Compare SouthWest Credit Home Loans so you can get finance for a home on the Victorian coast
SouthWest Credit is based in Warrnambool, Victoria. The credit union has been providing for the Warrnambool community since 1964. Get approved for a home loan and you'll join 6,000 other SouthWest Credit members with an equal share.
When it comes to your home loan, personalised service can be as important as the value-adding features and fee structure. Although you don’t have to be a resident of Warrnambool to apply for a SouthWest Credit home loan. Residents of the Victorian coastal town will get the most benefit from one of these loans.
SouthWest Credit offer competitively priced and fully featured standard variable and fixed rate home loans suited to first time borrowers and borrowers looking to purchase a second or third property.
Home loans provided by SouthWest Credit
Standard Variable Home Loan
The SouthWest Standard Variable Home Loan is a fully featured home loan you can repay at your own pace. You can choose from weekly, monthly or fortnightly mortgage repayments, and there’s no limit on additional repayments, either. Pay as much as you like as often as you like and redraw for no extra cost if you need the money later on. This SouthWest Credit loan also comes with a 100% offset facility. This is a transaction account linked to your mortgage. Funds held in an offset save you money by reducing the interest due on your home loan.
Rate Crusher Home Loan
‘Crush’ your home loan interest rate when you bundle insurance with your SouthWest variable home loan. The SouthWest Credit Rate Crusher Home Loan is the same as SouthWest’s Standard Variable Home Loan; however a discount is applied to the interest rate when you bundle multiple SouthWest Credit products together, like a home loan and insurance.
Family Guarantee Home Loan
Are you a first home buyer looking to get finance to purchase a property but don’t have enough money saved for a deposit? The SouthWest Credit Family Guarantee Home Loan lets you borrow up to 100% of the purchase price of the property. You can use the equity of your parent's property to pay for your home loan deposit. This means you can avoid paying lender’s mortgage insurance (LMI), which can save you thousands of dollars.
The SouthWest Family Guarantee Home Loan has all the features of a standard variable rate home loan. You can make additional repayments, redraw on these extra payments, and it even comes with a 100% offset account.
Fixed Rate Home Loan
Fixed rate home loans give you a clear idea of how much your repayments will be each week, fortnight or month. The SouthWest Credit Fixed Rate Home Loan offers fixed terms for 1 - 3 years. At the end of the fixed term, you have the option of locking in another fixed rate or reverting to a variable interest rate. You can also make additional repayments on this fixed mortgage up to a certain amount each year without penalty. Break costs are charged if you pay more than the loan allows, but making additional repayments on a fixed mortgage is a great way to save money in interest and pay your loan off sooner.
Supplementary Home Loan
You don’t have to sell your home to unlock the value in your property. The SouthWest Credit Supplementary Home Loan lets you access the equity in your home. You can use the funds for whatever you like. Take out a loan for a holiday, pay for a new car or renovate your property. This loan may also be used by retirees who need to supplement their retirement income. This loan does not charge any monthly account keeping fees, but there are fees for loan establishment. You can repay the loan in weekly, fortnightly or monthly instalments and there are no restrictions on making additional repayments.
Pros and cons of SouthWest Credit home loans
- Make additional repayments. All SouthWest Credit home loans allow you to make additional ongoing or lump sum payments without penalty. SouthWest Credit even lets you make additional payments towards their fixed rate home loan.
- Loan protection insurance. SouthWest Credit offers optional loan protection insurance. This is backed by QBE and gives you peace of mind that your loan commitments are covered if you become ill or lose your job for instance.
- Automatic repayments. Automatically make home loan repayments via a direct debit agreement from a linked bank account or savings account.
- Fees. Although their loans do not charge ongoing monthly fees, SouthWest Credit charges one-off fees for setting up and establishing the home loan.
How to apply for a SouthWest Credit home loan
An application for a SouthWest Credit home loan can be started online. Once you’ve made a decision about the type of home loan you want, follow the links on the SouthWest website. You will be given the option of completing a contact request form or you can enter your basic personal information and a SouthWest Credit representative will contact you with further information.
- Apply online. You can start an online application for a SouthWest Credit Home Loan by providing your contact details and a little information about the loan type while on the SouthWest Credit website. Enter your name, contact numbers, address, email address, select your preferred contact time and enter select the type of loan and the loan size. A SouthWest sales representative will contact you within 24 hours.
Once you submit your interest for a SouthWest Credit home loan, you will be provided with an application reference number. You can use this number to keep track of the status of your application. You can also quote this number to a SouthWest customer service representative if they have not contacted you within the 24 hour period.
Documents needed to apply for a SouthWest Credit home loan
You’re required to provide some basic personal information to apply for a SouthWest Credit home loan.
- Identification. A SouthWest home loan application requires that you provide 100 points of identification. This includes documents like a passport, driver’s licence and birth certificate for example.
- Why do you need to provide identification? You need to provide 100 points of identification so the bank can verify that you are who you say you are.
You may be required to provide some of the following documents to support your application for a home loan.
- Contract of sale. This document outlines the general conditions of the sale of the property and the relevant parties involved in the transaction.
- Certificate of title. A certificate of title outlines and details information about the owners of a property.
- Transfer of land. A document describing the process for the transfer of a block of land.
- Assets. List information about any assets you own including cars, other properties, personal assets like collectors items, other properties and any income generating investments like shares.
- Liabilities. Liabilities can include child support, credit card debt and so on.
- Income. This is how much you earn from your employer.
- Expenses. You’ll need to provide details about your ongoing expenses like rent, weekly food budget and things like petrol costs.