Orange Credit Union understands that your home will be one of the biggest assets that you own.
Starting with only 19 members in 1964, Orange Credit Union is now serving almost 16,000 through a variety of banking services.
Orange Credit Union is a mutual banking institution owned and operated by its members. Residents of the City of Orange or those who have an affiliation with the City, may become a member with the purchase of a $10 share of the institution.
Who is Orange Credit Union?
Orange Credit Union allows you to choose a variable rate, fixed rate or an interest-only home loan. Orange Credit Union home loans are available for owner occupants and investors, and can be used to purchase a new home, refinance a home loan, or build a home on purchased property. You can also add money saving features such as an offset account and a flexible repayment plan.
Home loans offered by Orange Credit Union
Variable Rate Home Loan
The Variable Rate Home Loan can be structured to suit your circumstances by choosing options such weekly, fortnightly or monthly repayments. Owner occupants may borrow up to 95% of the value of the purchased property, but there may be a need for mortgage insurance if a deposit of less than 20% is used.
The Variable Rate Home Loan will allow for extra repayments which can be taken back if necessary using the free redraw facility. You can also add an offset account to this loan using a savings account product offered by Orange Credit Union.
Fixed Rate Home Loan
You can split the terms of your home loan using the fixed rate option for up to three years. You have a number of ways in which to make your repayments that include a payroll deduction, debit from a banking account, over the counter repayments, online or over the phone. During the fixed rate period you are not permitted to make extra repayments that value more than 10% of the original loan balance without being subject to break fees.
Interest Only Home Loan
Paying only the interest portion of a home loan for a period of time is an opportunity for investors to use the extra money for other opportunities. You still may make extra repayments when possible without penalty, and use the free redraw facility if you need that money again for another purpose.
What are the advantages and considerations?
When you are picking the home loan that is right for you, there will be different features you can add with a Orange Credit Union home loan:
- Offset account. Orange Credit Union allows you to offset up to 80% of your loan balance.
- Loan to value ratio (LVR). With an LVR of up to 95% a home buyer will be able to make a purchase with less money up front.
- Introductory variable rate. For home loans of at least $150,000, you may qualify for a discounted introductory variable rate that reverts to the standard rate after the first year.
- Split loan. The home loan can be split between a fixed rate and variable interest rate.
- Eligibility.The home loans offered here are only available for members of the Orange Credit Union.
- Fees. There is a $100 loan establishment fee and $275 loan discharge fee.
How to apply for a Orange Credit Union home loan
If you have found a loan product with Orange Credit Union that suits your circumstance, you are given options on how to proceed:
- Online application. You can begin and send your application online.
- Application download. Download and print the application to complete and hand in at a branch.
- In person. You can call and begin your application over the phone.
Use the comparison table found above to compare the features offered by the credit union before beginning the application. Once you have made a choice click on 'more info' to find out more about the loan.
What documents do I need to supply?
Proving your identity is an important step with any type of loan application. To do this you should have one of the following:
- Driver’s licence. A valid Australian driver’s licence showing your photo.
- Passport. An Australian passport can be used to satisfy the identity requirement.
Information regarding the property will also be required when you apply for a home loan:
- Sales contract. The legal document you signed with the seller outlining the details of the sale.
- Title. A certificate of title shows that the seller has the authority to turn over ownership of the home.
- Transfer of land. This document will show that the name on the property has been changed to the new owner.
Your financial situation will be of concern to the lender as well:
- Income. Have ready your three most recent pay slips.
- Savings. Proof of any savings accounts not held with Orange Credit Union.
- Debt. Your latest credit card and other loan statements.