Lysaght Credit Union home loans

Employees of Australia’s Bluescope Steel have extra options when taking out a home loan from Lysaght Credit Union.

Bluescope Steel of New South Wales (NSW) has established a member’s only financial institution for its employees, associates and their families. A one time $2 membership fee buys you a share into the Lysaght Credit Union and access to the products and services they provide.

At Lysaght Credit Union you are given the option of a fixed interest rate home loan, or a variable rate. For investors, there is also an interest-only option that can allow for you to invest in other opportunities. These loans carry no monthly fees or charges and come with an offset savings account and redraw facility.

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Name	Product	Interest Rate (p.a.)	Comp Rate^ (p.a.)	Application Fee	Ongoing Fees	Max LVR	Monthly Payment	Short Description
Lysaght Credit Union Owner Occupied Loan - 2 Year Fixed		3.19%	4.09%	$0	$0 p.a.	90%			More info	Compare	loading Fetching your data...
Lysaght Credit Union Investment Loan - 2 Year Fixed		3.19%	4.09%	$0	$0 p.a.	90%			More info	Compare	loading Fetching your data...
Lysaght Credit Union Owner Occupied Loan - 1 Year Fixed		3.19%	4.17%	$0	$0 p.a.	90%			More info	Compare	loading Fetching your data...
Lysaght Credit Union Investment Loan - 1 Year Fixed		3.19%	4.17%	$0	$0 p.a.	90%			More info	Compare	loading Fetching your data...
Lysaght Credit Union Investment Loan - Variable $300k		4.19%	4.19%	$0	$0 p.a.	90%			More info	Compare	loading Fetching your data...
Lysaght Credit Union Investment Loan - Variable $200k		4.19%	4.19%	$0	$0 p.a.	90%			More info	Compare	loading Fetching your data...
Lysaght Credit Union Investment Loan - Variable $150k		4.19%	4.19%	$0	$0 p.a.	90%			More info	Compare	loading Fetching your data...
Lysaght Credit Union Variable Rate Owner Occupied - Variable $150k		4.19%	4.19%	$0	$0 p.a.	90%			More info	Compare	loading Fetching your data...
Lysaght Credit Union Variable Rate Owner Occupied - Variable $200k		4.19%	4.19%	$0	$0 p.a.	90%			More info	Compare	loading Fetching your data...
Lysaght Credit Union Variable Rate Owner Occupied - Variable $300k		4.19%	4.19%	$0	$0 p.a.	90%			More info	Compare	loading Fetching your data...
Lysaght Credit Union Interest Only Loan - $300k		4.19%	4.19%	$0	$0 p.a.	90%			More info	Compare	loading Fetching your data...
Lysaght Credit Union Interest Only Loan - $200k		4.19%	4.19%	$0	$0 p.a.	90%			More info	Compare	loading Fetching your data...
Lysaght Credit Union Interest Only Loan - $150k		4.19%	4.19%	$0	$0 p.a.	90%			More info	Compare	loading Fetching your data...

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Home loans provided by Lysaght Credit Union

Fixed Rate Home Loan

The Fixed Rate Home Loan locks in a rate for one or two years, with a discounted interest rate for the 1 year option. Loan values start at $150,000, with the interest reverting to the variable rate after the fixed term ends.

Variable Rate Home Loan

The Variable Rate Home Loan gives you a maximum term of up to 30 years with no penalty for an early repayment. With this type of home loan you can make interest-only repayments and set them up using a direct payroll deposit. Link a savings account to the home loan for savings from an offset account.

Pros and cons of Lysaght Credit Union home loans

Pros

With a home loan from Lysaght Credit Union owner occupants and investors alike can benefit from some money saving options:

• Discounted fixed rate. An owner occupant is eligible for a discounted fixed interest rate for the first 12 months.
• Offset account. Offset accounts provide a way for a homeowner to reduce their interest payments monthly.
• Fees. With no monthly fees, a home owner and investor is saving thousands of dollars over the life of the loan.
• Early repayment. There is no charge if you are able to fulfill the terms of your loan before the loan period ends.

Cons

• Membership. Only members of the credit union are eligible for any of these home loan products. You can apply for membership online if you meet their requirements.
• Application. You can only apply for the home loan at one of the two credit union branches.

How to apply for a Lysaght Credit Union home loan

Lysaght Credit Union welcomes it members to their offices to speak to a loan specialist.

• Head office. The main branch of Lysaght Credit Union is located in Wollongong, NSW.
• On plant. Employees are also able to visit with a loan specialist at the plant.
• Email and phone. You can also contact the credit union by email or over the phone.

Documents needed to apply for a Lysaght Credit Union home loan

Personal information

Proving your identity is the first step in applying for a home loan. When preparing to fill out your application have the following:

• Membership number. Information about your membership with the credit union will be needed.
• Photo identification. A current driver’s licence or passport will be sufficient.

Property information

Whether you are an owner occupant or investor, you are still going to need to supply information about the property you are purchasing:

• Sales contract. The sales contract provides the details of the transaction between you and the seller including property price and down payment.
• Title certificate. A certificate of title shows that the seller has the legal right to enter into a contract regarding the property.
• Transfer of land. There will be a document created that shows the transfer of ownership has been completed to reflect the name of the borrower.

Financial information

A financial institution has an obligation to ensure that you have the resources to meet the terms of your home loan. To meet that obligation they will ask for the following:

• Income. Using pay slips you can provide information about your weekly or fortnightly earnings as well as what you have earned year to date.
• Liabilities and expenses. This includes all of your monthly financial obligations including credit cards and other loans.
• Assets. Any items you own of significant value will be taken into consideration. These include savings and investment accounts, automobiles and other property.