Credit Union SA is the product of a merger between former credit unions Satisfac and Powerstate. Both those organisations were known for their specialist local knowledge - going to the bank was as familiar and comfortable as going down to your local for a quick one. Now South Australia’s third largest credit union, this customer owned banking alternative is carrying on their legacy by funnelling profits right back into their South Australian based membership.
Rates and fees verified as correct at 12 November, 2019. Other information correct at the time of writing.
Struggling to save up a deposit for your home loan? With the fixed rate home loan option from Credit Union SA, you can stop worrying, because you can borrow amounts starting at $20,000, with an LVR of 97% if you’re living in the property, or 90% if you’re an investor. But keep in mind you’ll need to budget for both an application and settlement fee. As far as features go, you’ll be able to make free extra repayments up to $10,000 each year, and redraw those funds, although a minimum amount does apply. And if you can’t decide between the certainty of a fixed rate and the flexibility of a variable rate, then why not split your loan between the two?
| Product | Fixed 3 year rate | Comparison Rate* | Service fee | Upfront fee | Monthly repayments ‡ |
|---|---|---|---|---|---|
| 4.04% p.a. | 5.12% p.a. | $0.00 | $750 | ||
| 3.84% p.a. | 4.89% p.a. | $0.00 | $750 | ||
| 3.84% p.a. | 4.89% p.a. | $0.00 | $750 | ||
| 3.44% p.a. | 4.46% p.a. | $0.00 | $750 |
Like the fixed rate alternative, the variable rate home loan offer from Credit Union SA is available for amounts starting at $20,000, up to 97% of the property’s value for owner occupiers and 90% for investors. You’ll only pay a settlement fee if you opt for the Discount Home Loan offer, but there’s also an application fee for the standard option. In terms of flexibility, you’ll have the option to choose between an interest only or principal and interest loan, plus choose to make monthly, fortnightly or weekly repayments. You’ll also get the ability to make unlimited fee-free extra repayments and redraws, but keep in mind a minimum redraw amount applies.
| Product | Rate | Comparison Rate* | Service fee | Upfront fee | Monthly repayments ‡ |
|---|---|---|---|---|---|
| 4.75% p.a. | 4.77% p.a. | $0.00 | $150 | ||
| 4.50% p.a. | 4.52% p.a. | $0.00 | $150 | ||
| 4.50% p.a. | 4.52% p.a. | $0.00 | $150 | ||
| 4.05% p.a. | 4.07% p.a. | $0.00 | $150 | ||
| 4.10% p.a. | 4.12% p.a. | $0.00 | $150 | ||
| 3.90% p.a. | 3.92% p.a. | $0.00 | $150 | ||
| 3.95% p.a. | 3.97% p.a. | $0.00 | $150 | ||
| 3.40% p.a. | 3.42% p.a. | $0.00 | $150 | ||
| 5.45% p.a. | 5.51% p.a. | $0.00 | $750 | ||
| 5.20% p.a. | 5.26% p.a. | $0.00 | $750 | ||
| 5.20% p.a. | 5.26% p.a. | $0.00 | $750 | ||
| 4.75% p.a. | 4.81% p.a. | $0.00 | $750 |
Opt for the fixed rate home loan package from Credit Union SA and you won’t pay any upfront fees - but the trade-off is a yearly service fee. Owner occupiers can borrow up to 97% of the property’s value on this loan, while investors can snag up to 90%, starting from $100,000 for each. The fixed rate options enable you to make free extra repayments up to the value of $10,000 each year, and free redraws (minimum amount does apply). And it doesn’t stop there! With the package home loan option, you’ll save heaps on other Credit Union SA products with a waived annual fee on credit cards, no transaction or monthly access fees on transaction accounts and discounted rates on personal loans.
| Product | Fixed 3 year rate | Comparison Rate* | Service fee | Upfront fee | Monthly repayments ‡ |
|---|---|---|---|---|---|
| 3.84% p.a. | 4.50% p.a. | $395.00 yearly | $0 | ||
| 3.64% p.a. | 4.30% p.a. | $395.00 yearly | $0 | ||
| 3.64% p.a. | 4.37% p.a. | $395.00 yearly | $0 | ||
| 3.24% p.a. | 3.88% p.a. | $395.00 yearly | $0 | ||
| p.a. | n/a | $395.00 yearly | $0 | ||
| p.a. | n/a | $395.00 yearly | $0 | ||
| p.a. | n/a | $395.00 yearly | $0 | ||
| p.a. | n/a | $395.00 yearly | $0 |
Bundle your home loan with other Credit Union SA products in a variable rate home loan package, to enjoy great perks like waived transaction or monthly fees on your everyday bank account, no annual fee on your credit card, and discounted personal loan rates. Credit Union SA’s variable rate home loan package is similar to its fixed rate counterpart. It’s available for amounts starting at $100,000, up to 90% of the property’s value for investors, and 97% for buyers wanting to live in the home. You'll pay a yearly service fee, but in exchange, you’ll get great flexible features, like unlimited free extra repayments and redraws (minimum amount applies), plus, with the package option, you’ll get the use of an offset account to keep interest costs low.
