SCU Basic Variable Rate Home Loan

Rates and Fees verified correct on May 1st, 2017

The SCU Basic Variable Rate Home Loan is a simple home loan for people who aren’t looking for too many features but want competitive rates.

Featuring competitive interest rates, low fees and minimal features, SCU’s Basic Variable Rate Home Loan is a simple alternative to feature-filled home loans or packages. With features like a redraw facility, loan repayment insurance and a discount off the standard variable rate, this is a competitive basic home loan.

$500 Cash Back offer available

SCU is now offering a limited time $500 cash back for all new home loans over $150,000.

Other terms and conditions may apply please contact SCU Home Loan.

Product NameSCU Basic Variable Rate Home Loan
Interest Rate TypeVariable
Interest Rate (p.a.)3.77%
Comp Rate^ (p.a.)3.81%
Minimum Loan Amount$150,000
Maximum Loan Amount$5,000,000
Minimum Loan Term1 year
Maximum Loan Term30 years
Maximum LVR80%
Maximum Insured LVR95%
Mortgage Offset AccountNo
Loan Redraw FacilityYes
Split Loan FacilityYes
Fixed Interest OptionNo
Loan PortableYes
Suitable for InvestmentYes
Extra RepaymentYes
Available as equity loan/line of creditNo
Repayment TypePrincipal & Interest and Interest Only Options
Application Fee$200
Lender's Legal Fee$264
Valuation Fee$209
Ongoing Fees$0 p.a.
Settlement Fee$0
Discharge Fee$180

Pros

  • $0 ongoing fees.
  • Discount off the standard variable rate.

Cons

  • Application fee of $200.
  • $50 redraw fee with $2000.
  • No offset account.

Details to consider about the SCU Basic Variable Rate Home Loan

The SCU Basic Variable Rate Home Loan is suitable for people buying their own home for loan amounts above $150,000. The SCU Basic Variable Rate Home Loan also offers a competitive variable rate that is discounted off the standard variable rate, and a redraw facility.

Features of the SCU My Life Variable Rate Home Loan

  • Minimum loan amount. The Basic Variable Rate Home Loan is available for loan amounts starting from $150,000 up to $5,000,000.
  • Loan term. The SCU Basic Variable Rate Home Loan can be taken out for a period of up to 30 years.
  • Maximum loan-to-value ratio (LVR). You can borrow up to 80% LVR without lenders mortgage insurance (LMI) and up to 95% LVR with LMI.
  • Repayment options. You can choose from a weekly, fortnightly or monthly repayment schedule to suit your budget, while investment borrowers can make interest-only repayments for up to five years.
  • Redraw facility. You can take advantage of the redraw facility for a fee of $50; however, you will need at least one month’s repayment in advance. There is also a minimum redraw amount of $2,000.
  • Loan insurance. This home loan comes with loan repayment insurance that will protect you if you fall into financial difficulty which then affects your ability to make your repayments.

Fees for the SCU Basic Variable Rate Home Loan

There are no ongoing fees with this home loan. Below is a list of the fees that are attached to this loan:

  • Application fee: $200. This is charged for the processing of your application.
  • Legal fee: $264. This is charged for the legal fees incurred by SCU during the application process.
  • Valuation fee: $209. This is charged for the valuation of the property you wish to purchase.
  • Redraw fee: $50. You will be charged this fee when you redraw any additional repayments you have made into your loan account.
  • Discharge fee: $180. This is charged for the discharge and closure of your home loan when you refinance or have paid out your loan.

How to apply for the SCU Basic Variable Rate Home Loan

If you are interested in getting more information on the SCU Basic Variable Rate Home Loan, you can click the green button on this page to get in touch with a home loan expert who can assist you.

In order to qualify for a loan you will need to be at least 18 years of age and a permanent Australian resident. You will also need to supply:

  • Proof of identity
  • Employment information and proof of income
  • Details of any assets you own, for example, shares or property
  • Details of any liabilities you have to your name, such as any outstanding debts
  • Details of the property you are buying. This will include documents such as the contract of sale, certificate of title and transfer of land

The SCU Basic Variable Rate Home Loan offers all the basic features you need in a home loan without the ones you don’t always want and comes with low fees and a competitive variable rate.

SCU Basic Variable Rate Home Loan Interest Rate History vs RBA Cash Rate Graph

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This page was last modified on 23 March 2017 at 3:53pm.

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SCU Basic Variable Rate Home Loan

  • Interest Rate

    3.77% p.a.

  • Comparison Rate

    3.81% p.a.

  • App Fee / Annual Service Fee

    $200 / $0

  • Max LVR

    80%

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