4 must-know things about the XL Home Loan from Credit Union SA
Looking to own your own home in South Australia? Credit Union SA may be able to help.
Sponsored by Credit Union SA. If you're looking to buy a home in South Australia, the XL Home Loan offers a number of features that can help you get on the property ladder, sooner. To learn more about the XL Home Loan, visit the Credit Union SA website today.
1. It's intended to help people priced out of the market
Rising cost-of-living expenses have made it tricky for many people to save.
Couple that with increasing house prices and high monthly repayments, and many financially responsible people have found themselves priced out.
With these factors in mind, Credit Union SA has created the XL Home Loan.
This home loan is designed to reduce the monthly costs associated with home loans and help more people own their own homes in the process.
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Although it won't be right for everyone's circumstances, the XL Home Loan does provide additional options in the market.
The loan is available for owner-occupier buyers, builders and refinancers.
Speaking with a Credit Union SA lending specialist can help you find the right home loan for your needs.
The Credit Union SA XL Home Loan
If you opt for the XL Home Loan with Credit Union SA, you can gain access to a range of benefits.
🗝️Unlock property ownership: Purchase a home more quickly, with lower month-to-month costs.
🏠Handy loan features: Benefit from extra repayments, an offset account and a range of other options.
💲Access to both fixed and variable interest rates: Work with Credit Union SA's lending specialists to determine the best approach for your repayments.
🥪Benefit the community: When you settle a home loan with Credit Union SA, they donate 20 meals to Foodbank SA.
2. Longer loan terms and lower monthly repayments
Traditionally, home loans in Australia have 30-year terms.
The XL Home Loan from Credit Union SA instead offers a 40-year loan, which means you've got longer to pay back the loan.
Opting for a longer loan term like the XL Home Loan can lead to reduced monthly repayments.
In turn, this can help make home ownership significantly more affordable in the short term.
However, it is important to remember that the longer the loan, the higher the interest costs.
Depending on how much you borrow and how long you take to pay it back, this can mean higher costs over the lifespan of the loan.
But this doesn't mean you don't have options available.
3. There's flexibility available
People's financial circumstances evolve over time. An inheritance or a change in career can lead to a financial windfall.
You may find that you're in a position to pay off your home loan more quickly than expected.
Extra repayments are available with the XL Home Loan.
Additionally, you might refinance for a shorter-term loan down the track, depending on your circumstances.
So it's important to remember that an XL Home Loan may not be "forever". But it can be a useful financial tool to get on the property ladder sooner.
4. It can be used for refinancing
Sometimes, people also want to refinance for a longer term on their loan.
This may be to reduce costs or to seek specific loan features.
If you're an owner-occupier with a loan-to-value ratio (LVR) of 80% or less, you're able to refinance with the XL Home Loan from Credit Union SA.
Conditions, fees and lending criteria apply and are available on request.
Credit Union SA Ltd ABN 36 087 651 232 AFSL/Australian Credit License Number 241066
Learn more about the XL Home Loan with Credit Union SA
Sponsored by Credit Union SA. If you're looking to buy a home in South Australia, the XL Home Loan offers a number of features that can help you get on the property ladder, sooner. To learn more about the XL Home Loan, visit the Credit Union SA website today.