Plan your budget with a low fixed rate mortgage that has no application fee and lets you borrow up to 95%.
With the SCU My Life Fixed Rate Home Loan you can fix your rate for certainty and peace of mind but still have competitive rate that sees you paying less interest.
Changes to the SCU My Life Fixed Rate Home Loan
The SCU My Life Fixed Rate Home Loan is no longer available as a package loan, meaning you cannot bundle your mortgage with other SCU products and get discounts on insurance. SCU has therefore removed the annual package fee.
|Product Name||SCU My Life Fixed Rate Home Loan|
|Interest Rate Type||Fixed|
|Comp Rate^ (p.a.)|
|Minimum Loan Amount||$20,000|
|Minimum Loan Term||1 year|
|Maximum Loan Term||30 years|
|Maximum Insured LVR||95%|
|Mortgage Offset Account||No|
|Mortgage 100% Offset||No|
|Loan Redraw Facility||Yes|
|Fixed Interest Option||Yes|
|Suitable for Investment||Yes|
|Available as equity loan/line of credit||No|
|Repayment Type||Principal & Interest and Interest Only Options|
|Lender's Legal Fee||$286|
|Ongoing Fees||$0 p.a.|
- Redraw facility
- $0 ongoing fees
- Application fee of $695
- There is a $180 discharge fee
- There is a $209 valuation fee
Things to consider about the SCU My Life Fixed Rate Home Loan.
This loan is suitable for a borrower looking to predict their home loan repayments for a fixed period while enjoying a low interest rate.
Borrowing amounts start at $25,000, and you can borrow up to 80%-95% of the property's value, with any loans above 80% LVR incurring LMI. You also have the ability to fix your rate for a period of one, two, three, or five years.
Features of the SCU My Life Fixed Rate Home Loan
- Minimum loan amount. Loans can be taken out starting from $25,000.
- Loan-to-Value Ratio (LVR). You can borrow up to 95% (90% for interest only) of the property value; however, you will incur lenders mortgage insurance (LMI) if you borrow more than 80% LVR. The maximum LVR you can borrow if you are using this loan to purchase land only is 70%.
- Repayment flexibility. You can choose to pay off your loan in weekly, fortnightly or monthly repayments, depending on your needs. You can also make additional repayments of up to $10,000 per year before incurring fees.
- Redraw facilities. This loan offers free online redraws. The minimum redraw amount is $100.
- Credit protection insurance. You can take out loan repayment insurance, which covers your loan repayments if you are unable to pay due to injury or illness, but this will come at an extra cost.
- Switching fee: $300. You will only have to pay this fee if you switch to a different SCU mortgage.
- Legal fee: $286. This fee covers the legal cost of setting up your loan.
- Valuation fee: $209. This fee covers the lender's cost to value your property. This fee may vary by state.
- Discharge fee: $180. The discharge fee applies when you close out your home loan, either when the loan ends or when you refinance.
How to apply for the SCU My Life Fixed Rate Home Loan
There are two main eligibility requirements SCU requires before you contact them about this loan:
- Residency In order to be eligible to apply for this loan you must be an Australian citizen or permanent resident.
- Age All applicants must be over the age of 18 years in order to proceed with an application.
Before you proceed with the application process make sure to have the below handy:
- SCU member number If you are a current customer of SCU you will be required to supply your membership number.
- Identification You will need to provide photo ID.
- Income You will be required to provide details of your income as well as any other income producing assets you have.
- Liabilities SCU will ask for details of any other loans or credit that you are paying off that may affect your ability to pay off this loan.
- Property purchase You may also be asked to provide details of the property you are wanting to be used as equity for this loan.