Illawarra Credit Union Fixed Rate Home Loan Review

Rates and Fees verified correct on December 9th, 2016

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.

Interest Rate Max Insured LVR Max LVR
1 Year Fixed Lite <$250k
4.1% p.a.
Comparison Rate
5.00% p.a.
95% 80%
2 Years Fixed Lite <$250k
4.15% p.a.
Comparison Rate
4.92% p.a.
95% 80%
3 Years Fixed Lite <$250k
4.2% p.a.
Comparison Rate
4.86% p.a.
95% 80%
5 Years Fixed Lite <$250k
4.74% p.a.
Comparison Rate
4.96% p.a.
95% 80%
Product NameIllawarra Credit Union Fixed Lite Home Loan
Interest Rate TypeFixed
Comp Rate^ (p.a.)
Minimum Loan Amount$30,000
Maximum Loan Amount$250,000
Minimum Loan Term1 year
Maximum Loan Term30 years
Maximum LVR80%
Maximum Insured LVR95%
Loan Redraw FacilityYes
Fixed Interest OptionYes
Loan PortableYes
Suitable for InvestmentYes
Extra RepaymentYes
Available as equity loan/line of creditNo
Repayment TypePrincipal & 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.

Illawarra Credit Union Fixed Rate Home Loan Review Interest Rate History vs RBA Cash Rate Graph

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This page was last modified on 10 March 2016 at 10:17.

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Illawarra Credit Union Fixed Lite Home Loan

  • Interest Rate

    N/A

  • Comparison Rate

    N/A

  • App Fee / Annual Service Fee

    $0 / $0

  • Max LVR

    80%

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