Quay Credit Union Ultimate Home Loan Review

Rates and Fees verified correct on October 22nd, 2016

Benefit from competitive rates and flexible repayment terms with the Quay Credit Union Ultimate Home Loan

As a leading financial services provider, Quay Credit Union has been writing home loans for Australians for over 42 years. With competitive rates, low fees and customised service, Quay Credit Union prides itself on its professionalism when issuing home loans within the Australian financial sector.

Quay Credit Union’s exclusive Ultimate Home Loan is designed to help you pursue home ownership sooner. With a range of innovative features including a split loan facility and offset account, combined with minimal fees, this loan is suited for residential and investment purposes.

Things to consider about Quay Credit Union Ultimate Home Loan

If you’re thinking of applying for the Ultimate Home Loan, you’ll need to become a member of the Credit Union.

By becoming member of Quay Credit Union, you’ll have the peace of mind in knowing that your funds are securely protected. Regulated by the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC), all deposits held with the Credit Union are backed by the Government Guarantee.

Ultimate Home Loan Features

The following features of the Ultimate Home Loan enable you to service your mortgage with ease.

  • Redraw facility: With a free redraw facility, you can withdraw additional payments that you’ve already put towards your loan. This provides you with flexibility so you can put as much extra money as you like towards your loan, and access it at any time in the future. 
    To access your redraw facility, your home loan needs to be at least one repayment in advance. You can access your redraw facility via Internet Banking or by simply faxing a request to Quay Credit Union.
  • Offset account: The Quay Credit Union Ultimate Home Loan comes with an offset account that helps you reduce the interest payable on your loan by the amount held in your account. That is, every dollar in the account actively ‘offsets’ the amount of interest you pay on your mortgage. This can see you paying off your loan sooner.
  • Maximum Loan amount: With the ability to borrow a minimum of  and a maximum of , the Quay Credit Union Ultimate Home Loan provides you with flexible borrowing capacity to help you finance your home.
  • Maximum LVR: With a maximum loan-to-value ratio (LVR) of , you can borrow  of the property price. This means you just need to come up with the 20% deposit.
  • Loan term: The Quay Credit Union Ultimate Home Loan requires no minimum term and a maximum loan term of 30 years which provides you with the ability to control the length of your loan so it suits your financial situation.
  • Flexible payment frequency: With the ability to make weekly, fortnightly or monthly repayments, you can structure your repayment frequency to suit your income stream. With Quay Credit Union, you can set up automatic payments by payroll deduction, direct debit or transfer from your savings account.
  • Split facility: Leveraging the split loan facility, you can allocate a portion of your loan to incur a variable interest rate, and another portion to attract a fixed rate. With this feature, you can benefit from the security of a fixed rate and the flexibility of a variable rate.
    A split facility offers added security as you can reduce the impact on your loan repayments in the event that interest rates rise.
  • Competitive interest: Quay Credit Union offers  interest and a  p.a comparison rate. A low rate will see you pay less towards your repayments, reducing the time required to pay off your loan and the total interest payable.

What fees will I have to pay with the Ultimate Home Loan?

Fees you can avoid:
  •  application fee: The absence of an application fee allows you to register for the Ultimate Home Loan at minimal upfront cost (includes no legal or valuation fee).
  •  settlement fee: This means you can avoid paying expensive settlement costs and focus on making your repayments.
  • No ongoing fees: No ongoing account-keeping fees means you don’t have to worry about recurring monthly or annual fees which could save you thousands over the life of your loan.
Fees you can’t avoid:
  • Discharge fee: The  discharge fee is what you’ll have to pay to get hold of your title deeds.

How to apply for the Quay CU Ultimate Home Loan

Click ‘apply’ on the link on this page and you’ll be securely directed to the Quay Credit Union Ultimate Home Loan application page.

Complete the form and a Quay Credit Union representative will be in contact with you to discuss your application.

Eligibility & Required Documentation

To apply for this home loan, you’ll need to be:

  • Aged 18 years and over
  • A permanent Australian resident

You’ll need to provide the following information:

Personal details
  • Name
  • Contact details
  • Residential address
  • Number of dependants
Loan details
  • Loan purpose
  • Loan amount
  • Loan term
  • Determine whether or not you’ll be applying for the first home owner’s grant (FHOG)
Details of property offered as security
  • Type of security
  • Estimated property value
Current employment
  • Name of employer
  • Employment type (full time, part time, casual)
  • Current income/salary
Personal finances
  • Details of asset and liabilities
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This page was last modified on 29 May 2015 at 9:47.

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