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Illawarra Credit Union The Works Fixed Home Loan

The details shown below are for an owner occupier taking out a principal & interest loan of at least $150,000 with an LVR below 95%

The details shown below are for an owner occupier taking out a principal & interest loan of at least $150,000 with an LVR below 95%

The details shown below are for an investor taking out a principal & interest loan of at least $150,000 with an LVR below 95%

The details shown below are for an owner occupier taking out a interest only loan of at least $150,000 with an LVR below 95%

The details shown below are for an investor taking out a principal & interest loan of at least $150,000 with an LVR below 95%

The details shown below are for an investor taking out a interest only loan of at least $150,000 with an LVR below 95%

Choose the version of this loan that suits you best

  • Owner Occupier (Principal & Interest)

    LVR < 95%

    Loan: $150,000

  • Owner Occupier (Principal & Interest)

    LVR < 95%

    Loan: $150,000

  • Investor (Principal & Interest)

    LVR < 95%

    Loan: $150,000

  • Owner Occupier (Interest Only)

    LVR < 95%

    Loan: $150,000

  • Investor (Principal & Interest)

    LVR < 95%

    Loan: $150,000

  • Investor (Interest Only)

    LVR < 95%

    Loan: $150,000

Fixed 3 year rate
p.a.
Comparison Rate*
n/a
Service fee
$395.00 yearly
Upfront fee
$1,282
Fixed 3 year rate
2.35% p.a.
Comparison Rate*
2.98% p.a.
Service fee
$395.00 yearly
Upfront fee
$1,282
Fixed 3 year rate
p.a.
Comparison Rate*
n/a
Service fee
$395.00 yearly
Upfront fee
$1,282
Fixed 3 year rate
p.a.
Comparison Rate*
n/a
Service fee
$395.00 yearly
Upfront fee
$1,282
Fixed 3 year rate
2.55% p.a.
Comparison Rate*
3.61% p.a.
Service fee
$395.00 yearly
Upfront fee
$1,282
Fixed 3 year rate
2.55% p.a.
Comparison Rate*
3.61% p.a.
Service fee
$395.00 yearly
Upfront fee
$1,282

Mozo editorial review Illawarra Credit Union The Works Fixed Home Loan

Last updated: 28 September 2020.

binocular icon
What's hot
  • 2020 Mozo Experts Choice Award
  • Annual fee of $250 is waived for the first year
  • Extra loan repayments & free redraw facility
  • Split account option
What's not
  • $250 annual service fee
  • Lenders Mortgage Insurance applies to loans over 80% LVR
Mozo snapshot

On the hunt for a killer-rate home loan to seal the deal on the house of your dreams? Well, with a choice between 1-3 year fixed terms and loads of flexible features like extra loan repayments and a free redraw facility, the Works Fixed Home Loan from Illawarra Credit Union could be just the loan you’re looking for! And you know it's top draw, because it just took out a 2020 Mozo Experts Choice Award for Best Fixed Rate Home Loan. 

key icon
Key features

The Illawarra Credit Union The Works Fixed Home Loan hits the ground running with competitive fixed interest rates for owner-occupiers on loan amounts of $150,000 and up, with a 95% maximum LVR. Just bear in mind that if you're borrowing with over 80% LVR, you will have to budget for Lenders Mortgage Insurance.

The interest rate you get will depend on which loan term you choose. Here are the interest rates on offer according to the different rate tiers:

• Fixed 1-year interest rate: 2.79% p.a. (3.04% p.a. comparison rate*)
• Fixed 2-year interest rate: 2.29% p.a. (2.98% p.a. comparison rate*)
• Fixed 3-year interest rate: 2.35% p.a. (2.98% p.a. comparison rate*)

Plus, Illawarra Credit Union are also offering a special 2-year-fixed rate right now, as low as 1.99% p.a.(2.93% comparison rate*). This special offer is available to new, owner-occupier fixed home loans, of $150,000 or more.

In addition to hot rates, the Works Fixed Home Loan offers weekly, fortnightly and monthly repayment options, so you’ll be able to tailor your regular loan repayments around your budget and lifestyle.

On top of all this, the loan comes with tonnes of flexible features, like extra loan repayments and a fee-free redraw facility, which could be super useful should you need access to some extra funds. Just keep in mind that it’s a minimum $500 redraw.

Another fab feature that comes with the Illawarra Credit Union The Works Fixed Home Loan is the optional split account which lets you split between variable and fixed rates. Talk about flexibility!

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Who is it good for

The Illawarra Credit Union The Works Fixed Home Loan is filled to the rim with flexible features and comes with a killer rate, making it a great option for most Aussie borrowers with at least a 20% deposit saved up.

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Any catches

If you’re considering going with the Illawarra Credit Union The Works Fixed Home Loan, just be aware that you’ll need to budget for the $600 application fee, $250 annual service fee (waived for the first year) and $350 discharge fee.

While you can borrow with up to 95% LVR, you will have to pay Lenders Mortgage Insurance for loans over 80% LVR.


Details

Rates and fees information correct as at 21 October 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • 1.99% (2.93%*)

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • 2.50% p.a.

