Review & compare home loans available from Your Credit Union
The Your Credit Union (YCU) has been providing financial services since 1967. It aims to provide quality service, personalised advice and quick processing to its members.
Queensland Professional Credit Union has recently rebranded and is now trading under Your Credit Union, they still offer the same products and services.
Your Credit Union (YCU) merger with Auswide Bank Ltd.
As of May 2016 Your Credit Union merged with Auswide Bank, they still offer the products for existing customers only.
Compare Your Credit Union home loans
Who is Your Credit Union and what do they do?
Your Credit Union offers a range of banking products and services to its members. These include savings and transaction accounts, credit and debit cards, financial planning advice and a range of loans.
The credit union’s suite of home loans include competitive fixed and variable rates, with products available for owner-occupiers, investors and those looking to refinance. Your Credit Union also boasts an easy application process to help take the stress out of applying for a home loan.
Home Loans Offered by Your Credit Union
Friendly Home Loan
The Friendly Home Loan offers competitive rates and flexible options. It is suitable for first-time home buyers and anyone else who is looking for a flexible home loan solution. This home loan offers redraw facilities on additional repayments and you can make extra repayments without penalty. The Friendly Home Loan has an interest rate that is better than competing offers in the market.
It also features:
- Flexible repayments of weekly, fortnightly or monthly
- Set up fee
- Interest charges are calculated daily and charged monthly
Fixed Rate Home Loan
The Fixed Rate Home Loan lets you enjoy the security of a fixed rate for a set period. After the loan term expires, your loan will revert to the Friendly Home Loan rate automatically.
By taking advantage of the Fixed Rate Home Loan, you can enjoy peace of mind with the certainty that your payment terms will remain favourable no matter what happens in the market.
Standard Variable Rate Loan
You can take advantage of the Standard Variable Rate Loan if you intend to purchase or refinance your home. It can also be used for buying an investment property. This loan offers redraw facilities on any additional repayments you’ve made on the loan, and these additional repayments can be made without penalty.
Home Equity Loan
The Home Equity Loan allows you to borrow against your home. It is the difference between the amount you owe and the value of the home. The loan you receive can be used any way you like, such as to make home improvements or purchase an investment property.
If you want to invest in real estate, shares or managed investments, you can take advantage of the investment loan offered by Your Credit Union. It features redraw facilities, flexible repayment options and a mortgage offset account. Extra repayments are also accepted without penalty.
Pros and cons of Your Credit Union home loans
- Easy investment loan. Unlike some other credit unions, Your Credit Union makes it easier to apply for an investment loan. The process of applying for this loan is similar to applying for a home loan.
- Fees. Your Credit Union does not waive the monthly account-keeping fees for some of its home loan products. A set-up fee also applies.
How to apply for a Your Credit Union home loan
Your Credit Union gives you a variety of ways to apply for a loan. Once you know which home loan is best suited for your needs, you can submit an application online.
Documents needed to apply for a Your Credit Union home loan
- Your Credit Union membership number
- Driver’s licence or passport
- Address details
- Details of the location, type of property and purchase price
- Your deposit details
- Name of agent/vendor and name of solicitor
- Payslips and correspondence from your employer
- Current Centrelink information (if this forms part of your income)
- Details of the assets you own.
- Details of your liabilities, such as loans, credit card debt, ongoing expenses etc.
Your Credit Union offers a number of viable home loan options to prospective borrowers. Before you sign on the dotted line, do your research and compare loans online to make sure you end up with the best possible deal.