Your guide to comparing home loan offers from Hunter United.
Hunter United was originally founded in 1963 as the BHP Employees’ Credit Union. Operating in the Hunter Valley region, Hunter United has eight branches and offers a range of financial services to its members.
Awards that Hunter United has earned
- Best DIY Super Savings Account: 2012 Money Magazine Best of the Best Awards
Who is Hunter United?
Hunter United provides customers with a wide array of home loan options. Both variable and fixed interest rates are available, and Hunter United’s business model focuses on providing many bonus features in its loan packages.
Loans from Hunter United include its Fixed Rate Loan, Standard Variable Home Loan, Basic Variable Home Loan, a loan package that includes many additional banking options, a Mortgage Overdraft Loan and an Interest-Only Loan. The online loan application process is fast and straightforward.
Home loans provided by Hunter United
One and Two Year Fixed Rate home loans
These two loans give you the peace of mind that comes with knowing how much your repayments will be for a set period. After the fixed rate period ends, the loan converts to a variable rate.
Repayments can be made monthly, fortnightly or weekly. There is an application fee with these two loans, as well as a monthly account-keeping fee. The loan makes you eligible for a rebate reward and also comes with loan repayment insurance and the ability to set up auto repayments.
Standard Variable home loan
The Standard Variable Home Loan is great for borrowers who want to have the option to lower their interest rate. The loan comes with an offset account that allows you to lower your interest rate by putting money in a savings account with Hunter United. Repayments can be made on variable or lump sum terms, with no penalty charged for making early repayments.
The Standard Variable Loan also comes with a redraw facility, which makes it easy for you to access your money in times of need. It’s important to note that this loan does attract an application fee and a monthly account-keeping fee.
Basic Variable home loan
This is a basic, no-frills home loan that is a good bet for first-time home buyers looking for low ongoing interest rates. The loan allows repayments on a monthly, fortnightly or weekly basis, and you can make variable or lump sum repayments.
The Basic Variable Home Loan comes with a redraw facility, loan repayment insurance and the ability to set up automatic repayments from your salary or bank account. A monthly account-keeping fee is in place with this loan, while a loan application fee also applies.
Package home loan
The Package Home Loan bundles up many of the banking features Hunter United offers with a low variable interest rate. Some of the major benefits of going with the package loan include free unlimited EFTPOS transactions capability, waived application fees and a discounted interest rate if you borrow over a set amount.
Repayments can be made monthly, weekly or fortnightly, and variable and lump sum repayments are allowed. You are offered redraw capabilities when applying for this loan, while loan repayment insurance and auto repayments are included. An annual account-keeping fee applies to this loan.
Mortgage Overdraft (home equity line of credit)
This is a variable interest rate home loan that offers full security against overdrafts, which means you will be paying a lower interest rate and can borrow more. This is a great option for those who want a line of credit for investments or construction.
Repayments do not have to be scheduled, but you must keep them under the approved limit. An application fee is tied to this loan, as well as a monthly account-keeping fee. There is no minimum borrowing amount, and you are eligible for rebate rewards and auto repayments when you sign up for this type of loan.
Interest-only home loans
An Interest-only loan requires the borrower to only repay the interest on the loan and nothing off of the principal. This allows the borrower to maximise their investment capital while paying a low variable interest rate.
Repayments can be made in variable or lump sums, and can be scheduled on a monthly, fortnightly or weekly basis. A redraw facility is included in this loan and there is no monthly or annual fees, but an application fee does apply. As with Hunter United’s other loans, the Interest-Only Loan can be set up with auto repayments.
Pros and cons of Hunter United home loans
- Auto repayments. All of the loans offered by Hunter United come with the ability to make auto repayments from your salary or bank account.
- Investment loan. The Interest-Only Loan is a great opportunity for borrowers who need the money for investment opportunities. Paying off only the interest on a loan means you have more cash to spend on other investments.
- Package Home Loan for those borrowing more. If you are borrowing more over the set amount, the package home loan is available to you. This loan offers unlimited EFTPOS transactions and comes with a discounted interest rate.
- Concentrated branches. You can apply for Hunter United’s home loans online, but if you want to meet face-to-face with a banking representative or mortgage specialist there are only a handful of branches which are located around the Hunter area of NSW.
How to apply
To apply for a home loan with Hunter United you will need to become a member.
Hunter United offers a good variety of home loans and a number of benefits to its customers. But make sure to do your research, compare home loans online and seek expert advice to find the best home loan package available.