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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: 11 May 2021

binocular icon
What's hot
  • Free extra repayments and redraw facility
  • Offset account available
  • Borrow with up to 95% LVR
What's not
  • $682 upfront fees
Mozo snapshot

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.

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Key features

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 3.64% (3.69% comparison rate*) while rates for investors begin at 4.30% (4.45% 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 $242 valuation fee) when you take out the loan.



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Who is it good for

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.

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Any catches

For any borrowers with an LVR over 80%, Lenders Mortgage Insurance may be required.

Details

Rates and fees information correct as at 19 October 2021. 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 19 October 2021. 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 19 October 2021. 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 19 October 2021. 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.

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Latest review of Illawarra Credit Union Variable Home Loan

About Illawarra Credit Union

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.