WAW Credit Union Co-Operative Limited home loans

Home loans with a personal touch.

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WAW Credit Union

Instead of just account holders, WAW Credit Union members are shareholders in an organisation. WAW practices responsible lending and offers a varied product portfolio to help members realise their financial goals.

Compare WAW Credit Union home loans

Rates last updated October 15th, 2019
Loan purpose
Offset account
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Who is WAW Credit Union Co-Operative Limited?

Operating as a financial institution owned by its customers, WAW Credit Union is committed to simplifying the business of banking for its members. WAW Credit Union’s home loan portfolio includes products for first-time buyers as well as those wishing to refinance existing loans - even loans from other institutions.

Depending on their needs and what they can afford to pay back in instalments, WAW Credit Union offers its members tailored home loan solutions to help secure the property of their dreams. In addition to the fixed and variable rate options, certain existing customers are eligible for the Bundled Product Loan offering a lower-than-standard rate for the duration of the loan period.

The road between applying for a home loan and securing it can be a long, difficult journey, but with WAW taking on the brunt of the administrative work, the process is simple and pain-free.

Home loans provided by WAW Credit Union Co-Operative Limited

Standard Variable Rate home loan

Recently relaunched and bolstered with a host of new features including an offset account with Visa and RediCard facilities, WAW’s Standard Variable Rate product offers customers more breathing room and increased flexibility with repayment options and interest-rate types. This loan option is different to the others in the WAW stable because it offers customers the choice of splitting the loan into fixed rate and variable rate periods. In addition, borrowers can also sign on for this loan with an introductory interest rate (which reverts to the standard variable rate after the first year). Customers can choose to make weekly, fortnightly or monthly payments and no fees are charged for additional or early repayment.

Introductory 2-Year Variable Rate home loan

Suitable for new borrowers or for those refinancing an existing loan, this home loan guarantees a low introductory rate for 2 years before reverting to the prevailing rate. You can choose to make monthly, fortnightly or weekly repayments. Besides the standard application fee charged for the administration of the loan, no further charges are levied for account keeping, additional repayments or repaying the loan in full before the end of the loan period. This option with its attractive features is a limited offer, so interested customers are encouraged to apply before the option is full and no longer available.

Basic Variable Rate home loan

This is a straight-forward home loan option suited to customers who don’t require any special additions or features beyond the basics like a steady variable rate, redraw access and the option to borrow with or without Lender's Mortgage Insurance (LMI). Dubbed the ‘no-frills’ option, the Basic Variable Home Loan is also available with a fixed rate or as an interest-only option. No fees nor restrictions apply to making early repayments, whether on the fixed or variable rate. Besides exemption from paying monthly administration fees, customers are also eligible for the Customers Benefits Program which keeps the fees you do pay to an absolute low.

Bundled Product loan

A prerequisite for qualifying for this loan is that the customer must be signed on for at least four WAW Credit Union products. For example, if a customer has signed on for an eSaver account, a personal loan, a Visa card and a health-insurance package all under the same name, he or she could be considered for this loan. The Bundled Product option rewards loyal customers with access to exclusive features like an interest rate below the standard variable rate. This loan can be used to finance a new acquisition or refinance an existing one (applies only to owner-occupied properties).

Pros and cons


WAW Credit Union goes the distance to make the application and administration processes as simple as possible.

  • Loyalty is rewarded. If you are signed on for at least four products, WAW rewards your loyalty with exclusive access to the Bundled Loan Home Loan offering lower-than-standard-variable interest rates and an offset account with a Visa card and a RediCard.
  • Easy application process. WAW Credit Union commits to making the application process easy and painless. You can get the ball rolling by calling their direct line and detailing your needs and limitations. Once their loan specialists have all the necessary paperwork, loans are approved within 24 hours.
  • Choose your interest-rate type. Customers can choose whether to borrow on fixed, variable or interest-only rates, depending on the product. In certain cases, you can switch between fixed and variable rates, or choose to borrow with the introductory one-year rate before reverting to the standard variable rate at the end of the first year.
  • Account-keeping fees waived. WAW’s home loans are practically fee-free: all monthly and annual account-keeping fees are waived, and no fees are charged when making additional repayments. You can even repay in full before the end of the loan period without being charged.

While the account-keeping fees the loan are waived, customers are still liable for steep charges when wishing to make changes or to keep benefitting from certain, competitive interest rates.

  • Switching fee and increase fee. Making changes to your loan during the loan period will come with fees of $300 for increasing the loan amount and $500 for switching between products.
  • Maintaining the Bundled product. If you no longer maintain a minimum of four WAW products, you are no longer eligible for the Bundled product’s special rate. You would be switched over to the prevailing variable rate after 45 days and charged an exit fee. If you wish to be reintegrated into the Bundled product, you would be liable to pay another joining fee.

How to apply for a WAW Credit Union home loan

At WAW Credit Union, deciding whether or not to take the plunge is the difficult part: the application process itself is simple, starting with a phone call to their DirectLink customer service.

  • Make the call. Talking to one of WAW’s loan specialists is the first step. Here they’ll tell you about the home loans they offer, which is best suited to your needs and budgetary restrictions, and also which documents to include and the kind of personal information they require.
  • Approval within 24 hours. As soon as the application form and the accompanying paperwork have been received, your loan can be approved within a day.

Taking the leap into home ownership is probably the biggest financial commitment you’ll ever make. The smartest thing you can do before making a decision is arm yourself with all the information. Whether a first-time buyer or an existing customer looking to refinance, take the time to talk to the home loan specialists: they’ll guide you through their portfolio and help you select the right product for your needs.

Documents needed to apply for a WAW Credit Union home loan

Personal information

Eligibility for a home loan starts with proving your identity.

  • Identification documents equivalent to 100 points. Include either your passport, national ID card or driver’s licence. Birth certificates, pension cards and Medicare or Veterans Affairs Card are also acceptable.

Property information

The loan agent will need to know certain things about the property you’d like to purchase.

  • Sale contract. Include a copy of the sale contract for the property.
  • Rental income for investment purchase. Depending on the loan and whether the property is an investment purchase, you will need to include a document confirming the building’s rental income.

Financial information

You must be able to prove that you are in a position to make timely repayments for the duration of the loan period.

  • Bank statements. The loan agent will need to assess your income and current financial situation. Include statements dating back at least six months.
  • Assets. This would include property you might already own, vehicles, high-value collectible items, tax returns and shares owned in companies.
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