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Nova Alliance Bank home loans

formerly Nova Credit Union, Nova Alliance Bank is based in Newcastle, New South Wales and has been a banking alternative for employees of the Hunter Water Board since 1964.

Originally the Hunter Water Board Employees Credit Union, Nova Alliance Bank merged with the Newcastle Herald Employees Credit Union. With this expansion they are able to provide products and services to a larger group of individuals.

Who is Nova Alliance Bank?

Nova Alliance Bank is a customer-owned credit union able to provide loan products to its members, including home loans. Home loans are for residential property only, but available for both owner occupants and investors. Variable interest rates are offered, as well as an interest-only option for investors.

With Nova Alliance Bank you are enabled to build your home loan to suit your needs, choosing from a number of different features. The money borrowed may be towards a house or for a land purchase. Included is also the opportunity to release existing equity in your home with a refinance loan.

Compare Nova Alliance Bank home loans

Rates last updated August 20th, 2019
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Loan purpose
Offset account
Loan type
Repayment 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
4.29%
4.29%
$0
$0 p.a.
95%
4.23%
4.23%
$0
$0 p.a.
95%

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Home loans provided by Nova Alliance Bank

With Nova Alliance Bank you choose from the Nova Basic Variable Home Loan or the Standard Home Loan Variable Rate and then add the features that suit your purpose. In addition to the options for how interest is charged, you also can choose a line of credit loan that lets you draw money when you need it.

The home loans are offered for amounts between $30,000 and $500,000, up to 95% of the property’s value, for a term of up to 30 years. You can choose the payment schedule and make additional repayments when possible. Nova Alliance Bank also offers a redraw facility that lets you take that money back, at a $500 minimum, when you need the cash for something else.

Pros and cons of Nova Alliance Bank home loans

Pros
If you choose to apply for a home loan from Nova Alliance Bank you will have the choice of the following features:

  • Loan structure. You get to decide which features and benefits to add to your home loan.
  • Interest-only option. The ability to pay only the interest portion of a home loan for a specified period of time.
  • Loan to value ratio (LVR). With an LVR of up to 95%, a homebuyer would not need a large deposit amount.
  • Insurance. Nova Alliance Bank is also able to provide insurance covers for your new home or investment property.

Cons

  • Membership. Only members of the credit union are eligible to apply for the home loans offered by Nova. There is an application for membership offered online.
  • Fees. The fees for the home loan are not disclosed until after the application has been accepted.

How to apply for a Nova Alliance Bank home loan

Nova Alliance Bank makes it easy to begin the application process by allowing you to start right on their website:

  • Downloadable application. You can download the application from your computer, fill it out and either mail it to Nova Alliance Bank or send it to them by fax.
  • You will be contacted by a loan manager from Nova. After reviewing your application, a home loan professional will contact you to discuss the options you have.
  • Supporting documents. At the very bottom of the application you will find a list of documents that must be sent in along with your application.

Documents needed to apply for a Nova Alliance Bank home loan

Personal information

The first section of the application is going to ask you specific personal information including:

  • Identification information. Your full name, age and driver’s licence number to help prove your identity.
  • Contact information. Your current address, telephone number and work phone number.
Property information

The property to be used as security for the home loan will be of special interest to the credit union:

  • Sale contract. This legal document outlines the details of the sale.
  • Certificate of title. A title shows that the seller is the rightful owner of the property.
  • Transfer of land. This is necessary to show that the property purchased has been transferred into the name of the borrower.
Financial information

Your personal finances will also be of concern to the credit union:

  • Income. Your base income after tax, rent income, family allowances and any other income.
  • Assets. The estimated value of your home, furnishings, car and any other assets.
  • Other loans. This includes credit cards, store accounts and personal loans that you are responsible for.
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UBank UHomeLoan Variable Rate - Discount offer for Owner Occupiers, P&I Borrowing over $200,000

Take advantage of a low-fee mortgage with a special interest rate of just 3.09% p.a. and a 3.09% p.a. comparison rate.

Logo for Athena Variable Home Loan - Refinance (Owner Occupier, P&I)
Athena Variable Home Loan - Refinance (Owner Occupier, P&I)

Low variable rate mortgage for owner occupiers looking to switch. Refinancers only.

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