Choose the version of this loan that suits you best
| Availability | Loan type | LVR | Min loan amount | Max loan amount | |
|---|---|---|---|---|---|
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Owner Occupier | Principal & Interest | < 95% | $250,000 | |
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Owner Occupier | Interest Only | < 95% | $250,000 | |
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Investor | Principal & Interest | < 95% | $250,000 | |
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Investor | Interest Only | < 95% | $250,000 |
If you’re looking for a home loan that allows lower deposits and comes with a number of flexible features, Illawarra Credit Union’s Variable Home Loan could be just for you. Among those features, it has an extra repayments facility, a redraw facility and an offset account to help you reduce the amount of interest you pay over the life of the loan.
The Variable Home Loan from Illawarra Credit Union is available for amounts over $250,000 for terms up to 30 years. The good news is you can borrow with up to 95% LVR, so you won't need to save a large deposit to take out the loan. However if your LVR is over 80%, you will need to pay Lenders Mortgage insurance.
In terms of rates, owner occupiers can access variable rates from 7.34% (7.44% comparison rate*) while rates for investors begin at 7.59% (7.69% comparison rate*).
Illawarra Credit Union offers a range of flexible features. You can choose your repayment cycle either weekly, fortnightly or monthly, plus you can select the standard principal and interest repayments or if you want to free up some extra cash you can choose to make interest only repayments.
The Variable Home Loan comes with the option of making additional or lump sum payments on your loan through the attached extra repayments facility and also comes with a redraw facility if you would like to draw on that amount later down the track (minimum redraw of $500).
Another option available to you is stashing your cash in an 100% offset account with $0 account keeping fees. The best part is if you pay off your loan early due to all this flexibility you won’t be charged any fees for paying out the loan early, however you will be charged the standard $250 discharge fee.
There’s also a top up feature available if you need to use your equity later on to borrow more and pay for things like a home renovation or a new family car. And if you take out your home and contents insurance through Illawarra Credit Union you’ll score 10% off your premium in the first year.
There are no ongoing fees with the loan, but keep in mind there are upfront fees of $682 ($440 legal fee and valuation fee from $250) when you take out the loan.
Illawarra Credit Union’s Variable Home Loan could be suited to either investors or owner occupiers looking for a home loan deal with no ongoing fees and flexible features to boot.
For any borrowers with an LVR over 80%, Lenders Mortgage Insurance may be required.
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7.34% p.a. |
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n/a |
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n/a |
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n/a |
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7.44% p.a. |
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n/a |
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n/a |
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|
n/a |
|
|
n/a |
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|
n/a |
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n/a |
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n/a |
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n/a |
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$600.00 |
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$440.00 |
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$250.00 |
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$0.00 |
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n/a |
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$0.00 |
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$350.00 |
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$250,000 |
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none |
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none |
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95.00% |
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Owner Occupier |
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Principal & Interest |
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Weekly, Fortnightly, Monthly |
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yes - free |
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no |
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yes - free |
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$500.00 |
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yes |
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yes |
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|
Valuation and legal fees are charged at cost. Lenders Mortgage Insurance is required for loans above 80% LVR. Staff assisted redraw fee is $50. |
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none |
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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.
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7.84% p.a. |
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n/a |
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n/a |
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n/a |
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7.94% p.a. |
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n/a |
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n/a |
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n/a |
|
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n/a |
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n/a |
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n/a |
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n/a |
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n/a |
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$600.00 |
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$440.00 |
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$250.00 |
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$0.00 |
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n/a |
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$0.00 |
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$350.00 |
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$250,000 |
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none |
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none |
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95.00% |
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Owner Occupier |
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Interest Only |
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Weekly, Fortnightly, Monthly |
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yes - free |
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no |
|
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yes - free |
|
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$500.00 |
|
|
yes |
|
|
yes |
|
|
Valuation and legal fees are charged at cost. Lenders Mortgage Insurance is required for loans above 80% LVR. Staff assisted redraw fee is $50. |
|
|
none |
|
|
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.
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7.59% p.a. |
|
|
n/a |
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n/a |
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n/a |
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7.69% p.a. |
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|
n/a |
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|
n/a |
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n/a |
|
|
n/a |
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n/a |
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n/a |
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n/a |
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n/a |
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$600.00 |
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$440.00 |
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$250.00 |
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$0.00 |
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n/a |
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$8.00 monthly |
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$350.00 |
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$250,000 |
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none |
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none |
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95.00% |
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Investor |
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Principal & Interest |
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Weekly, Fortnightly, Monthly |
|
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yes - free |
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no |
|
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yes - free |
|
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$500.00 |
|
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yes |
|
|
yes |
|
|
Valuation and legal fees are charged at cost. Lenders Mortgage Insurance is required for loans above 80% LVR. Staff assisted redraw fee is $50. |
|
|
none |
|
|
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.
|
7.84% p.a. |
|
|
n/a |
|
|
n/a |
|
|
n/a |
|
|
7.94% p.a. |
|
|
n/a |
|
|
n/a |
|
|
n/a |
|
|
n/a |
|
|
n/a |
|
|
n/a |
|
|
n/a |
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n/a |
|
$600.00 |
|
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$440.00 |
|
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$250.00 |
|
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$0.00 |
|
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n/a |
|
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$8.00 monthly |
|
|
$350.00 |
|
$250,000 |
|
|
none |
|
|
none |
|
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95.00% |
|
Investor |
|
|
Interest Only |
|
|
Weekly, Fortnightly, Monthly |
|
|
yes - free |
|
|
no |
|
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yes - free |
|
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$500.00 |
|
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yes |
|
|
yes |
|
|
Valuation and legal fees are charged at cost. Lenders Mortgage Insurance is required for loans above 80% LVR. Staff assisted redraw fee is $50. |
|
|
none |
|
|
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.
I like this credit union because as a long term customer they are always willing to negotiate due to loyalty. They have excellent customer service over the phone and they're internet banking is easy to use.
Read full reviewI like this credit union because as a long term customer they are always willing to negotiate due to loyalty. They have excellent customer service over the phone and they're internet banking is easy to use.
Home Value Loan
6.09% p.a. variable
6.09% p.a.
Fixed Rate
6.59% p.a.
fixed 3 years
7.06% p.a.
Elevate
6.09% p.a. variable
6.20% p.a.
Elevate
6.09% p.a.
6.20% p.a.
Fixed Rate Loan (with Orange Advantage)
5.99% p.a.
fixed 3 years
6.12% p.a.
Basic Home Loan (Fixed)
6.09% p.a.
fixed 3 years
6.19% p.a.
Fixed Rate
6.59% p.a.
fixed 3 years
7.06% p.a.
Home Value Loan
6.09% p.a.
6.09% p.a.
$0.00
Elevate
6.09% p.a.
6.20% p.a.
$0.00
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.
