focuses mainly on northern Tasmania, with four branches throughout the Tamar Valley. It offers everything from savings accounts and transaction accounts to a wide range of solutions to its members, while it also provides a range of financing options to help borrowers looking to buy a home.

Who is Heritage Isle Credit Union?

As Tasmania’s largest credit union, Heritage Isle offers loans for customers who are buying a new home, refinancing or looking to invest in property. Aiming to offer simple choices to borrowers, Heritage Isle Credit Union loans come with a range of flexible features to help you tailor your loan to your specific needs.

Features include no monthly fees and the choice of flexible repayment options, while the credit union endeavours to offer competitive interest rates. Heritage Isle home loans can be quickly and easily applied for online, while the lender also offers handy online tools and calculators to help customers better understand the features of their loans.

Compare Heritage Isle Credit Union Home Loans

Rates last updated December 8th, 2016
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Loan purpose
Offset account
Loan type
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Interest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment
5.35% 5.48% $500 $8 monthly ($96 p.a.) 95% More info
5.35% 5.48% $500 $8 monthly ($96 p.a.) 95% More info
5.35% 5.50% $500 $8 monthly ($96 p.a.) 95% More info
9.00% 9.46% $500 $8 monthly ($96 p.a.) 95% More info
9.00% 9.13% $500 $8 monthly ($96 p.a.) 95% More info

Home loans offered by Heritage Isle Credit Union

Housing Loan

This loan is designed to help Heritage Isle customers buy a home. Featuring a competitive variable rate and no monthly or ongoing fees, it is designed to help borrowers pay off their loans as quickly as possible. The loan offers the ability to choose between weekly, fortnightly or monthly repayments, while no penalty applies for additional payments or early repayment of your loan. Other features include a redraw facility, an interest-only option and the chance to set up automatic repayments.

Home Equity Loan

This mortgage secured loan is designed to offer borrowers access to funds for home renovations, extensions and the like. Featuring a standard variable interest rate, this loan’s actual interest rate will vary depending on your application. The Home Equity Loan features no monthly or ongoing fees and no penalties for additional or early repayments. A redraw facility is available (minimum $500), auto repayment is offered and the maximum loan term is 30 years. Borrowers can also enjoy the flexibility of making weekly, fortnightly or monthly repayments.

Investment Housing Loan

Designed for those looking to build their property investment portfolio, Heritage Isle’s Investment Housing Loan features negotiable rates based on your application. While an establishment fee does apply, there are no ongoing fees to worry about. There is no redraw facility offered, but borrowers can make extra repayments and pay out their loan early without incurring any penalty. The maximum loan term is 30 years and borrowers can make weekly, fortnightly or monthly repayments.

Pros and cons of Heritage Isle Credit Union home loans

Pros
  • No ongoing fees. None of Heritage Isle’s home loan options feature ongoing fees.
  • Early payout allowed. With the option of making additional repayments towards their loan, borrowers can pay out their loan early without attracting a fee.
  • Flexible repayments. Choose from weekly, fortnightly or monthly repayment schedules to suit your budget.
  • Redraw. Both the Housing Loan and the Home Equity Loan offer a redraw facility to allow borrowers to access their extra repayments.
Cons
  • Based in Tasmania. If you live in mainland Australia, Heritage Isle’s branch locations in northern Tasmania make branch access difficult.
  • Negotiable rates. With the Home Equity and Investment Housing Loans, rates are negotiable based on your application. This means you don’t have the security of knowing what rate you will get when you apply for your loan.

How to apply for Heritage Isle Credit Union home loans

If you would like to find out more information or apply for a home loan from Heritage Isle Credit Union, please click on the secure links on our page to speak to a mortgage broker.

You’ll need to be an Australian resident, over the age of 18 and a credit union member in order to apply, while Heritage Isle will quickly assess your application and may ask for further information in some cases.

To help with your search for a home loan, you can compare the features of different Heritage Isle loans by using our comparison resources and tables above.

Documents needed to apply for a Heritage Isle Credit Union home loan

Personal information

You will need to supply the following information to verify your identity.

  • Your name
  • Your contact details
  • Your date of birth
  • Your membership number
  • 100 points of identification
Property information

Next, you’ll need to supply documents that contain information about the property you are buying and details of the sale. These include:

  • The contract of sale. This important document lays out all the details of the sale, such as information about the property and the amount being paid for it.
  • The certificate of title. The certificate of title is essential to prove that the person who is selling the property is the same person that owns the property.
  • The transfer of land. This document details the transfer of the land in question into your name.
Financial information

Finally, Heritage Isle Credit Union will require details of your financial situation to determine your ability to repay the funds you plan to borrow. You’ll need to supply information about your:

  • Income. This could be in the form of payslips or, if you’re self-employed, in the form of tax returns for the previous two years.
  • Assets. Any assets that you own, for example shares or savings, will help form an important part of your creditworthiness.
  • Liabilities. Do you owe money on other loans or have outstanding credit card debt? Your lender will need to know about these to be able to make an informed decision.
  • Expenses. You’ll also need to supply information about any ongoing expenses you have, such as utility bills.
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This page was last modified on 18 August 2015 at 22:06.

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