SCU My Life Variable Rate Home Loan Package

Take advantage of a competitive variable rate and package benefits 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. The loan offers unlimited free online 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.

Interest Rate Max Insured LVR Max LVR
$150,000+ (Owner Occupier, P&I)
3.59% p.a.
Comparison Rate
3.62% p.a.
90% 80%
Product NameSCU My Life Variable Rate Home Loan Package
Interest Rate TypeVariable
Comp Rate^ (p.a.)
Minimum Loan Amount$150,000
Minimum Loan Term1 year
Maximum Loan Term30 years
Maximum LVR80%
Maximum Insured LVR90%
Mortgage Offset AccountYes
Mortgage 100% OffsetYes
Loan Redraw FacilityYes
Split Loan FacilityYes
Fixed Interest OptionYes
Loan PortableYes
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 (NSW)
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

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.

Designed for loan amounts above $150,000, the SCU My Life Variable Rate Home Loan Package also offers a competitive variable rate, unlimited free online redraws, a 100% offset account 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%. However, taking out LMI entitles you to borrow up to 90% LVR.
  • 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.
  • Redraw facility. You can take advantage of unlimited free online redraws, but staff-assisted redraws in an SCU branch 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

  • Annual service fees. $350. There's an annual fee of $350 charged as part of this package loan.
  • 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 (NSW). 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 Variable Rate Home Loan

The online application for this loan on the SCU website 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.

Was this content helpful to you? No  Yes

Related Posts

Ask an Expert

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Privacy & Cookies Policy and Terms of Use, Disclaimer & Privacy Policy.

SCU My Life Variable Rate Home Loan Package

  • Interest Rate


  • Comparison Rate


  • App Fee / Annual Service Fee

    $0 / $350

  • Max LVR


Ask a question
Go to site