BCU was started in the 1970s by a bunch of north coast banana growers - no, seriously. Now, BCU’s network stretches from Port Macquarie to the Sunshine Coast, with internet and phone banking services, so not matter where you are, you can keep one eye on your home loan.
An alternative to the big banks, BCU prides itself on fair fees and little extras that will make repaying your home loan a piece of cake. Its home loans are such great value that it won the Home Loan Credit Union of the Year award in the 2017 Mozo Experts Choice Awards. So you’d have to be bananas not to check out the details of these great home loan offers.
Rates and fees verified as correct at 21 July, 2017. Other information correct at the time of writing.
With the fixed rate home loan option from BCU, you can borrow up to $2,500,000, with as little as 5% of the property’s value for a deposit. You’ll pay an upfront application fee, and you’ll also have the option of making extra repayments, although on the fixed rate option, a fee does apply. To make budgeting easier, you can choose to make monthly, fortnightly or weekly repayments to match when you get paid. Plus, if you think you’d like the security of fixed rates but with a little added wiggle room, why not split your home loan between a fixed and variable rate?
| Product | Fixed 3 year rate | Comparison Rate* | Service fee | Upfront fee | Monthly repayments ‡ |
|---|---|---|---|---|---|
| 4.29% p.a. | 4.89% p.a. | $0.00 | $600 | ||
| 4.10% p.a. | 5.19% p.a. | $849.00 yearly | $600 | ||
| 3.90% p.a. | 4.36% p.a. | $495.00 yearly | $600 |
If you’re looking for flexibility in your home loan, check out one of the great variable rate home loan offers from BCU. Depending on which option you choose, you can borrow up to $2,500,000 with an LVR of up to 95%, but keep in mind that some options have a maximum LVR of just 80%. Like the fixed rate alternative, you’ll pay an upfront application fee for any variable rate home loan from BCU, and if you opt for the OMG home loan offer, you’ll also pay a yearly service fee. As far as features go, you’ll have the option to make fee free extra repayments, and there’s a redraw facility if you need any of those funds back - but remember a minimum redraw amount does apply, and if you’ve opted for an OMG home loan, a fee applies to redraws. If you opt for the Standard variable home loan, you’ll also get the use of a 100% offset account to keep interest costs low.
| Product | Rate | Comparison Rate* | Service fee | Upfront fee | Monthly repayments ‡ | |
|---|---|---|---|---|---|---|
| 4.70% p.a. | 5.55% p.a. | $849.00 yearly | $600 | |||
| 4.65% p.a. | 4.70% p.a. | $0.00 | $600 | |||
| 4.40% p.a. | 5.27% p.a. | $849.00 yearly | $600 | |||
| 4.35% p.a. | 4.40% p.a. | $0.00 | $600 | |||
| 3.89% p.a. | 4.14% p.a. | $198.00 yearly | $900 | |||
| 3.84% p.a. | 4.09% p.a. | $198.00 yearly | $900 | Go to site | ||
| 5.10% p.a. | 5.94% p.a. | $849.00 yearly | $600 | |||
| 5.05% p.a. | 5.10% p.a. | $0.00 | $600 |
Want to use the equity in your home to fund your next big spending goal? With a line of credit mortgage from BCU you can make it happen. Available for up to 90% of your home’s value, you can secure up to $2,500,000. But remember to budget for the initial application fee, and lender’s mortgage insurance, which you’ll need to have no matter what your LVR.
| Product | Rate | Comparison Rate* | Service fee | Upfront fee |
|---|---|---|---|---|
| 4.75% p.a. | n/a | $0.00 | $600 | |
| 4.70% p.a. | n/a | $0.00 | $600 | |
| 5.15% p.a. | n/a | $0.00 | $600 | |
| 5.10% p.a. | n/a | $0.00 | $600 | |
| 4.45% p.a. | n/a | $0.00 | $600 | |
| 4.40% p.a. | n/a | $0.00 | $600 |
| Low depositLow deposit | With the exception of line of credit loans and the OMG variable rate offer, you can snag a BCU home loan with as little as a 5% deposit. Just keep in mind that when you have a deposit of less than 20%, you’ll usually also need to fork out for lender’s mortgage insurance. |
| Unlimited extra repaymentsUnlimited extra repayments | Any BCU home loan gives you the option to make additional repayments and pay your loan off faster. Just remember that while there’s no penalty for doing so on a variable rate loan, you’ll pay a fee for extra repayments made on a fixed rate mortgage, plus, paying the entire loan off early might incur extra penalties. |
| Flexible repayment scheduleFlexible repayment schedule | You can choose monthly, fortnightly or weekly repayments, to fit in with your budget. |
| No ongoing service feesNo ongoing service fees | A BCU home loan is easy on the wallet, with no ongoing service fee on any mortgage option, except the OMG home loan offer, which incurs a yearly fee. But keep in mind there is an upfront application fee for all BCU home loans. |
Now you know all the details, learn from what others have to say about BCU home loans by browsing our customer review section.
* Overall rating based on reviews in the past 12 months.
All we want smoothly and easily. Staff listened to my needs and suggested a great product that will assist me now and into the future.
All we want smoothly and easily. Staff listened to my needs and suggested a great product that will assist me now and into the future.
Jenny (NSW), reviewed about 1 year ago
Sherilynne (NSW), reviewed over 1 year ago
Rebecca was excellent - made life very easy and manageable for 2 working people
Rebecca was excellent - made life very easy and manageable for 2 working people
Michael (NSW), reviewed over 1 year ago
This review is worse than the last. Really disillusioned with the BCU at present. Have been with them for over 30 years. When I relocated 2 years ago they advanced me $20,000 variable rate secured mortgage for renovations to my property. I...
This review is worse than the last. Really disillusioned with the BCU at present. Have been with them for over 30 years. When I relocated 2 years ago they advanced me $20,000 variable rate secured mortgage for renovations to my property. I have never defaulted on a payment, my pension has gone in every two weeks, I have a credit card which has never been behind. I recently applied for a $6000 top up for more work on my house. I was declined - age discrimination - said they did not want to "saddle me with more debt" because I am 71 years old. Am really really angry and insulted and am in the process at the moment of trying to change everything over to another provider closer to where I live. I have recently acquired some casual work - one day a week - so have resubmitted my application to BCU just to see what they come back with but do not expect any joy. Totally disillusioned.
Edith (NSW), reviewed over 1 year ago
Thanks Grant for a professional stress free experience!
Thanks Grant for a professional stress free experience!
Corrine (NSW), reviewed over 1 year ago
Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers. Reviewers may receive a voucher from Mozo in exchange for their review. Vouchers are given to all reviewers who meet our review guidelines regardless of the sentiment of their reviews.
* The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a home loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years, and applies only to this example. Different amounts and terms will result in different comparison rates. Full comparison rate schedules are available from lenders. Costs such as redraw fees or early repayment fees, and savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
‡ Results from this calculation are estimates only as individual lenders apply different formulas. Actual repayments will depend on your individual circumstances and interest rate changes.
† Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers.
Ready to sign up and make that first home dream a reality? To do so, you’ll need to be over 18, a permanent Australian resident or citizen and be in a good financial situation - which means no outstanding defaults, judgements or bankruptcy.
You’ll also need to provide information about:
