SCU My Life Variable Rate Home Loan Package

Rates and fees last updated on

Take advantage of a competitive variable rate and no application fee with the SCU My Life Variable Rate Home Loan Package

SCU has been offering financial products and services to its members for more than 50 years, and for those looking for a competitive rate and a host of flexible features they offer the SCU My Life Variable Rate Home Loan Package. Featuring a $0 application fee, the loan offers unlimited free redraws and a 100% offset account to help minimise the amount of interest you repay. It also offers a range of other discounts across a wide range of SCU banking and insurance products.

If you prefer the security and convenience of a fixed interest rate, you may wish to consider the features of the My Life Fixed Rate 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
$150,000 to $249,999 (Owner Occupier)
4.07% p.a.
Comparison Rate
4.10% p.a.
95% 80%
$250,000 to $499,999 (Owner Occupier)
3.97% p.a.
Comparison Rate
4.00% p.a.
95% 80%
$500,000+ (Owner Occupier)
3.87% p.a.
Comparison Rate
3.90% p.a.
95% 80%
Product NameSCU My Life Variable Rate Home Loan Package
Interest Rate TypeVariable
Comp Rate^ (p.a.)
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 AccountYes
Mortgage 100% OffsetYes
Loan Redraw FacilityYes
Split Loan FacilityYes
Fixed Interest OptionYes
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$264
Valuation Fee$209
Ongoing Fees$350 p.a.
Settlement Fee$0
Discharge Fee$180


  • No application fees
  • 100% offset account
  • Unlimited free redraws


  • Annual service fees of $350
  • Legal fees of $264
  • Valuation fees of $209

Things to consider about the SCU My Life Variable Rate Home Loan

The SCU My Life Variable Rate Home Loan Package is suitable for people buying their own home or purchasing an investment property. If you take out a loan for investment purposes, you have the ability to make interest-only repayments on the funds you borrow for a period of up to five years.

Designed for loan amounts above $150,000, the SCU My Life Variable Rate Home Loan Package also offers a competitive variable rate and unlimited free online redraws. Other features include no application fee and a host of discounts on products like home and contents insurance, financial planning appointments and a linked credit card.

Features of the SCU My Life Variable Rate Home Loan

  • Minimum loan amount. The My Life Variable Rate Home Loan Package offers a range of interest rates for different loan amounts, beginning at $150,000. As you borrow more you can receive a better interest rate.
  • Maximum LVR. Without any lender’s mortgage insurance in place, the maximum LVR on this loan is 80% for owner-occupiers and 75% for investors. However, taking out LMI entitles you to borrow up to 95% LVR regardless of whether you're an owner-occupier or investor.
  • Offset account. This loan comes with a 100% offset account to help you minimise the amount of interest you will need to pay on the funds you borrow.
  • 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 unlimited free online redraws, but staff-assisted redraws will attract a fee.
  • Package discounts. This home loan entitles you to a wide range of discounts including cheaper home and contents insurance, a free first appointment with a financial planner, a $0 annual fee on an SCU credit card, and waived application fees on personal and car loans.

Fees for the SCU My Life Variable Rate Home Loan

Fees you can avoid
  • LMI: $0. You can avoid paying for LMI if you borrow less than 80% LVR for an owner occupier loan or 75% LVR for an investment loan.
  • Application fee: $0. There's no upfront application fee required with the My Life Variable Rate Home Loan Package.
  • Exit fees: $180. There's no discharge fee as part of this loan.
  • Online redraw fee: $0. You'll pay no fee when redrawing additional payments you've made online as part of this loan.
Fees you can’t avoid
  • Annual service fees. $350. There's an annual fee of $350 charged as part of this package loan.
  • Legal fees: $264. This fee covers any legal costs SCU faces when setting up your loan.
  • Valuation fee: $209 in Sydney metropolitan area. SCU will have the value of your property appraised as part of the lending process.

How to apply for the SCU My Life Variable Rate Home Loan

If you’ve weighed up your options and decided that the SCU My Life Variable Rate Home Loan Package is right for you, click ‘Apply Now’ to be taken to an SCU online enquiry form. Alternatively, if you do not wish to apply online you can visit a branch, phone SCU directly, or download an application form.

The online application takes approximately 15 minutes to complete and requires you to provide the following:

  • Your SCU membership number
  • Your name and contact details
  • Whether you want to borrow funds to buy a residential or investment home, refinance or renovate

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 My Life Variable Rate Home Loan Package offers a variety of features and discounts for borrowers looking for a competitive home loan package.

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

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This page was last modified on 24 March 2017 at 9:35am.

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SCU My Life Variable Rate Home Loan Package

  • Interest Rate


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  • App Fee / Annual Service Fee

    $0 / $350

  • Max LVR


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