Compare home loan offers from SCU.
SCU offers high-quality banking solutions to help its members save and make more money. As a credit union, SCU is not a listed company and is under no pressure to maximise profits for shareholders. Instead, SCU focuses on putting its profits towards serving its members.
Changes to the SCU My Life Variable Home LoanThe SCU My Life Variable Home Loan is no longer available as a package loan, meaning you cannot bundle your mortgage with other SCU products and get discounts on insurance. SCU has therefore removed the annual package fee.
This product's current interest rate is available until 12 March 2019.
Who is SCU?
SCU is a credit union that was established in 1963. It offers savings and term deposit accounts, credit and debit cards, insurance and financial planning.
SCU also boasts a wide range of home loans, from feature-packed home loans that come with an offset account and redraw facility, to basic home loans that boast competitive interest rates and easy-to-manage benefits. Read on for more information.
Home Loans offered by SCU
My Life Fixed Rate Home Loan
This home loan combines the stability of a fixed rate product with the benefits of a My Life Package loan. It also has limited fees.
My Life Variable Rate Home Loan
The My Life Variable Rate product offers a competitive variable rate with features such as a 100% offset account and no application fee.
Pro Pack Loan
This home loan is a feature-laden package for home buyers who want a broad range of loan services and facilities.
This loan comes with low set-up costs, flexible repayments and redraw and offset facilities. You also have the ability to make early repayments without incurring a penalty.
Basic Home Loan
If you want to keep things simple, the Basic Home Loan option may be best for your situation. It is designed to save you money with competitive interest rates and a discount off the standard variable rate. The Basic Home Loan also comes with loan repayment insurance and a redraw facility. However, it doesn’t have an offset facility.
Variable Rate Home Loan
This comprehensive home loan comes with an offset account and boasts a competitive variable interest rate. Other features include redraw and loan repayment insurance, while you can also make early repayments without penalty.
Fixed Rate Home Loan
The Fixed Rate Home Loan is designed for homeowners who want to keep their repayments fixed at a certain amount. This option is available for up to five years and this loan can also be split with a variable rate loan. Features include a redraw facility and the ability to make a limited amount of early repayments without penalty.
Home Equity Overdraft
The Home Equity Overdraft is a flexible line of credit that allows you to repay and withdraw money up to the approved loan amount whenever you want. This option comes with a competitive interest rate, complete transaction access and flexible repayments.
How to apply for a SCU home loan
SCU allows you to apply for a home loan in five ways:
- Online. Start an online application by using SCU’s online form. You can save the form for later retrieval.
- Mobile Lending. If you would prefer to meet a SCU representative for a face-to-face discussion, you can request to meet with a mobile lender at a place of your choosing.
- Branch. Visit your nearest SCU branch and a representative will walk you through the application process.
- Downloadable form. If you opt to print a form from the website, you can send your completed application form by mail, fax, or submit it in a branch.
- Phone. SCU also offers phone support for members who have questions. You can complete the application with the help of a representative over the phone.
Documents needed to apply for an SCU home loan
- You’ll need to provide your name, contact details, driver’s license details (if you have one) and your address.
- The type of property, price and your deposit size
- The name and contact details of your solicitor
- Remember if you’re making a joint application the other applicant will need to provide their financial details too.
- Payslips and information about your gross income, including social security income, family income and any other streams you have.
- Any assets and debts you currently have.
SCU has a number of loans for different borrowers. Take a look through their products the next time you compare home loans.