Compare home loan deals from Summerland Credit Union Home Loans.
Summerland Credit Union is a non-bank lender that is owned by its members. Its services include personal and business loans, savings and investment accounts, insurance and internet and mobile banking services.
Compare Summerland Credit Union home loans
Premium Home Loan
The Premium Home Loan is a standard variable interest rate loan that can be a good option for homeowners or property investors, as well as people wanting to engage in the construction of their home. Extra repayments are allowed, and repayments can be made in principal and interest or interest-only. There’s no establishment fee or monthly loan fee, and fee-free redraws are available with this loan type. You can even link a savings account to this loan to receive a range of free transactions.
This loan has an expedited approval process and fast documentation preparation, which is ideal if you need the loan in a relatively short period of time.
Home Loan Plus
This is a variable interest rate loan that can be split to include a fixed rate portion if needed. It’s ideal for buying or carrying out renovations. You can make additional and lump sum repayments, and the loan comes with a redraw facility.
Flexibility in the repayment structure of this loan means that you can repay on a weekly, fortnightly or monthly basis. Pre-approval and loan repayment protection are also available to customers who chose this loan type.
Fixed Rate
The Fixed Rate loan is advertised as a loan that is great for property investors and owner-occupied borrowers looking for peace of mind and stability. Repayments can be made on a weekly, fortnightly or monthly basis, and you can make those payments in principal and interest or interest-only forms. Pre-approval and protected loan repayments can also be procured with this loan.
First Start
The First Start home loan is a variable interest rate loan designed for borrowers buying their first home. The interest rate on this loan is discounted for the first 12 months, and the membership fee for the credit union is waived for the first 24 months of the loan. You can make additional repayments at your leisure and withdraw excess payments when needed.
If you are using this loan to build your first home you can have an interest-only repayment structure during the construction phase. As an added bonus, Summerland will provide you with a cash bonus to spend however you like.
Mortgage Plus
The Mortgage Plus home loan is a spin-off of Summerland’s Home Loan Plus package. The major difference between this loan and the Home Loan Plus is a 100% offset account feature. You will also be provided with a Mortgage Plus offset savings account, and the balance in that account will be subtracted from the balance used to calculate your rate of interest owed. This will lead to lower interest payments and a lot of money saved over time.
Additional repayments are allowed with this loan and it comes with a very useful redraw facility.
Mortgage Investment
This is a competitive variable rate loan that is great for purchasing or refinancing an investment property. It is also useful for building an investment property.
Extra repayments are allowed with this type of loan. Repayments must be made in principal and interest, but an interest-only option is available if you are engaging in a construction project. Redraws are allowed with this loan, and you can apply for the redraw facility via Summerland’s internet banking system.
Interest-Only
The Interest-Only home loan is perfect for investment or bridging finance purposes. You can procure this loan at a fixed or variable rate, while additional and lump sum repayments can be made without incurring any penalties. Pre-approval is also available so borrowers can have the loan approved before negotiating the purchase of a new home.
Equity Extra Overdraft
This loan allows you to borrow against the property linked to your savings account. You can use this savings account to access the equity in your home up to an agreed amount. Interest is only charged on the amount of equity you actually use for purchases.
You can access your equity 24 hours a day, and there’s no structured repayment set up. You do need to remain under the agreed repayment limit, though.
About how to compare home loans
Pros and cons of Summerland Credit Union home loans
Pros
- Huge list of lending options. Summerland has one of the largest portfolios of home loans around. It is easy to find a loan that suits almost any need.
- Interest-Only option. The Interest-Only home loan option is great for borrowers who are looking to do some investment construction, or who are seeking bridging finance.
- Waived down payment. The Family Advantage Loan is great for borrowers who cannot afford a large down payment.
Cons
- Pricey establishment fees. Factor these costs into your calculations when considering applying for a loan.
How to apply for a Summerland Credit Union home loan
Summerland Credit Union uses PC Lender technology to make applying for a home loan a quick and simple process. Here’s how you can apply:
- Fill out an online application. You can begin your borrowing process by logging onto the PC Lender online application and filling out the required information. You’ll need to provide some personal information, contact details and your reason for requesting a loan.
- A loan expert will contact you. This should not take more than 2-5 business days. They’ll contact you via the preferred method outlined in your online application and will lead you through the remainder of the lending process.
Documents needed to apply for a Summerland Credit Union home loan
Personal information
Summerland will want to see some documentation regarding your personal identity. This is to ensure that you are who you say you are when applying for a home loan. Usually this includes 100 points of ID, which may include a passport, driver’s license and other documents.
Property information
Summerland CU will want to know about the property they’re helping you buy. This means you’ll need to provide them with a contract of sale, a certificate of title and the transfer of land.
Financial information
Summerland will also want to know how much of a risk you present as a borrower. This means they’ll want information about your income, your debts and liabilities (including any loans and credit cards), and information about what assets you currently own.
Summerland offers a large list of lending options to it’s members. Before taking the plunge and applying for a loan, make sure that you have weighed up all of your options by comparing the loans that a number of different lenders have to offer.
