Learn about the home loans available from Horizon Credit union to see if they have a mortgage for you.
Horizon is an award-winning credit union that was founded in 1964. Horizon requires prospective customers to purchase a share in the credit union in order to access its portfolio of financial services. In addition to a wide array of home loans, Horizon Credit Union has insurance packages, travel help, access and deposit accounts, car loans, personal loans, financial education services and more.
Awards that Horizon Credit Union has earned
- Money Magazine Award for Personal Lender of the Year for 2012 and 2013
- Money Magazine Gold Award for Cheapest Personal Loan in 2012 and 2013
- 2012 Origin Shoalhaven Business Excellence Award for Property and Finance
- Money Magazine Award for Personal Lender of the Year in 2012
Home loans offered by Horizon Credit Union
KickStart First Home Buyer Loan
This loan is a fully-featured loan offered with a variable interest rate. It is the best bet for borrowers who are looking to buy their first home. With the KickStart Loan you can make extra repayments to have your loan paid off faster. Extra repayments are welcomed in principal and interest (principal and interest) or interest-only and you have access to a redraw facility. This redraw facility is useful for borrowers who want to be able to access their money in a time of need. There is also an establishment fee and a monthly fee to take into account.
Mortgage Breaker 100% Offset Loan
The Mortgage Breaker's best feature is its 100% offset account. This means you can decrease the interest you accrue on your mortgage, saving you a lot of money in the long term.
Extra repayments are allowed with this loan and you can make principal and interest repayments or interest-only repayments. There's also a redraw facility available, while establishment and yearly fees do apply.
Classic Home Loan
The Classic Home Loan from Horizon Credit Union offers a low variable interest rate and flexibility about how you can repay. Extra repayments can be made for this loan and you can make them in principal and interest or interest-only schemes. A redraw facility is also offered.
This loan is great because there is no hefty establishment fee and no ongoing fees. Borrowers who want to save on fees and be able to access their excess payments would be a good fit for this loan.
Basic Home Loan
This option is Horizon's most straightforward home loan. It is a variable interest rate loan that allows extra repayments for no fee. The Basic Home Loan comes with a redraw facility, but be wary of the establishment fee and the ongoing monthly fee when calculating how much this loan will cost you.
Fixed Rate Home Loan
This loan lets you lock in a fixed interest rate for a set period, after which it converts into Horizon's Basic Home Loan with a variable rate. You can make repayments in principal and interest or interest-only, while there is an establishment fee but no ongoing fees. You can redraw money and, as an added bonus, you can pay off as much of the loan as you like in one payment as long as you do not pay off the loan in full.
The Platinum Loan offers a discounted variable interest rate and fee-free transaction banking. You can make repayments in principal and interest or interest-only and extra repayments are welcome.
The Platinum Loan has a redraw facility and comes with a discount on general insurance for the first year. Other goodies that come along with this loan are a fee-free Visa debit card, a fee-free Visa credit card, free SMS alerts and free phone banking.
Handyloan Secured Line of Credit
This loan is a line of credit that allows borrowers to purchase or build the home of their dreams. It is a variable interest rate loan with an application fee, and the ability to make extra repayments. This loan also comes with a redraw facility to let you access the equity in your excess repayments.
Pros and cons of Horizon Credit Union home loans
- Platinum package. Horizon's Platinum Loan comes with added perks such as an insurance discount, debit and credit cards and free mobile banking options.
- Redraw facilities. All of Horizon's loans come with a redraw facility. This comes in handy for those times when you need to access your cash.
- Extra repayments. You can make extra repayments on all of the variable rate loans offered by Horizon.
- Some large fees. All loans except the Platinum Loan have an application fee. You'll have to take the application fees into consideration when calculating what you're able to afford to pay for a loan.
How to apply for a Horizon Credit Union home loan
To apply for a home loan with Horizon Credit Union you will need to become a member. You will also need to provide the following information:
- Proof of your identity. You will need to provide your name and contact details, your driver's license number and your contact details.
- Employment details. The details of your current and previous employers is required. This includes their name and contact information.
- Financial details. You will need to list your net salary along with any other income you receive.
- Assets. This includes details of your savings accounts, any vehicle you own, your insurance and your home and possessions.
- Liabilities. This is regarding any money that you owe on open credit accounts, or with rent and expenses.
Horizon Credit Union is a home loan lender with a proven track record. Its stable of home loan options may have the ideal loan for you, but make sure to compare your options so you get the best possible deal.
Who is Horizon Credit Union?
Horizon Credit Union provides a large selection of flexible home loans. Both variable and fixed interest rate home loans are part of Horizon's portfolio, while all home loans from Horizon allow extra repayments and a range of other benefits.
You can expect to find Horizon home loans that are great for first-time buyers, for people looking to borrow large amounts of money, for borrowers who want banking benefits alongside their loans, as well as for those looking for a line of credit in order to invest or carry out construction. Borrowers can find a loan structure that suits their individual needs with Horizon.