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Illawarra Credit Union Variable Home Loan

Advertiser disclosure

The details shown below are for an owner occupier taking out a principal & interest loan of at least $250,000 with an LVR below 95%

The details shown below are for an owner occupier taking out a interest only loan of at least $250,000 with an LVR below 95%

The details shown below are for an investor taking out a principal & interest loan of at least $250,000 with an LVR below 95%

The details shown below are for an investor taking out a interest only loan of at least $250,000 with an LVR below 95%

Choose the version of this loan that suits you best

  • Owner Occupier (Principal & Interest)

    LVR < 95%

    Loan: $250,000

  • Owner Occupier (Interest Only)

    LVR < 95%

    Loan: $250,000

  • Investor (Principal & Interest)

    LVR < 95%

    Loan: $250,000

  • Investor (Interest Only)

    LVR < 95%

    Loan: $250,000

Rate
3.64% p.a.
Comparison Rate
3.69% p.a.
Service fee
$0.00
Upfront fee
$682
Rate
4.00% p.a.
Comparison Rate
4.05% p.a.
Service fee
$0.00
Upfront fee
$682
Rate
4.30% p.a.
Comparison Rate
4.45% p.a.
Service fee
$8.00 monthly
Upfront fee
$682
Rate
4.40% p.a.
Comparison Rate
4.55% p.a.
Service fee
$8.00 monthly
Upfront fee
$682

Mozo editorial review Illawarra Credit Union Variable Home Loan

Last updated: 28 September 2020.

binocular icon
What's hot
  • 3.64% interest rate (3.69% comparison rate*)
  • Free extra repayments and redraw facility
  • Offset account available
  • Borrow with up to 95% LVR
What's not
  • $607 upfront fees
Mozo snapshot

If you’re looking for a home loan that not only comes with a low rate, but flexible features as well, Illawarra Credit Union’s Variable Home Loan could be just for you. It has a variable interest rate from 3.64% (3.69% comparison rate*), no ongoing service fees and an extra repayments facility and offset account to help you reduce the amount of interest you pay over the life of the loan.

key icon
Key features

The Variable Home Loan is available for amounts over $250,000 for a term of up to 30 years and you can borrow up to 95% of the property’s value. While the home loan has a rate of 3.64% (3.69% comparison rate*) and no ongoing fees, keep in mind there are upfront fees of $607 ($365 legal fee and $242 valuation fee) when you take out the loan.

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.

Illawarra Credit Union offers a range of flexible features available. You can choose your repayment cycle either weekly, fortnightly or monthly, plus you can select the standard interest and principal 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.



snapshot
Who is it good for

Illawarra Credit Union’s Variable Home Loan is suited to both investors and owner occupiers looking for a competitive home loan deal with a low variable rate, no ongoing fees and flexible features to boot.

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Any catches

While the Variable Home Loan comes with an enticing 3.64% interest rate (3.69% comparison rate), make sure you keep an eye on the market to ensure you are always signed up with a competitive deal, as variable rate loans can change at any time.

And for any borrowers with a LVR over 80%, they'll also need to watch out for Lenders Mortgage Insurance.

Details

Rates and fees information correct as at 30 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
  • 3.64% p.a.

  • n/a

  • n/a

  • n/a

  • 3.69% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees
  • $0.00

  • $440.00

  • $242.00

  • $0.00

  • n/a

  • $0.00

  • $350.00

Other financial bits
  • $250,000

  • none

  • none

  • 95.00%

Features
  • Owner Occupier

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • no

  • yes - free

  • $500.00

  • yes

  • yes

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

  • 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.

Details

Rates and fees information correct as at 30 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
  • 4.00% p.a.

  • n/a

  • n/a

  • n/a

  • 4.05% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees
  • $0.00

  • $440.00

  • $242.00

  • $0.00

  • n/a

  • $0.00

  • $350.00

Other financial bits
  • $250,000

  • none

  • none

  • 95.00%

Features
  • Owner Occupier

  • Interest Only

  • Weekly, Fortnightly, Monthly

  • yes - free

  • no

  • yes - free

  • $500.00

  • yes

  • yes

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

  • 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.

Details

Rates and fees information correct as at 30 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
  • 4.30% p.a.

