Illawarra Credit Union home loans

Illawarra Credit Union
Illawarra Credit Union's overall rating for home loans

(as rated by the Mozo community)

7.8 / 10

based on 10 reviews

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.

Rates and fees verified as correct at 23 January, 2019. Other information correct at the time of writing.

What home loans do Illawarra Credit Union offer?

Fixed Rate Home Loans 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 ‡

4.70% p.a.

4.91% p.a.

$8.00 monthly

$607

4.30% p.a.

4.73% p.a.

$8.00 monthly

$607

4.65% p.a.

4.40% p.a.

$0.00

$607

4.00% p.a.

4.19% p.a.

$0.00

$607

4.70% p.a.

5.45% p.a.

$8.00 monthly

$607

4.30% p.a.

5.27% p.a.

$8.00 monthly

$607

4.80% p.a.

5.10% p.a.

$0.00

$607

4.00% p.a.

4.85% p.a.

$0.00

$607

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Variable Rate Home Loans 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 ‡

3.85% p.a.variable for 24 months and then 4.85% p.a.

4.71% p.a.

$0.00

$607

4.60% p.a.

4.65% p.a.

$0.00

$607

4.80% p.a.

4.84% p.a.

$8.00 monthly

$607

4.70% p.a.

4.74% p.a.

$8.00 monthly

$607

4.25% p.a.

4.29% p.a.

$0.00

$607

4.20% p.a.

4.24% p.a.

$0.00

$607

5.55% p.a.

5.68% p.a.

$8.00 monthly

$607

5.45% p.a.

5.58% p.a.

$8.00 monthly

$607

5.15% p.a.

5.19% p.a.

$0.00

$607

5.10% p.a.

5.10% p.a.

$0.00

$607

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*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

Extra repaymentsExtra 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 redrawFree 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.

No ongoing feesNo 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.

Flexible repayment scheduleFlexible 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?

A home loan from Illawarra Credit Union sounds good right? But that’s just how it looks on paper. For a real peek into what it’s like to be a customer (and owner) at Illawarra Credit Union, check out our customer review section for first hand opinions on how it stacks up in areas like customer service, trust and convenience.

Illawarra Credit Union home loans

Overall 7.8

Price

Features

Customer service

Convenience

Trust

10 Reviews

Recent Illawarra Credit Union home loan reviews Recent Illawarra Credit Union home loan reviews

Illawarra Credit Union

Illawarra Credit Union Fixed Rate Lite (Owner Occupier, Principal & Interest) home loan review

Overall rating   8 / 10

Reward loyalty and very good interest rates.

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

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 about 3 years ago

Illawarra Credit Union

Illawarra Credit Union home loan review

Overall rating   10 / 10

Good rate

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

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 over 3 years ago

Illawarra Credit Union

Illawarra Credit Union Fixed Home Loan (Owner Occupier, Principal & Interest) home loan review

Overall rating   0 / 10

Heartless

Would not recommend.

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 4 years ago

Illawarra Credit Union

Illawarra Credit Union home loan review

Overall rating   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.

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 5 years ago

Illawarra Credit Union

Illawarra Credit Union home loan review

Overall rating   9 / 10

All I can say is I am so pleased with the Illawarra Credit Union the staff go out of there way to help you in every way possible it is nothing for one of the local girls to ring and tell you how they can save you money. They look after their...

Full review

All I can say is I am so pleased with the Illawarra Credit Union the staff go out of there way to help you in every way possible it is nothing for one of the local girls to ring and tell you how they can save you money. They look after their interest by looking after my money the best way to save me extra costs.

    Price   8 / 10

    Features   9 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Arthur watts, New South Wales, reviewed about 7 years ago

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