Laboratories CU Home Renovation Loan
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- Interest Rate (p.a.)
- 10.85%
- Comparison rate (p.a.)
- 11.14%
- Min Loan Amount
- $2,000
Summary
A low fee loan with a variable interest rate. Interest charges and establishment fees apply.
This personal loan from Laboratories CU is for home renovations and large purchases for the home. You can borrow from $2,000 up to $50,000, with terms up to 10 years. The loan comes with a variable interest rate and low fees. No annual or monthly fees are charged, and apart from interest charges, you will have to pay an establishment fee of $200. Membership is required.
Details
Product details
| Product Name | Laboratories CU Home Renovation Loan |
| Interest Rate (p.a.) | 10.85% |
| Comparison rate (p.a.) | 11.14% |
| Interest Rate Type | Variable |
| Min Loan Amount | $2,000 |
| Max. Loan Amount | $50,000 |
| Loan Security | Unsecured |
How does the Laboratories CU Home Renovation Loan work?
This loan is suitable for property owners, or if you have a current home loan with LCU. You can use the loan to fund home renovations and make large purchases for your home. The interest rate is variable and may fluctuate based on the market rate. This could make it more difficult to predict your repayments and budget for them.
What features does the Laboratories CU Home Renovation Loan offer?
- Renovation loan. This loan is suitable for home renovations and large purchases for your home.
- Variable interest rate. With a variable rate, your interest charges may fluctuate with the market rate.
- Terms up to 10 years. Your loan term is up to 10 years.
- Early repayments. You can make early repayments without penalty.
- Flexible repayments. You can choose between weekly, fortnightly and monthly repayments.
- Redraw facility. You have access to a redraw facility at no charge. The minimum redraw is $500.
How much does the Laboratories CU Home Renovation Loan cost?
The costs associated with this loan include:
- Loan principal
- Variable interest of 10.85% p.a.
- Establishment fee of $200
This loan does not charge annual or monthly fees. Your comparison rate, which includes both fees and interest charges, is 11.14% p.a.
What are the pros and cons of the Laboratories CU Home Renovation Loan?
Pros
- Low fees. The fees for this loan are low. You will be charged $200 to establish the loan. No monthly or annual fees are charged, helping to keep down the cost of the loan.
- Free early repayments and redraw. You can make early repayments and redraw them without paying a penalty.
Cons
- Difficult to budget. Variable rate loans may be difficult to budget for as your interest charges may fluctuate on a monthly basis.
Am I eligible for the loan?
To be eligible for the Laboratories CU Home Renovation Loan, you will need to be:
- Over the age of 18
- An Australian citizen or permanent resident
- A member of the credit union
How do I apply for the loan?
You can apply for the loan online, through the Laboratories CU website. You will be required to submit details about your employment, income and living expenses; your assets, including land, house, contents, vehicles, savings and shares; and your debts. Keeping all the documents at hand will speed up the process.
Sources
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