SCU My Life Fixed Rate Home Loan Package

Rates and fees last updated on

Plan your budget with a fixed rate package that includes no application fee and discounts on other SCU banking products.

With the SCU My Life Fixed Rate Home Loan, you can have the certainty of a fixed rate whilst also enjoying the package benefits of the My Life Package. With no application fee and low ongoing fees as well as no annual fees for some of the other banking products you include in your package, you save money across multiple financial products.

Interest Rate Max Insured LVR Max LVR
1 Year Fixed Rate
4.39% p.a.
Comparison Rate
4.54% p.a.
95% 80%
2 Years Fixed Rate
3.85% p.a.
Comparison Rate
4.16% p.a.
95% 80%
3 Years Fixed Rate
3.69% p.a.
Comparison Rate
4.00% p.a.
95% 80%
5 Years Fixed Rate
4.59% p.a.
Comparison Rate
4.46% p.a.
95% 80%
Product NameSCU My Life Fixed Rate Home Loan Package
Interest Rate TypeFixed
Comp Rate^ (p.a.)
Minimum Loan Amount$150,000
Minimum Loan Term1 year
Maximum Loan Term30 years
Maximum LVR80%
Maximum Insured LVR95%
Mortgage Offset AccountNo
Mortgage 100% OffsetNo
Loan Redraw FacilityYes
Split Loan FacilityYes
Fixed Interest OptionYes
Suitable for InvestmentNo
Extra RepaymentYes
Available as equity loan/line of creditNo
Repayment TypePrincipal & Interest

Application Fee$0
Lender's Legal Fee$286
Valuation Fee$209
Ongoing Fees$350 p.a.
Settlement Fee$0
Discharge Fee$180

Pros

  • Redraw facility
  • No application fee

Cons

  • Annual service fee of $350

Things to consider about the SCU My Life Fixed Rate Home Loan Package

This loan is suitable for a borrower looking to predict their home loan repayments for a fixed period whilst also enjoying the benefits of a packaged home loan.

Borrowing amounts start at $150,000, 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 Package

  • Minimum loan amount. Loans can be taken out starting from $150,000.
  • Loan-to-Value Ratio (LVR). You can borrow up to 95% 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.
  • Loan repayment 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.
  • Package discounts. With My Life Package loan you can access discounts on other financial products offered by SCU such as no annual fee on an award winning SCU credit card, no application fees on personal loans as well as discounts on insurance products and a free first meeting with a financial planner.

Fees

  • Package service fee: $350. This fee is charged to cover the maintenance costs of your loan and also all the other products you may package with your loan.
  • Valuation fee: $209.
  • Legal fee: $286.
  • Discharge fee: $180.

How to apply for the SCU My Life Fixed Rate Home Loan Package

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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This page was last modified on 18 September 2017 at 5:37pm.

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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%

    • Staff
      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. Staff
    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 Package

  • Interest Rate

    N/A

  • Comparison Rate

    N/A

  • App Fee / Annual Service Fee

    $0 / $350

  • Max LVR

    80%

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