Illawarra Credit Union named Australia’s best credit union
Founded nearly 50 years ago, Illawarra Credit Union has learned a thing or two about keeping customers happy. And it's this customer-centred approach to banking that helped it win the title of Australia’s Best Credit Union in our 2021 Best Banking Awards.
Our team of judges assessed 89 providers on the basis of value and quality. The winners were determined by the number of Mozo Experts Choice Awards they had won over the last 12 months and how their products compared against competitors.
Illawarra Credit Union stood out mainly for its home loans, which were recognised in the offset, first home buyer, and packaged home loan categories in 2021. But it also impressed our judges with its personal loan and car loan offers.
Since 1972, Illawarra Credit Union has provided a community-oriented banking alternative to the big banks. As a customer-owned credit union, it’s able to invest its profits into improving its products and services, rather than divvying it out to shareholders.
We’ve collected an assortment of Illawarra Credit Union products below, but if you’re looking for more information on its win, be sure to read our 2021 Australia's Best Banking methodology report.
The Works Variable Home Loan
- 1.99% p.a. intro rate (2.93% p.a. comparison rate*)
- Free extra repayments and redraw facility
- Offset account available
The Works Home Loan, which picked up a Mozo Experts Choice Awards in the packaged home loan category, offers an interest rate of 2.50% p.a. (3.01% p.a. comparison rate*). But borrowers can enjoy an introductory rate of 1.99% p.a. (2.93% p.a. comparison rate*) for the first 24 months. There are also a number of features to help you save on interest, such as an offset account and the ability to make free extra repayments. And you’ll be able to access a redraw facility in case you want those extra funds back in your pocket. Just make sure you budget for the fees, including the $600 application fee and $395 yearly service fee.
Bare Essentials Variable Home Loan
- 2.59% p.a. variable rate (2.64% p.a. comparison rate*)
- Lower interest rates for first home buyers
- Free extra repayments
With the Bare Essentials Variable home loan, loan amounts start from $150,000 and you’ll be able to borrow up to 95% of a property’s value. Owner occupiers making principal and interest repayments will receive an interest rate of 2.59% p.a. (2.64% p.a. comparison rate*), which is currently the lowest variable rate for 95% LVR loans among providers we track. Extra repayments can be made without penalty, and staff assisted redraws can be made for $50. There’s also a special offer for first home buyers borrowing between $150,000 and $800,000 which sees the interest rate drop to 2.45% p.a. (2.50% p.a. comparison rate*).
Online Personal Loan Package
- Variable rates from 5.25% p.a. (5.89% p.a. comparison rate*)
- Extra repayments allowed
- Redraw allowed
With interest rates starting at 5.25% p.a. (5.89% p.a. comparison rate*), the Online Personal Loan Package could be a good choice for those looking to finance a renovation, holiday or more. Loan amounts start at $10,000 and go as high as $100,000, with loan terms ranging from one to five years. As a package loan, you’ll have to be a member of Illawarra Credit Union and registered for online banking to be eligible. In return, you’ll get access to a number of handy features, such as a redraw facility and a 100% offset account. Just be aware that a $5 monthly fee will be charged to the offset account and applying for the loan costs $200.
Low Rate Credit Card
- 8.99% purchase rate (15.88% cash advance rate)
- Annual fee waived in first year
- 45 days interest free
With a purchase rate of 8.99% p.a. and up to 45 interest free days to pay off your balance, the Illawarra Credit Union Low Rate Credit Card could be an attractive option for those hoping to keep on top of their credit card spending. You’ll also be able to make payments with Google Pay, Apple Pay & Samsung Pay. And while there is a $50 annual fee, Illawarra Credit Union will waive this in the first year.
For more information about Illawarra Credit Union, along with the rest of this year’s winners, visit the Mozo Experts Choice Best Banking Award page for all the details.
^See information about the Mozo Experts Choice Bank Account Awards
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