SCU My Life Fixed Rate Home Loan Package Review

Rates and Fees verified correct on December 3rd, 2016

Plan your budget with this 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 other banking products you include in your package, you save money across multiple financial products.

If you would prefer the flexibility of a variable interest rate SCU offer a My Life Variable Home Loan Package.

Get $500 Cash back.

Now with $500 cash back for all new SCU Home Loans over $150,000.

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

Interest Rate Max Insured LVR Max LVR
1 Year
4.39% p.a.
Comparison Rate
4.54% p.a.
95% 80%
2 Years
3.85% p.a.
Comparison Rate
4.16% p.a.
95% 80%
3 Years
3.69% p.a.
Comparison Rate
4.00% p.a.
95% 80%
5 Years
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
Maximum Loan Amount$1,000,000
Minimum Loan Term1 year
Maximum Loan Term30 years
Maximum LVR80%
Maximum Insured LVR95%
Mortgage Offset AccountNo
Loan Redraw FacilityYes
Split Loan FacilityNo
Fixed Interest OptionNo
Loan PortableNo
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$0
Valuation Fee$0
Ongoing Fees$350 p.a.
Settlement Fee$0
Discharge Fee$0

Pros

  • Redraw facility
  • No application fee
  • No rate lock fee

Cons

  • Annual service fee of $350

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

This loan can be used for borrowers looking to purchase a new home or purchase an investment property. 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 to three, or five years. You can lock in the rate that is advertised at the time of application with fee free rate lock for 90 days, which gives you peace of mind if there are any changes in rates between application and settlement.

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 your borrowing amount is above 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 depending on your needs. You can also make additional repayments of up to $10,000 per year before incurring fees.
  • Redraw facilities. You can redraw any extra funds you put into your loan online without being charged any fees.
  • 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.

Fees

Fees you can avoid

  • Application fee: $0. There is no application fee charged with this loan.
  • Rate lock fee: $0. Unlike most other loans, SCU does not charge a fee to lock in a fixed rate from the day of application for 90 days to allow for settlement of the loan.

Fees you can’t avoid

  • 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.

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

If you think the SCU My Life Fixed Rate Home Loan package may be suitable for you, click on the “Go to site” button to be securely transferred to the SCU website to contact a banker directly.

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.

The package benefits and the ability to fix the interest rate make the SCU My Life Fixed Rate Package Home Loan one that you should add to any comparison.. Make sure to compare multiple home loans with varying features to ensure that you are getting the best loan for you.

SCU My Life Fixed Rate Home Loan Package Review Interest Rate History vs RBA Cash Rate Graph

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This page was last modified on 29 November 2016 at 14:46.

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3 Responses to SCU My Life Fixed Rate Home Loan Package Review

  1. Default Gravatar
    Steve | October 6, 2015

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

    • Staff
      Marc | October 6, 2015

      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
    Belinda | August 12, 2015

    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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