Illawarra Credit Union Home Loans

Rates and fees last updated on

In 1972 the Collieries Employees Credit Union and Southern Mutual Credit Union combined in order to provide more services to a growing number of members

ICU

Serving the community of Illawarra in New South Wales (NSW), Illawarra Credit Union (ICU) now has over 30,000 members who can bank from nine different branches throughout Illawarra. As a part of the multi branded Community Alliance Credit Union Limited, ICU is able to offer competitive rate home loans that are designed to meet specific needs.

Who is Illawarra Credit Union?

In 2003 ICU merged with Unicorn Credit Union and later with the Shoalhaven Paper Mill Employees Credit Union and Western City Credit Union in 2006. The individual institutions have kept their identities, but work together at providing home loan and banking solutions under the Community Alliance Credit Union Limited organisation.

Compare Illawarra Credit Union Home Loans

Rates last updated October 21st, 2017
$
Loan purpose
Offset account
Loan type
Your filter criteria do not match any product
Name Product Interest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment Short Description
3.85%
4.71%
$0
$0 p.a.
80%
Take advantage a 100% offset account and pay $0 application fee and ongoing fee.
4.74%
4.47%
$0
$0 p.a.
95%
4.40%
4.30%
$0
$0 p.a.
95%
4.15%
4.24%
$0
$0 p.a.
95%
4.10%
4.24%
$0
$0 p.a.
95%
4.20%
4.24%
$0
$0 p.a.
95%
A variable rate for amounts over $250k with a 100% offset account and free no ongoing fees for owner occupiers.
5.10%
5.15%
$0
$0 p.a.
95%
Borrow from $30000 up to $250000.
4.50%
5.08%
$0
$0 p.a.
95%
A fixed rate home loan that works for borrowers with a smaller mortgage.
4.80%
5.06%
$0
$0 p.a.
95%
Borrow from as low as $30K up to $250K.
4.55%
5.04%
$0
$0 p.a.
95%
Experience the perks of the Fixed Lite Home Loan such as 100% Offset account, redraw facility and more.
5.14%
5.16%
$0
$0 p.a.
95%
Plan ahead, have the ease of budgeting and enjoy the benefits of the Fixed Lite Home Loan.

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Rates last updated October 21st, 2017
$
Loan purpose
Offset account
Loan type
Your filter criteria do not match any product
Name Product Interest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment Short Description
4.60%
4.74%
$0
$0 p.a.
95%
4.65%
4.74%
$0
$0 p.a.
95%
4.70%
4.75%
$0
$0 p.a.
95%
5.24%
4.97%
$0
$0 p.a.
95%
4.60%
5.50%
$0
$8 monthly ($96 p.a.)
95%
4.65%
5.43%
$0
$8 monthly ($96 p.a.)
95%
4.70%
5.38%
$0
$8 monthly ($96 p.a.)
95%
5.24%
5.49%
$0
$8 monthly ($96 p.a.)
95%
4.70%
4.75%
$0
$8 p.a.
95%
5.45%
5.59%
$0
$8 p.a.
95%

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Home loans offered by Illawarra Credit Union

Variable Home Loan

The Variable Home Loan is for home loans of at least $250,000. It has a 100% offset account, no fees and a free redraw facility. Terms can be set for up to 30 years, but with no penalty for an early payout during the variable rate period.

Variable Lite Home Loan

The Variable Lite Home Loan comes with the same features as the Variable Home Loan, except it's only available on loans below $250,000.

Fixed Home Loan

The Fixed Home Loan is available in terms of one, two, three and five years before it reverts to the standard variable rate. You are allowed to extend that period by locking in at a new rate when the terms end. If you apply now you could qualify for a special discount.

The Fixed Home Loan has an 100% offset account, no fees and a redraw facility, and is available for those borrowing more than $250,000.

Fixed Lite Home Loan

The Fixed Lite Home Loan most all of the same features as the regular Fixed Home Loan, but is only available for those borrowing less than $250,000.

Pros and cons of Illawarra Credit Union home loans

Pros

You have a number of options to look over with a home loan from ICU. Compare the following features to find the loan that works best in your situation:

  • Special discounts. ICU offers a number of options where you can save money on a discounted interest rate.
  • Repayment options. Most of the home loans offered allow for you to choose between weekly, fortnightly and monthly repayments.
  • Offset account. Choose a home loan with a 100% offset account and you will save money on the interest over the life of the loan.
  • Extra repayments. By accepting extra repayments without penalty, you could pay off the home loan sooner.
Cons
  • Monthly fees. A number of the loans have a monthly fee which could add up to hundreds of dollars over the life of a loan.
  • Loan fees. While application fees may be waived, there is an establishment fee with many of the loans.

How to apply for Illawarra Credit Union home loans

If you would like to apply or find out more information about a home loan provided from Illawarra Credit Union, please click on the secure links available to speak to a mortgage specialist.

Before you begin, see the above table to compare the home loans ICU offers.

Documents needed to apply for an Illawarra Credit Union home loan

Personal information

Part of the process in applying for a home loan includes being able to verify the following:

  • Age. You should be able to show that you are at least 18 years old.
  • Residency. You will also have to provide paperwork showing that you are a permanent Australian resident.
Property information

ICU is going to need to see the following regarding the property you are purchasing:

  • Contract of sale. This outlines the details of the agreement you have with the seller.
  • Title. The title shows that the seller is the current owner of the property.
  • Land transfer. A land transfer is needed for ICU to see that you are now listed as the owner of the property.
Financial information

Lender’s have an obligation to ensure that you are able to financially meet the terms of the loan. This is done by reviewing the following:

  • Income. Using your pay slips or tax documents you can show your yearly salary.
  • Assets. Assets are items of value such as any automobiles or property you may own.
  • Debts. You will need to show your financial obligations using statements from loans and credit cards.
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This page was last modified on 13 September 2017 at 10:40am.

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