| Product | Rate | Comparison Rate* | Service fee | Upfront fee | Monthly repayments ‡ |
|---|---|---|---|---|---|
| 4.19% p.a. | 4.58% p.a. | $395.00 yearly | $0 | ||
| 3.99% p.a. | 4.38% p.a. | $395.00 yearly | $0 | ||
| 4.09% p.a. | 4.48% p.a. | $395.00 yearly | $0 | ||
| 3.54% p.a. | 3.95% p.a. | $395.00 yearly | $0 | ||
| 3.74% p.a. | 4.14% p.a. | $395.00 yearly | $0 | ||
| 3.54% p.a. | 3.95% p.a. | $395.00 yearly | $0 | ||
| 3.64% p.a. | 4.04% p.a. | $395.00 yearly | $0 | ||
| 3.09% p.a. | 3.51% p.a. | $395.00 yearly | $0 |
‡ 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.
| Low depositLow deposit | With a maximum LVR of 97% for owner occupiers and 90% for investors, borrowers struggling to come up with a 20% deposit will love Credit Union SA’s home loans. |
| Unlimited extra repaymentsUnlimited extra repayments | Pay your mortgage off faster by making fee-free extra repayments! Just keep in mind that while additional repayments are unlimited on variable rate options, they’re capped at $10,000 p.a. on fixed rate offers. Plus, repaying an entire fixed rate loan before the term is up may incur early break fees - so budget carefully! |
| Free redrawFree redraw | If you’ve been making good use of the free extra repayments feature on your Credit Union SA home loan but then find you need some of those funds back in your pocket, you can redraw them at any time. Just keep in mind that a minimum redraw amount applies on all loans. |
| Package benefitsPackage benefits | Be rewarded when you bundle all your products in a home loan package. You can enjoy waived annual fees on your credit card and monthly fees on your bank account, plus discounted rates on personal loans. |
You know the facts and figures, but how does Credit Union SA stack up in terms of things like customer service and trust? Find out with our customer reviews, which give you first hand knowledge of what it’s like to have a home loan with Credit Union SA.
The staff are friendly and will help with all your questions.
The staff are friendly and will help with all your questions.
Anne, South Australia, reviewed almost 4 years ago
Jatinder, South Australia, reviewed over 4 years ago
Credit Union SA provided us with a 'line of credit' funding for our house, which gave us the flexibility to manage our finances without any other requirement than that we make the minimum required payment at the appropriate times. Their...
Credit Union SA provided us with a 'line of credit' funding for our house, which gave us the flexibility to manage our finances without any other requirement than that we make the minimum required payment at the appropriate times. Their attitude was helpful and very informative in giving us ALL possible options. They have also managed our accounts extremely well with no illegal deductions from our accounts such as we suffered from with Homestart (South Australia). We are currently going through a lean period and Credit Union SA have found a way for us to cope until things get better. I commend them highly.
Bill, South Australia, reviewed over 4 years ago
I am fortunate enough to be a member of Credit Union SA. Their interest rate on their home loans of 4.41% (4.42% comparison rate) would be amongst the lowest there are. Additionally their credit card charges the very low rate of 10.49% on both...
I am fortunate enough to be a member of Credit Union SA. Their interest rate on their home loans of 4.41% (4.42% comparison rate) would be amongst the lowest there are. Additionally their credit card charges the very low rate of 10.49% on both purchases and cash advances. ATM's are readily available as they use the Rediteller system. The only disadvantage of this credit union would be the fact they have limited locations (only 5 in the metropolitan area). However, with internet banking readily available, this can be overcome. They are also a very personable financial institution, with each call to them going directly to a local person rather than a machine or call centre. They offer the full range of services that a bank does, just without the fees. Additionally, being a non-profit organisation, financial gains are placed back into the community, particularly the education sector.
Chris, South Australia, reviewed over 4 years ago
Credit Union Sa has allowed us to buy our house but are extremely conservative in lending to the point of being restrictive. When we do get to refinancing we will probably be forced to go elsewhere.
Credit Union Sa has allowed us to buy our house but are extremely conservative in lending to the point of being restrictive. When we do get to refinancing we will probably be forced to go elsewhere.
Ben, South Australia, reviewed over 4 years ago
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Credit Union SA is all about being local and approachable - which is a good thing, because to apply for a home loan, you’ll have to call, head into a branch or put in an online enquiry to have them call back; there’s no online application available.
When you apply, it’s a good idea to have a few things on hand, like:
