Laboratories Credit Union offers intelligent choices when it comes to home loan packages.
Located in North Ryde New South Wales (NSW), Laboratories Credit Union (LCU) membership is not exclusive to any one industry. They offer their banking services, including home loans, to a wide range of NSW residents.
Who is Laboratories Credit Union?
The home loan products that LCU offers are structured to meet specific needs, but are flexible in the options that are offered. You can choose variable or fixed rate loans, with choices in the way in which repayments are made. Investors, owner occupants and first time home buyers will find that LCU has a package that could suit their situation.
You can find out how much of a home loan you would qualify for first by getting a pre-approval. With mortgage insurance you may borrow up to 95% of the value of the property or 80% or below without it. Other benefits include a 100% offset, no monthly fees and no application fees.
Compare Laboratories Credit Union Home Loans
Home loans provided by Laboratories Credit Union
Barefoot Home Loan Package
For first time home buyers only, the Barefoot Home Loan Package has a discounted interest rate of 0.50% p.a. for the first three years of the loan. LCU also contributes up to $800 towards the legal fees associated with the loan application.
This loan is extremely flexible, and can be used for purchasing a home or refinancing an existing loan. LCU allows for terms of up to 30 years with weekly, fortnightly and monthly repayments.
Interest Only Mortgage Loan
Interest only home loans are available for a period of up to two years. Repayments must be made monthly but you can also make additional repayments. The interest rate will be fixed for one or two years, but can be renegotiated at the end of those terms.
This is a home loan combined with a savings account, allowing you to pay more of your home loan off earlier and saving you interest.
Home Renovation Loan
If you're looking to make substantial improvements to your home, this loan can be used to finance it.
Benefits and considerations of a Laboratories Credit Union home loan
The home loan packages at LCU contain features to meet various needs including:
- No penalty. With the exception of fixed rate loans, there's no penalty for an early payout.
- Convenient repayments. You can set up payroll deduction or direct debit from your banking account to make repayments.
- Pre-approval. You can get pre-approval for the home loan before you have a new home picked out.
- Discounted interest. First time home buyers will benefit from a discounted interest rate.
- Membership. Only members of the credit union may apply for a home loan. You can apply for membership online.
How to apply for Laboratories Credit Union home loans
Applying for a home loan with LCU can be done online in one of two ways:
- Online application. You can fill out and send the application by accessing it online.
- Through a mortgage broker. You can apply or find out more information about this loan by getting in touch with a mortgage specialist.
If your home loan application is approved you will receive the documentation in the mail to sign. This can also be done at a LCU branch. Before you begin, compare the features and fees listed in the table above in order to ascertain which loan is best suited for your needs.
Documents needed to apply for a Laboratories Credit Union home loan
You will be asked to provide proof of your identity before your home loan application is processed. This can be done using certified copies of the following photo identification documents:
- Licence. Your Australian driver’s licence meets the requirements for identification.
- Passport. A passport issued by the Australian government also satisfies the requirements for identification.
There is also documentation needed regarding the property you are purchasing:
- Sales contract. This document details the terms of the sale.
- Certificate of title. This proves that the seller is the owner of the property.
- Transfer of land. A transfer of land document shows that ownership has been passed to you.
Your financial information will help determine if you qualify for a home loan and for how much.
This requires you supplying the following documents:
- Income. Income can be shown using tax documents or current pay slips.
- Debts. Using current statements you will have to show your monthly financial obligations.
- Assets. Assets are items you own of significant worth, such as property, automobiles and investment accounts.