My Credit Union home loans

My Credit Union

My Credit Union was born out of the merging of a number of different credit unions and organisations, with a history stretching back to the early 60s. As a member owned banking alternative, My Credit Union has your best interests in mind when you take out a home loan.

Rates and fees verified as correct at 16 April, 2018. Other information correct at the time of writing.

What home loans do My Credit Union offer?

Fixed Rate Home Loans Fixed Rate Home Loans

If you’re after a fixed rate home loan, check out the options on offer from My Credit Union. You can borrow up to 95% of the property’s value, starting from $100,000. In terms of features, you can make unlimited free extra repayments, with no break costs, plus use the free redraw facility (minimum applies). Just remember to factor the legal and valuation fees into your budget

Home loan repayments calculator
years
Product Fixed 3 year rate Comparison Rate* Service fee Upfront fee Monthly repayments ‡

4.84% p.a.

5.03% p.a.

$0.00

$610

4.59% p.a.

4.60% p.a.

$0.00

$610


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Variable Rate Home Loans Variable Rate Home Loans

Opt for one of the variable rate offers available from My Credit Union, and you can borrow amounts starting from $50,000, up to 95% of the property’s value. Just like the fixed rate alternative, you’ll have unlimited free repayments and the use of a free redraw facility (minimum applies). Plus, choose the My Advantage Home Loan and you can also make use of an offset account. Keep in mind, there are legal and valuation fees to consider.

Home loan repayments calculator
years
Product Rate Comparison Rate* Service fee Upfront fee Monthly repayments ‡

3.39% p.a.fixed for 12 months and then 4.34% p.a.

4.30% p.a.

$0.00

$610

3.39% p.a.variable for 12 months and then 4.34% p.a.

4.30% p.a.

$0.00

$610

5.24% p.a.

5.29% p.a.

$0.00

$610

4.74% p.a.

4.79% p.a.

$0.00

$610

5.04% p.a.

5.09% p.a.

$0.00

$610

4.54% p.a.

4.59% p.a.

$0.00

$610

4.84% p.a.

4.89% p.a.

$0.00

$610

4.34% p.a.

4.39% p.a.

$0.00

$610


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Variable Package Home Loan Variable Package Home Loan

If you’re borrowing $500,000 or more, up to 95% of the property’s value, a My Credit Union variable rate home loan package might be the right option for you. You’ll pay legal and valuation fees upfront, plus a yearly service fee, but in return, you’ll get unlimited free extra repayments, a free redraw facility (minimum applies) and the use of an offset account

Home loan repayments calculator
years
Product Rate Comparison Rate* Service fee Upfront fee Monthly repayments ‡

4.39% p.a.

4.80% p.a.

$375.00 yearly

$610

3.89% p.a.

4.31% p.a.

$375.00 yearly

$610


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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.

My Credit Union home loan features in a glance

Unlimited free extra repaymentsUnlimited free extra repayments

Pay off your loan sooner by making unlimited free extra repayments. And the best part? No early break fees on any loan options.

Redraw facilityRedraw facility

You can make use of the redraw facility included on any My Credit Union home loan for free - just remember that minimum amounts do apply.

No ongoing feesNo ongoing fees

With the exception of the Package Home Loan option, there are no ongoing service fees on any My Credit Union mortgages.

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

Ready to apply for a My Credit Union home loan? Here’s what you’ll need:

  • To be at least 18 years old
  • To be a resident of Australia
  • Your personal details (including contact details)
  • Proof of income
  • Details of any loans, credit cards and other expenses
  • Details of any assets (savings, shares or property, for example)

And don’t forget that you can apply without becoming a member, but to actually take out the mortgage, you’ll need to apply for membership and pay the membership fee.

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