  • n/a

  • n/a

  • n/a

  • 4.45% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees
  • $0.00

  • $440.00

  • $242.00

  • $0.00

  • n/a

  • $8.00 monthly

  • $350.00

Other financial bits
  • $250,000

  • none

  • none

  • 95.00%

Features
  • Investor

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • no

  • yes - free

  • $500.00

  • yes

  • yes

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

  • 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.

Details

Rates and fees information correct as at 30 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
  • 4.40% p.a.

  • n/a

  • n/a

  • n/a

  • 4.55% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees
  • $0.00

  • $440.00

  • $242.00

  • $0.00

  • n/a

  • $8.00 monthly

  • $350.00

Other financial bits
  • $250,000

  • none

  • none

  • 95.00%

Features
  • Investor

  • Interest Only

  • Weekly, Fortnightly, Monthly

  • yes - free

  • no

  • yes - free

  • $500.00

  • yes

  • yes

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

  • 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.

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.

See Illawarra Credit Union home loans

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Suncorp

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2.69% p.a.

Bank of Queensland

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Economy

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IMB Bank

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AMP Bank

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loans.com.au

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2.50% p.a.

HSBC

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2.95% p.a.

Athena

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AcceleRATES Variable Home Loan

2.34% p.a. variable

2.34% p.a.

UBank

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UHomeLoan - Discount Offer

2.49% p.a. variable

2.49% p.a.

Suncorp

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2.49% p.a.
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3.28% p.a.

Bank of Queensland

Bank of Queensland

Economy

2.59% p.a. variable

2.76% p.a.

IMB Bank

IMB Bank

Budget Home Loan

2.61% p.a. variable

2.67% p.a.

AMP Bank

AMP Bank

Variable Rate Loan (Professional Package)

2.59% p.a. variable

3.00% p.a.

loans.com.au

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2.48% p.a.

2.50% p.a.

HSBC

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2.59% p.a.

2.60% p.a.

Athena

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AcceleRATES Variable Home Loan

2.34% p.a.

2.34% p.a.

UBank

UBank

UHomeLoan - Discount Offer

2.49% p.a.

2.49% p.a.

Suncorp

Suncorp

Back to Basics

2.68% p.a.

2.69% p.a.

Bank of Queensland

Bank of Queensland

Economy

2.59% p.a.

2.76% p.a.

IMB Bank

IMB Bank

Budget Home Loan

2.61% p.a.

2.67% p.a.

AMP Bank

AMP Bank

Variable Rate Loan (Professional Package)

2.59% p.a.

3.00% p.a.

loans.com.au

loans.com.au

Fixed Home Loan

n/a

n/a

HSBC

HSBC

Fixed Rate Home Loan

2.29% p.a.
fixed 3 years

2.95% p.a.

Homestar

Homestar

Star Classic Fixed Home Loan

2.06% p.a.
fixed 3 years

2.38% p.a.

UBank

UBank

UHomeLoan (1 Year Fixed)

n/a

n/a

Suncorp

Suncorp

Fixed Home Loan (Home Package Plus)

2.49% p.a.
fixed 3 years

3.28% p.a.

Bank of Queensland

Bank of Queensland

Fixed Rate

2.25% p.a.
fixed 3 years

3.41% p.a.

IMB Bank

IMB Bank

Fixed Home Loan

2.39% p.a.
fixed 3 years

3.08% p.a.

AMP Bank

AMP Bank

Fixed Rate Loan (Professional Package)

2.49% p.a.
fixed 3 years

3.07% p.a.

loans.com.au

loans.com.au

Smart Home Loan

2.48% p.a.

2.50% p.a.

$0.00

Athena

Athena

AcceleRATES Variable Home Loan

2.34% p.a.

2.34% p.a.

$0.00

UBank

UBank

UHomeLoan - Discount Offer

2.49% p.a.

2.49% p.a.

$0.00

Homestar

Homestar

Star Essentials Home Loan

2.29% p.a.

2.32% p.a.

$0.00

Suncorp

Suncorp

Back to Basics

2.68% p.a.

2.69% p.a.

$0.00

Bank of Queensland

Bank of Queensland

Economy

2.59% p.a.

2.76% p.a.

$10.00 monthly

IMB Bank

IMB Bank

Budget Home Loan

2.61% p.a.

2.67% p.a.

$0.00

AMP Bank

AMP Bank

Variable Rate Loan (Professional Package)

2.59% p.a.

3.00% p.a.

$349.00 yearly

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.