Enjoy the security of a fixed rate and no annual or account-keeping fees with the Illawarra Credit Union Fixed Rate Home Loan.
The Illawarra Credit Union Fixed Rate Home Loan allows you to lock in a competitive fixed interest rate for one, two, three or five years, allowing you to enjoy the security of knowing exactly how much your regular repayments will be.
Over the life of your loan, there are no annual or account-keeping fees to contend with, which means that more of your income can go towards paying off your debt.
| Product Name | Illawarra Credit Union Fixed Lite Home Loan |
|---|---|
| Interest Rate Type | Fixed |
| Comp Rate^ (p.a.) | |
| Minimum Loan Amount | $30,000 |
| Maximum Loan Amount | $250,000 |
| Minimum Loan Term | 1 year |
| Maximum Loan Term | 30 years |
| Maximum LVR | 80% |
| Maximum Insured LVR | 95% |
| Mortgage Offset Account | Yes |
| Mortgage 100% Offset | Yes |
| Loan Redraw Facility | Yes |
| Fixed Interest Option | Yes |
| Loan Portable | Yes |
| Suitable for Investment | Yes |
| Extra Repayment | Yes |
| Available as equity loan/line of credit | No |
| Repayment Type | Principal & Interest and Interest Only Options |
| Application Fee | $0 |
|---|---|
| Valuation Fee | $242 |
| Ongoing Fees | $0 p.a. |
| Settlement Fee | $0 |
| Discharge Fee | $250 |
Pros
- $0 ongoing account keeping fees
- Free redraw facility
- Flexible repayment options
Cons
- $0 application fee
- Maximum loan amount of $250000
Things to consider about the Illawarra Credit Union Fixed Rate Home Loan.
The Illawarra Credit Union Fixed Rate Home Loan is available for those looking to borrow amounts of less than $250,000. A full doc loan, this mortgage product can be used for residential or investment purposes; however, investment loans attract an $8 monthly account-keeping fee.
With the option of making variable and lump sum repayments, the loan allows you to take advantage of free redraws on your advance repayments at any time. The maximum loan term is 30 years years.
Features of the Illawarra Credit Union Fixed Rate Home Loan
- Maximum loan amount. The Illawarra Credit Union Fixed Rate Home Loan is available for loans of less than $250,000. The minimum loan amount is $30,000.
- Maximum Loan-to-Value Ratio (LVR). You can borrow up to 95% of the value of your property with this loan; however, you’ll need to budget for the extra cost of lender’s mortgage insurance (LMI) when you borrow more than 80% LVR.
- Repayment options. You can choose from a weekly, fortnightly or monthly repayment schedule, while variable and lump sum repayments are also available.
- Redraw facility. You can access advance repayments you make towards your Illawarra Credit Union Fixed Rate Home Loan through a free redraw facility.
- Free automatic payroll deduction. This option makes it simple and convenient to pay off your home loan.
- Free Access Account. The Illawarra Credit Union Fixed Rate Home Loan is also available with a free Access Account with no transaction or account-keeping fees.
Fees
Fees you can avoid:
- Account-keeping fee: $0. However, investor loans will attract an $8 monthly fee.
- Redraw fee: $0. There is no fee charged if you wish to redraw extra repayments made into your loan.
- LMI: Varies. Mortgage insurance is not required if you borrow less than 80% LVR.
Fees you can’t avoid:
- Application fee: $0. This charge covers all the administrative costs associated with setting up your home loan.
- Legal costs: . This fee covers the legal costs the lender incurs when preparing your home loan and finalising the purchase of the property.
- Valuation fees: $242. In some cases, the lender will need to employ a third party to appraise the value of the property. This covers the resulting costs.
How to apply for the Illawarra Credit Union Fixed Rate Home Loan?
Before you can apply for the Illawarra Credit Union Fixed Rate Home Loan you will need to check whether you are eligible. You will need to:
- Be an Australian citizen or permanent resident
- Be 18 years of age or older
- Have a good credit history
If the Illawarra Credit Union Fixed Rate Home Loan sounds like the ideal loan for you and you’d like to find out more, click the ‘More information’ link on this page. This will securely redirect you to the Illawarra Credit Union website where you can fill out an online enquiry form. You’ll need to provide:
- Your name
- Your contact details
- Your preferred contact time
- Your employment status and information about your income
- Details of the property you are interested in purchasing
- Information about your assets and expenses
Once you’ve submitted your enquiry, an Illawarra Credit Union home loan expert will be in touch shortly to discuss your borrowing needs.
The Illawarra Credit Union Fixed Rate Home Loan offers plenty of features worth considering if you’re looking to borrow less than $250,000 on a fixed rate. Just be sure to compare a selection of home loans before deciding which loan has all the features to meet your borrowing needs.
