The table below provides an overview of the Home Loans offered by the Credit Union.

Basic Home Loan Offset Home Loan Interest Only Investment Loan Equity Line of Credit Loan Construction Loan Bridging Loan
Description A 'no frills' loan for those who want a lower variable interest rate Flexible loan that gives you the ability to use your savings to reduce the interest charged An interest only loan suited to investors with the option of a variable or fixed interest rate. All-in-One loan that gives you the ability to draw on the equity in your home Flexible loan for people who are building a home or investment property Finance for people purchasing a property prior to the sale or settlement of their current property
100% Offset1 No Yes No N/A Yes Yes
Line of Credit No No No Yes No No
Interest Rate (p.a.) 6.49% 6.99% 6.79% 7.04% 6.99% 6.99%
Comparison Rate (p.a.)2 6.54%2 7.04%2 6.83%2 N/A 7.06%2 7.06%2
Fixed Interest Rates (p.a.) Refer to Interest Rates page Refer to Interest Rates page Refer to Interest Rates page N/A N/A N/A
Establishment Fee $600 $600 $600 $600 $600 $950
Administration Fee $0 $0 $0 $150 p.a. $3503 $0
Repayment Frequency W, F, M4 W, F, M4 M6 N/A5 W, F, M4 W, F, M4
Additional Repayments Accepted Yes7 Yes7 Yes7 Yes Yes Yes
Interest Only Available No Yes8 Yes8 N/A Yes8 Yes8
Fixed Interest Rate Available9 Yes Yes Yes No No No
Fixed Rate Lock10 Yes Yes Yes No No No
Redraw Available Yes11 Yes Yes N/A Yes Yes
Redraw Fees $0 $0 $0 $0 $0 $0
Repayment Holiday Yes12 No No No Yes12 Yes12
Family Repayment Pause Yes13 Yes13 No No No No
Minimum Redraw Amount $50011 $500 $500 N/A $500 $500
Early Repayment Penalty

No

 No No No No No
Fixed Rate Break Cost Yes Yes Yes N/A N/A N/A
Minimum Loan Amount No minimum14 No minimum14 No minimum14 No minimum No minimum No minimum
Maximum Loan Amount No maximum No maximum No maximum No maximum No maximum No maximum
Maximum Loan Term 30 Years 30 Years 30 Years 30 Years 30 Years 30 Years
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Interest rates current as at 20 December 2011. Rates apply to loan applications received on or after 6 April 2010.

 

  1. When you link a savings account to an offset facility, you earn no interest under the savings account even if the balance of the savings account exceeds the loan balance.
  2. Comparison rate calculated on a secured loan amount of $150,000 for a term of 25 years. Warning: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees and other loan amounts might result in a different comparison rate. A comparison rate schedule is available from our website. Fees and charges apply. Terms and conditions available upon request.
  3. One-off fee to cover progress draw downs and valuations.
  4. Weekly, fortnightly or monthly repayments.
  5. If at any time the unpaid balance of the account exceeds the credit limit, you must immediately repay such amount as is necessary to reduce the unpaid balance to the credit limit.
  6. Monthly repayments only.
  7. Maximum of $5,000 in extra repayments during the fixed interest rate period. Any funds paid in excess of $5,000 will incur a Break Cost Fee.
  8. Available for 1-5 year terms. Monthly repayments only during interest only term.
  9. Available for 1-5 year terms.
  10. Available for 1-3 year fixed terms only. Maximum duration of lock 60 days. Maximum Loan amount $500,000. Fee is 0.15% of Loan amount.
  11. Minimum redraw $500 and is only available via Internet Banking for Basic Home Loans.
  12. Loan must be in advance to enable repayment holiday.
  13. Repayment pause is betwen 3 and 6 months and approval is required.
  14. $50,000 minimum loan amount for fixed rate.