8.2 / 10

based on 79 reviews as rated by Mozo community

Illawarra Credit Union home loans

Illawarra Credit Union is a local organisation, right along with your local footy club, corner store and pub. It’s been providing the Illawarra region with competitive home loans for 43 years and investing profits back into the community for just as long. Once you’re a member of Illawarra Credit Union, you’re an owner too, so if you want to take out a mortgage with a homegrown institution where you get a real say, check out the options below.

What home loans do Illawarra Credit Union offer?

Rates and fees verified as correct at 29 October, 2020. Other information correct at the time of writing. Advertiser disclosure.

Fixed Rate Home Loans

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.

Home loan repayments calculator

years

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

3.90% p.a.

4.03% p.a.

$0.00

$682

3.25% p.a.

3.59% 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

Variable Rate Home Loans

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?

Home loan repayments calculator

years

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

Fixed Package Home Loan

Home loan repayments calculator

years

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

2.55% p.a.

3.61% 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

Variable Package Home Loan

Home loan repayments calculator

years

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.

Illawarra Credit Union home loan features in a glance

Repayment Icon

Extra repayments

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.

Free icon

Free redraw

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.

Free icon

No ongoing fees

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.

Repayment Icon

Flexible repayment schedule

You can choose to make your mortgage repayments monthly, fortnightly or weekly, to suit your budget and schedule.

How are Illawarra Credit Union home loans rated?

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.

Icon of home-loans
Illawarra Credit Union home loans
Overall
7.2/10
Price
Features
Customer service
Convenience
Trust

11 Reviews

Recent Illawarra Credit Union home loan reviews

Illawarra Credit Union Home Loan review
Overall 1/10
Their loan rates are much higher than other banks!

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 review

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.

Price
1/10
Features
4/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Philip, New South Wales reviewed 6 months ago
Illawarra Credit Union Fixed Rate Lite review
Overall 8/10
Reward loyalty and very good interest rates.

Always willing to listen and negotiate best product and interest rate option.

Read full review

Always willing to listen and negotiate best product and interest rate option.

Price
8/10
Features
8/10
Customer service
8/10
Convenience
8/10
Trust
8/10
Less
Susan, New South Wales reviewed almost 5 years ago
Illawarra Credit Union Home Loan review
Overall 10/10
Good rate

I'm locked in for 1% lower than the normal rate for the entire loan.

Read full review

I'm locked in for 1% lower than the normal rate for the entire loan.

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Michael, New South Wales reviewed about 5 years ago
Illawarra Credit Union Fixed Home Loan review
Overall 0/10
Heartless

Would not recommend.

Read full review

Would not recommend.

Price
0/10
Features
0/10
Customer service
0/10
Convenience
0/10
Trust
0/10
Less
Claudia, Victoria reviewed over 6 years ago
Illawarra Credit Union Home Loan review
Overall 10/10
Awesome

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 review

Only bank that would give a home loan to a young couple I really appreciate the extent they have been helpful to us.

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Sarah, New South Wales reviewed over 7 years ago

What do you need to apply for a Illawarra Credit Union home loan?

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:

  • A mobile phone number
  • An email address (especially if you’re applying online)
  • Details about your income and expenses

You’ll also need to:

  • be over 18 years old
  • never been declared bankrupt
  • have never committed a financial crime
  • be an Australian permanent resident
  • have an Australian residential address
  • Have a regular source of income

Home loan quick links