The Illawarra Credit Union Variable Home Loan combines minimal fees with a competitive rate and a host of flexible features.
The Illawarra Credit Union Variable Home Loan helps borrowers reach their home ownership dreams as soon as possible. With no annual or account-keeping fees, the loan allows you to put more of the money you earn towards paying off your debt.
This home loan offers a competitive variable interest rate and flexible repayment options, including the ability to make extra repayments. A redraw facility and an optional 100% offset account are also included to offer increased flexibility.
| Product Name | Illawarra Credit Union Variable Home Loan |
|---|---|
| Interest Rate Type | Variable |
| Comp Rate^ (p.a.) | |
| Minimum Loan Amount | $250,000 |
| Maximum Loan Term | 30 years |
| Maximum LVR | 80% |
| Maximum Insured LVR | 95% |
| Mortgage Offset Account | Yes |
| Mortgage 100% Offset | Yes |
| Loan Redraw Facility | 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 |
|---|---|
| Lender's Legal Fee | $0 |
| Valuation Fee | $242 |
| Ongoing Fees | $0 p.a. |
| Settlement Fee | $200 |
| Discharge Fee | $250 |
Pros
- No annual fee
- 100% offset account
- Weekly, fortnightly and monthly repayment options
- Free redraw facility
Cons
- Monthly fee of $8 for investment loans
- Minimum loan size of $250,000
- Valuation fee of $242
Things to consider about the Illawarra Credit Union Variable Home Loan
Available for loans of more than $250,000, the Illawarra Credit Union Variable Home Loan can be taken out for both residential and investment purchases. However, if you take out an investment loan, you will need to pay an $8 monthly fee.
Offered with a choice of repayment schedules and the option of making additional payments at a time that suits you, the Illawarra Credit Union Variable Home Loan also comes with a redraw facility to give you access to your extra repayments.
If you’re borrowing more than $250,000 but would prefer to lock in a fixed rate, Illawarra Credit Union offers fixed-rate loans for one, two, three or five years.
Features of the Illawarra Credit Union Variable Home Loan
- Minimum loan amount. The minimum amount you can borrow with the Illawarra Credit Union Variable Home Loan is $250,000.
- Maximum loan-to-value ratio (LVR). The maximum amount you can borrow with this loan is 95% of the value of the property you wish to purchase. Loans over 80% LVR will require you to take out lender’s mortgage insurance (LMI).
- Offset account. A 100% offset account is available if you want to minimise the amount of interest you have to pay on your loan.
- Repayment flexibility. You can choose between a weekly, fortnightly or monthly repayment schedule to suit your income stream.
- Additional repayments. You can make extra repayments at any time without incurring a fee.
- Payroll deduction. This loan allows you to set up automatic payroll deduction to make it easier and more convenient to pay off your debt.
- Free redraw. You can redraw from your additional repayments at any time without being charged a penalty.
- Top-up facility. You can also top up your loan, but fees do apply.
Fees
Fees you can avoid
- Annual fee: $0
- Account-keeping fee: $0
- Redraw fee: $0
- LMI: $0 (if you borrow less than 80% LVR)
- Early repayment fee: $0
Fees you can’t avoid
- Application fee: $0. This covers the cost of assessing your home loan application and preparing your loan documents.
- Legal costs: $0. This fee covers the third-party legal costs the lender incurs during the settlement of your loan.
- Valuation fee: $242. This fee covers the cost of having the value of your property professionally appraised.
How to apply for the Illawarra Credit Union Variable Home Loan
Before finding out more about the Illawarra Credit Union Variable Home Loan, it’s a good idea to check if you are eligible for this mortgage product. You’ll need to:
- Be at least 18 years of age
- Be an Australian citizen or permanent resident
- Have a good credit history
If you meet the criteria and want to find out more about the loan, click the secure link on this page to be taken to the Illawarra Credit Union website.
You’ll then be able to complete an online enquiry form, which requires you to provide:
- Your name
- Your address and contact information
- Your employment status
- Information about the property you are interested in purchasing
- Details of your income and assets
- Information about any liabilities and ongoing expenses
After your enquiry form has been submitted, a representative from Illawarra Credit Union will contact you within one business day to discuss your borrowing requirements and help match you with the appropriate loan.
Compare this loan with a selection of other mortgages so that you can make an informed decision and choose a loan that meets all your needs.
