My Credit Union You Choose Fixed or Variable 1 Year Introductory Home Loan

A competitive low rate introductory home loan with no ongoing fees.

You choose fixed or variable for one year with My Credit Union’s You Choose Fixed or Variable 1 Year Introductory Home Loan. You get a competitive rate for the first year of your home loan as well as paying no ongoing fees, fee free redraw and no fees for paying out your loan early.

Factors to consider about the My Credit Union You Choose Fixed or Variable 1 Year Introductory Home Loan

This loan is available for owner occupiers who are looking to borrow more than $250,000, a loan-to-value ratio (LVR) over 80% with principal and interest repayments. The advertised rate is for an introductory period of 12 months after which the rate will revert to My Credit Union’s My Ideal Home Loan rate of 4.34% p.a..

To help you pay off your mortgage as quickly as possible, My Credit Union allows you to make additional lump sum loan repayments at any time. If you pay off your loan ahead of schedule, no early payout fee applies, or you can access these additional repayments through the free redraw facility. A minimum redraw amount of $100 applies.

Features of the My Credit Union You Choose Introductory Home Loan

  • Flexibility. The You Choose Introductory Home Loan can be either fixed or variable for a one-year introductory period.
  • Loan amount. The My Credit Union You Choose Introductory Home Loan is available on loans of $250,000 up to $3,000,000.
  • Maximum LVR. The maximum LVR on this loan is 80%, which means you’ll need to have a deposit of at least 20% of the purchase price saved if you want to avoid lender's mortgage insurance. However, with a max insured LVR of 95% you can still get this loan with only a 5% deposit if you're willing to pay LMI.
  • Repayment options. You can choose the loan repayment schedule that best suits your budget: weekly, fortnightly or monthly.
  • Additional repayments. You can make additional lump sum repayments on your loan at any time to pay off the balance ahead of schedule. There is no fee for early payouts.
  • Free redraw. If you ever need access to the additional funds you have paid towards your loan, you can use the loan’s free redraw facility. The minimum redraw amount is $100.


There are no application or ongoing fees with this home loan, but below are the fees you will be asked to pay:

  • Settlement fee: $136.50. This is charged for the registration of your mortgage. There may be additional fees depending on your state and conveyancing costs.
  • Discharge fee: $260. This fee is payable when your loan is discharged.
  • Legal fee: $335. This fee covers the third-party legal costs the lender incurs when approving and establishing your loan.
  • Valuation fee: from $275. This fee covers the cost of having your property’s value appraised.

How to apply for the My Credit Union You Choose Introductory Home Loan

If the My Credit Union You Choose Introductory Home Loan sounds like it may suit your needs, click one of the “Apply Now” links on this page. You will be securely redirected to the My Credit Union website where you can browse the details of the loan’s features. You will then be able to contact My Credit Union to discuss the loan, your needs and apply. You’ll need to be at least 18 years of age and an Australian resident in order to apply for a loan.

You will also need to provide:

  • The full name and contact details of everyone applying for the loan
  • Proof of income and employment details
  • Details of your existing loans, credit cards and other expenses
  • Information about any assets you own, such as property, shares or savings

Applications take around 10 minutes to complete and you will usually receive conditional approval within 24 hours.

The My Credit Union You Choose Introductory Home Loan is a competitive introductory home loan that can be fixed or variable and has no ongoing fees.

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