The Northern Inland Credit Union aims to help its members find ways to manage their home loans.
Home loan packages, a strong community-sponsorship program, financial solutions for travel: there isn’t much the Northern Inland Credit Union (NICU) community doesn’t do - and all for a joining fee of just $10.
A bit of background
NICU differs from other credit unions in that in addition to five home loan products, they also offer three home loan packages. These comprehensive solutions are suited to all prospective buyers, whether it’s for a first purchase, refinancing of an existing home loan or making an investment in one or more properties.
The three packages include bonuses like furniture gift vouchers, an offset account and discounts on already competitive interest rates. If your needs are simpler, their simple home loan products offers options with fixed-rate periods, variable rates with introductory periods and the choice to split the loan into fixed and variable-rate periods.
Compare Northern Inland Credit Union Home Loans
Home loans provided by NICU - the packages
First Home Buyer Package
This home loan package is perfectly suited to members making their very first home purchase. Thanks to features like waived establishment fees, an introductory ‘honeymoon’ rate for up to three years and no service charges for the length of the lending period, this loan is NICU’s most attractive option for first time buyers.
NICU offers bonuses like a $1,500 voucher and a Visa card with a pre-approved limit of $2000. Members also stand a better chance of securing their property purchase thanks to a high maximum loan-to-value ratio (LVR) of 95%, and the loan can be topped up whenever borrowers need a financial boost.
Home Loan Value Package
This home is available for members able to borrow a minimum of $250,000. The first of four tiers each have a corresponding discounted interest rate. Members can borrow up to $750,000 spread over 30 years with an LVR of 95% (taking into account the Lenders Mortgage Insurance charged for loans with an LVR over 80%).
It also has features like an offset account, free redraw facility and waived establishment fees, this loan is suitable to all members, whether borrowing for the first time or refinancing an existing loan.
Dream Value Home Loan Package
An embellished version of the Home Loan Value Package, the Dream Value option is for members borrowing a minimum of $300,000. Possibly the most attractive feature of this loan is the considerable discount on the standard variable interest rate (for amounts less than 80% of the property value). Borrowers can set up a 100% offset account to help save on interest repayments, while also retaining the option to split the loan into fixed and variable periods. NICU allows for flexibility with repayments: whether members prefer weekly, fortnightly or monthly repayments or to make lump-sum additional payments, NICU levies no charges.
Pros and cons of the NICU home loan packages
Some of the advantages of the NICU home loan products include:
- Simpler loan options. If you’d rather have a simpler, more basic solution, you can choose between NICU’s Smart Home Loans and the Basic Home Loan options.
- Honeymoon period. First-time buyers and those looking to refinance an existing loan have access to an introductory interest rate for up to three years (whether as part of the First Home Buyer Package or the Smart Home Loan).
- No establishment fees for packages. Members opting for one of the packages are exempt from paying the $600 establishment fee. In addition, borrowers in the Personal Membership loyalty programme don’t pay fees on their Visa cards for the duration of the loan.
Some of the considerations you should make when selecting a NICU home loan include:
- Conditions for additional payments. While NICU does allow for extra repayments to shorten the loan period and save on interest, some loans limit members to $10,000 in extra repayments and in two payments of $5,000 each.
Applying for an NICU home loan
The easiest part of securing a loan with NICU is applying for it.
- Online applications. This is an easy-to-decipher form that you can submit via email or fax, or print and then send it via post. One of NICU’s agents will get back to you within two business days.
- Give them a call. Interested members can take the first step in the application process by getting in touch with one of NICU home loan experts via their direct line. They’re there to provide the necessary information and to guide you through the application process.
- In person. Simply walk into one of the four NICU branches and get the process started in person.
Documents needed to apply for an NICU home loan
Be sure to include the following information along with a completed application form.
- Personal information. You have to prove your identification with documents equalling at least 100 points according to Australia’s 100 Point Check. Passports, birth certificates and driver’s licences should be enough.
- Financial information. NICU needs to ascertain your financial position to determine the terms of your home loan. Necessary documents would include information about your assets - other properties you might own, shares and securities, valuable collectible items - that bring in additional income. You’d also have to list your liabilities like other loans and credit-card balances.
- Property information. This would include the contract of sale, the deposit receipt and builder contracts if you’re planning renovations for the property.