SCU My Life Fixed Rate Home Loan

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.

Interest Rate Max Insured LVR Max LVR
1 Year Fixed Rate (Investor)
4.59% p.a.
Comparison Rate
4.22% p.a.
95% 80%
1 Year Fixed Rate (Owner Occupier)
4.39% p.a.
Comparison Rate
3.97% p.a.
95% 80%
2 Year Fixed Rate (Investor)
3.69% p.a.
Comparison Rate
3.73% p.a.
95% 80%
2 Years Fixed Rate (Owner Occupier)
3.69% p.a.
Comparison Rate
3.88% p.a.
95% 80%
3 Year Fixed Rate (Investor)
3.69% p.a.
Comparison Rate
3.73% p.a.
95% 80%
3 Years Fixed Rate (Owner Occupier)
3.69% p.a.
Comparison Rate
3.86% p.a.
95% 80%
5 Year Fixed Rate (Investor)
4.84% p.a.
Comparison Rate
4.47% p.a.
95% 80%
5 Years Fixed Rate (Owner Occupier)
4.59% p.a.
Comparison Rate
4.22% p.a.
95% 80%
Product NameSCU My Life Fixed Rate Home Loan
Interest Rate TypeFixed
Comp Rate^ (p.a.)
Minimum Loan Amount$25,000
Minimum Loan Term1 year
Maximum Loan Term30 years
Maximum LVR80%
Maximum Insured LVR95%
Mortgage Offset AccountNo
Mortgage 100% OffsetNo
Loan Redraw FacilityYes
Fixed Interest OptionYes
Suitable for InvestmentYes
Extra RepaymentYes
Available as equity loan/line of creditNo
Repayment TypePrincipal & Interest and Interest Only Options

Application Fee$0
Lender's Legal Fee$286
Valuation Fee$209
Ongoing Fees$0 p.a.
Settlement Fee$0
Discharge Fee$180

Pros

  • Redraw facility
  • $0 ongoing fees
  • Application fee of $0

Cons

  • 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.

Fees

  • 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.
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3 Responses

  1. Default Gravatar
    SteveOctober 6, 2015

    Is interest only repayments available at the interest rate quoted of 3.79%

    • Avatarfinder Customer Care
      MarcOctober 6, 2015Staff

      Hi Steve,
      thanks for the question.

      Unfortunately, interest only repayments are only available with SCU’s investment home loans. At the current time the My Life Fixed Rate is only available for owner occupier loans.

      I hope this helps,
      Marc.

  2. Avatarfinder Customer Care
    BelindaAugust 12, 2015Staff

    Hi Shane,

    Thanks for your enquiry.

    finder.com.au is an online comparison service so we don’t offer home loans ourselves and we don’t represent SCU.

    Generally, it’s advisable that you come up with at least a 20% deposit so you can avoid paying Lender’s Mortgage Insurance (LMI). You can read our guide about LMI on this page. If you’d like to borrow $315,000, you would therefore require $63 000 to complete a 20% deposit.

    You might also be interested to read about how to compare first home buyer loans on this page.

    If you think the SCU My Life Fixed Rate home loan is suitable for you, you can click on the ‘go to site’ button on this page to be redirected to the SCU website where you can begin the application process.

    To be eligible for this loan, you must be an Australian citizen or permanent resident and you must be aged 18 years and over.

    Thanks,
    Belinda

SCU My Life Fixed Rate Home Loan

  • Interest Rate

    N/A

  • Comparison Rate

    N/A

  • App Fee / Annual Service Fee

    $0 / $0

  • Max LVR

    80%

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