Fees
  • $600.00

  • $440.00

  • $242.00

  • $0.00

  • n/a

  • $395.00 yearly

  • $350.00

Other financial bits
  • $150,000

  • none

  • none

  • 95.00%

Features
  • Weekly, Fortnightly, Monthly

  • yes - free

  • no

  • yes - free

  • $500.00

  • yes

  • no

  • Valuation and legal fees charged at cost. Lenders Mortgage Insurance required for loans above 80% LVR.

  • 20% off Home and Contents Insurance for thefirst year with QBE.

  • none

*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.

Details

Rates and fees information correct as at 21 October 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • n/a

  • n/a

  • n/a

  • n/a

  • 2.79% (3.04%*)

  • 2.29% (2.98%*)

  • 2.35% (2.98%*)

  • n/a

  • 2.99% (3.20%*)

  • n/a

  • n/a

  • 2.50% p.a.

Fees
  • $600.00

  • $440.00

  • $242.00

  • $0.00

  • n/a

  • $395.00 yearly

  • $350.00

Other financial bits
  • $150,000

  • none

  • none

  • 95.00%

Features
  • Monthly

  • yes - free

  • no

  • yes - free

  • $500.00

  • yes

  • no

  • Valuation and legal fees charged at cost. Lenders Mortgage Insurance required for loans above 80% LVR.

  • 20% off Home and Contents Insurance for thefirst year with QBE.

  • none

*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.

Details

Rates and fees information correct as at 21 October 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • 2.99% (3.74%*)

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • 3.30% p.a.

Fees
  • $600.00

  • $440.00

  • $242.00

  • $0.00

  • n/a

  • $395.00 yearly

  • $350.00

Other financial bits
  • $150,000

  • none

  • none

  • 95.00%

Features
  • Weekly, Fortnightly, Monthly

  • yes - free

  • no

  • yes - free

  • $500.00

  • yes

  • no

  • Valuation and legal fees charged at cost. Lenders Mortgage Insurance required for loans above 80% LVR.

  • 20% off Home and Contents Insurance for thefirst year with QBE.

  • none

*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.

Details

Rates and fees information correct as at 21 October 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • n/a

  • n/a

  • n/a

  • n/a

  • 2.79% (3.04%*)

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • 2.50% p.a.

Fees
  • $600.00

  • $440.00

  • $242.00

  • $0.00

  • n/a

  • $395.00 yearly

  • $350.00

Other financial bits
  • $150,000

  • none

  • none

  • 95.00%

Features
  • Monthly

  • yes - free

  • no

  • yes - free

  • $500.00

  • yes

  • no

  • Valuation and legal fees charged at cost. Lenders Mortgage Insurance required for loans above 80% LVR.

  • 20% off Home and Contents Insurance for thefirst year with QBE.

  • none

*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.

Details

Rates and fees information correct as at 21 October 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • n/a

  • n/a

  • n/a

  • n/a

  • 2.85% (3.76%*)

  • 2.70% (3.69%*)

  • 2.55% (3.61%*)

  • n/a

  • 3.49% (3.87%*)

  • n/a

  • n/a

  • 3.30% p.a.

Fees
  • $600.00

  • $440.00

  • $242.00

  • $0.00

  • n/a

  • $395.00 yearly

  • $350.00

Other financial bits
  • $150,000

  • none

  • none

  • 95.00%

Features
  • Monthly

  • yes - free

  • no

  • yes - free

  • $500.00

  • yes

  • no

  • Valuation and legal fees charged at cost. Lenders Mortgage Insurance required for loans above 80% LVR.

  • 20% off Home and Contents Insurance for thefirst year with QBE.

  • none

*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.

Details

Rates and fees information correct as at 21 October 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • n/a

  • n/a

  • n/a

  • n/a

  • 2.85% (3.76%*)

  • 2.70% (3.69%*)

  • 2.55% (3.61%*)

  • n/a

  • 3.49% (3.87%*)

  • n/a

  • n/a

  • 3.30% p.a.

Fees
  • $600.00

  • $440.00

  • $242.00

  • $0.00

  • n/a

  • $395.00 yearly

  • $350.00

Other financial bits
  • $150,000

  • none

  • none

  • 95.00%

Features
  • Monthly

  • yes - free

  • no

  • yes - free

  • $500.00

  • yes

  • no

  • Valuation and legal fees charged at cost. Lenders Mortgage Insurance required for loans above 80% LVR.

  • 20% off Home and Contents Insurance for thefirst year with QBE.

  • none

*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.

Customer Reviews

How are Illawarra Credit Union home loans rated by the Mozo community?

Overall
7.2/10
Price
6.8/10
Features
6.9/10
Customer service
7.4/10
Convenience
6.5/10
Trust
7.2/10
Illawarra Credit Union

About Illawarra Credit Union

Illawarra Credit Union is a community credit union, that uses its profits to improve products and services offered to its customers, in the Illawarra region. Illawarra offers its customers with competitive products and services in home and personal loans, credit cards, car loans, savings accounts, term deposits and debit cards. Illawarra provides financial solutions complimented with customer service.

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2.76% p.a.

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2.81% p.a.

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2.48% p.a.

2.50% p.a.

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HSBC

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2.59% p.a.

2.60% p.a.

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AcceleRATES Variable Home Loan

2.34% p.a.

2.34% p.a.

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UHomeLoan - Discount Offer

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2.49% p.a.

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2.69% p.a.

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2.59% p.a.

2.76% p.a.

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loans.com.au

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n/a

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fixed 3 years

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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.