SouthWest Credit Union home loans

South West Credit Union is able to offer alternatives to the big banks when looking for a home loan.

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South West Credit Union


South West Credit is a member-owned financial institution in operation since 1964. In those 50 years they have built an institution that is able to offer the same products as the large banks do at competitive rates. As part of their services, they offer home loans that can be used for both personal and investment purchases.

Who is SouthWest Credit?

Over the past 50 years the operations of South West Credit have changed, but their commitment to meeting the needs of its members has not.

Serving the coastal city of Warrnambool, the financial institution requires that members subscribe for a share, making them a part-owner. There is no pressure from external parties to increase profits, allowing the bank to offer its members a variety of products with competitive rates and fees.

The products available include personal as well as business accounts along with a number of insurance covers.

Home loans provided by SouthWest Credit

Rate Crusher Home Loan

The Rate Crusher is a variable rate home loan that offers discounts on the interest charged to loyal members who use other banking products offered by South West. Borrow up to 80% of the value of the home, with a $150,000 minimum, and choose terms that allow you to pay off that loan for up to 30 years.

There are many options you can choose from with this home loan, including the choice of monthly, fortnightly or weekly repayments along with extra repayments when possible. There is no charge to you for any early repayments and these can be accessed again for free using the redraw facility.

Standard Variable Home Loan

You can borrow as little as $10,000 with this loan, and the maximum LVR is up to 90% of the property value. With this variable rate loan you have up to 30 years to pay off the amount you borrow. Options include monthly, fortnightly and weekly repayments with no penalty for early repayments.

The standard loan package allows you to link this loan with a mortgage offset account and get additional savings on your interest repayments. You may also use a free redraw facility to withdraw any additional repayments you have made.

Family Guarantee Home Loan

This is a unique home loan in that you may borrow the full purchase price of the property if supported by a limited guarantee. The Family Guarantee Home Loan is a variable rate loan where you choose between monthly, fortnightly and weekly repayments.

Early repayments may be made without penalty and you can set up an auto repayment using your banking account or salary. Like the other home loans South West Credit offers, there's no fee when taking advantage of the redraw facility.

Supplementary Loan

A supplementary Loan with South West Credit is a refinancing option that allows you to use your house as security to obtain funds for a number of items. This includes renovations on your home or for use as a personal loan.

Offered as a variable interest rate, the supplementary loan includes many of the same options as the home loans do, including flexible repayments and a free redraw facility.

How to compare home loans

Pros and cons


  • Flexible repayments. You can set up payroll deduction, direct debit from a banking account, a transfer by telephone or internet or at the South West Credit branch.
  • Redraw facility. So long as you have made at least one month's advance payments plus $1,000 you can withdraw a minimum of $1,000 at no charge.
  • Discounted interest. For loyal customers of South West Credit Union there is a home loan that offers a discount on the annual interest. A loan consultant will help you with the terms and conditions of this discount.
  • Penalty free early repayment. There is no charge with the home loan products from South West Credit for early repayments.


  • Membership. Only paid members of the South West Credit are able to take advantage of the home loans they offer. You can begin your membership application online, or call to speak with a representative of the Credit Union. They will go over the eligibility criteria for membership as well as the cost.
  • Offset account minimum balance. In order to take full advantage of the savings an offset facility offers, there must be a balance of $10,000 in the linked account.

How to apply for a SouthWest Credit home loan

South West Credit allows its members to apply for home loan products online, making it easy to do in your free time.

  • Start applying online. You can begin the online application, or ask for assistance from a South West Credit loan specialist.
  • Professional assistance. A home loan expert will contact you to help you decide which product is most beneficial for your circumstance.
  • Insurance covers available. South West Credit can also help you with any insurance needs that your home loan may require.

Documents needed to apply for a SouthWest Credit home loan

Personal information

Before you can move forward in the application process, you are going to be asked to supply your membership number. You will also be required to further prove your identity:

  • Acceptable identification. There are 100 points of identification that need to be met when applying for a home loan. This will include a valid photo identification document such as a passport or driver’s licence.
  • Eligibility. South West Credit requires that all applicants be at least 18 years of age and an Australian citizen or permanent resident.

Property information

As the property being purchased is used as security for a home loan, South West Credit will want some information related to it:

  • Contract of sale. This is a document that will be given to you by the agent outlining the details of the sale and of the property. Included will be the negotiated selling price.
  • Certificate of title. In order to ensure that the seller is within his or hers legal right to transfer ownership of the property, South West Credit will need to see a copy of the certificate of title.
  • Copy of transfer of land. This is necessary to show that the property is being transferred into your name.

Financial information

South West is going to require detailed information about your personal finances. This will be necessary before a home loan can be approved. Expect to be asked to supply information regarding:

  • Liabilities. These are financial commitments you are expected to meet each month and includes credit card debts, other loans and housing expenses.
  • Assets. Your assets include property you own, vehicles and any type of savings or investment accounts.
  • Your income. Information about your employment and salary will be asked for. Here you can include any other regular income such as what you may receive in rental payments.
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