Rates and fees verified as correct at 21 January, 2021. Other information correct at the time of writing. Advertiser disclosure.
If you’re after the certainty of a fixed rate mortgage, then Illawarra Credit Union has a couple of great options on the table. Available from as little as $30,000, these home loans will enable you to borrow up to 95% of the value of a property. Owner occupiers will only pay legal and valuation fees, while investors will have a monthly service fee on top of that. The use of an offset account keeps interest costs low on this loan, plus, you’ll have the option of making extra repayments and free redraws (minimum applies) - but keep in mind that paying off your entire loan before the fixed term is up will incur early break fees. You also have the option to split your home loan between variable and fixed rates for the best of both options.
| Product | Fixed 3 year rate | Comparison Rate | Service fee | Upfront fee | Monthly repayments ‡ |
|---|---|---|---|---|---|
| p.a. | n/a | $0.00 | $682 | ||
| 2.40% p.a. | 3.82% p.a. | $0.00 | $682 | ||
| 3.89% p.a. | 4.02% p.a. | $0.00 | $682 | ||
| 2.79% p.a. | 3.47% p.a. | $0.00 | $682 | ||
| 2.65% p.a. | 4.36% p.a. | $0.00 | $682 | ||
| 2.65% p.a. | 4.17% p.a. | $0.00 | $682 | ||
| 3.78% p.a. | 4.38% p.a. | $8.00 monthly | $682 | ||
| 3.75% p.a. | 4.30% p.a. | $8.00 monthly | $682 |
Like the fixed rate alternatives, Illawarra Credit Union variable rate home loans are available for amounts starting at $30,000, up to 95% of the property’s value, and buyers planning to live in the house will pay legal and valuation fees, while investors will pay those, with a monthly service fee added as well. You can tailor your loan by choosing between a principal and interest or interest only loan, as well as choosing monthly, fortnightly or weekly repayments. As for flexible features, you’ll have the use of an offset account, free extra repayments and a free redraw facility, although a minimum amount applies to the latter. Can’t decide between variable and fixed rates? Why not have both, by splitting your home loan?
| Product | Rate | Comparison Rate | Service fee | Upfront fee | Monthly repayments ‡ |
|---|---|---|---|---|---|
| 3.60% p.a.variable for 24 months and then 4.60% p.a. | 4.47% p.a. | $0.00 | $682 | ||
| 3.85% p.a. | 3.90% p.a. | $0.00 | $682 | ||
| 2.59% p.a. | 2.64% p.a. | $0.00 | $682 | ||
| 2.45% p.a. | 2.50% p.a. | $0.00 | $682 | ||
| 1.99% p.a.variable for 24 months and then 2.50% p.a. | 2.93% p.a. | $395.00 yearly | $1,282 | ||
| 4.00% p.a. | 4.05% p.a. | $0.00 | $682 | ||
| 3.64% p.a. | 3.69% p.a. | $0.00 | $682 | ||
| 3.39% p.a. | 3.44% p.a. | $0.00 | $682 | ||
| 3.19% p.a. | 3.24% p.a. | $0.00 | $682 | ||
| 1.99% p.a.variable for 24 months and then 3.30% p.a. | 3.57% p.a. | $395.00 yearly | $1,282 | ||
| 4.40% p.a. | 4.55% p.a. | $8.00 monthly | $682 | ||
| 4.30% p.a. | 4.45% p.a. | $8.00 monthly | $682 |
| Product | Fixed 3 year rate | Comparison Rate | Service fee | Upfront fee | Monthly repayments ‡ |
|---|---|---|---|---|---|
| p.a. | n/a | $395.00 yearly | $1,282 | ||
| 2.35% p.a. | 2.98% p.a. | $395.00 yearly | $1,282 | ||
| p.a. | n/a | $395.00 yearly | $1,282 | ||
| 2.65% p.a. | 3.63% p.a. | $395.00 yearly | $1,282 | ||
| 2.55% p.a. | 3.61% p.a. | $395.00 yearly | $1,282 | ||
| p.a. | n/a | $395.00 yearly | $1,282 |
| Product | Rate | Comparison Rate | Service fee | Upfront fee | Monthly repayments ‡ |
|---|---|---|---|---|---|
| 3.25% p.a.variable for 12 months and then 2.50% p.a. | 3.08% p.a. | $395.00 yearly | $1,282 | ||
| 2.50% p.a. | 3.02% p.a. | $395.00 yearly | $1,282 | ||
| 3.30% p.a. | 3.80% p.a. | $395.00 yearly | $1,282 | ||
| 3.30% p.a. | 3.80% p.a. | $395.00 yearly | $1,282 |
WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
‡ 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.
Pay your home loan off faster by making extra repayments - just remember that if you opt for a fixed rate home loan offer, this may incur fees, including an early break fee if you pay off the whole loan before the fixed term is up.
If you find you need some of those additional repayments back in your pocket, you can make fee free redraws on any Illawarra Credit Union home loan - just remember that a minimum redraw amount does apply.
If you’re an owner occupier, you won’t pay any ongoing service fees on your Illawarra Credit Union home loan. But for those looking to invest, there is a monthly fee to consider.
You can choose to make your mortgage repayments monthly, fortnightly or weekly, to suit your budget and schedule.
Mozo users have rated Illawarra Credit Union home loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.
11 Reviews
I moved from ImB to Illawarra Credit Union for a better deal on my home and investment loan a few years back. Over the years I have noticed Illawarra Credit Union rates on both loans haven’t kept up with other competitive market rates. For example, one of my loan rates is 4.4% which is well off market competitive rates of around 3% in today’s market. I have spoken to the sales staff at the Dapto branch on a couple of occasions and have even called up their mortgage services team. Illawarra credit union is of course disinterested in doing anything to make the rate more competitive - more than a week's gone by and I have not heard back from them. I would suggest if you are looking for a home loan or investment loan to consider wether Illawarra Credit Union is the best option for you - as they are not market competitive in the long run from my experience. And you will end up slipping behind other better rates out there and paying more for your loan in the long run.
Read full reviewI moved from ImB to Illawarra Credit Union for a better deal on my home and investment loan a few years back. Over the years I have noticed Illawarra Credit Union rates on both loans haven’t kept up with other competitive market rates. For example, one of my loan rates is 4.4% which is well off market competitive rates of around 3% in today’s market. I have spoken to the sales staff at the Dapto branch on a couple of occasions and have even called up their mortgage services team. Illawarra credit union is of course disinterested in doing anything to make the rate more competitive - more than a week's gone by and I have not heard back from them. I would suggest if you are looking for a home loan or investment loan to consider wether Illawarra Credit Union is the best option for you - as they are not market competitive in the long run from my experience. And you will end up slipping behind other better rates out there and paying more for your loan in the long run.
Always willing to listen and negotiate best product and interest rate option.
Read full reviewAlways willing to listen and negotiate best product and interest rate option.
I'm locked in for 1% lower than the normal rate for the entire loan.
Read full reviewI'm locked in for 1% lower than the normal rate for the entire loan.
Would not recommend.
Read full reviewWould not recommend.
Only bank that would give a home loan to a young couple I really appreciate the extent they have been helpful to us.
Read full reviewOnly bank that would give a home loan to a young couple I really appreciate the extent they have been helpful to us.
First things first, you’ll need to become an Illawarra Credit Union member. To do this, you’ll need to submit an application form (you’ll need photo I.D.) and buy a $2 membership share. Once that’s done, you’re all set to apply for your mortgage.
You can apply for an Illawarra Credit Union home loan online, over the phone or in your local branch. Before you start your application, it’s a good idea to have these things handy:
You’ll also need to:
