Rates and fees verified as correct at 21 October, 2021. Other information correct at the time of writing. Advertiser disclosure.
If you're looking for a bit of repayment certainty with your mortgage then a fixed rate home loan could be the option for you. The good news is that Southern Cross Credit Union has two fixed options on offer to owner occupiers and borrowers with a loan-to-value ratio (LVR) of 95% or below ,who are happy to lock in a 1-5 year fixed rate term. With the Standard Fixed Home Loan eligible borrowers can take out a loan between $10,000 and $250,000, while the Premium Home Loan (Fixed) is available on loan amounts above $250,000. Southern Cross Credit Union allows customers with either loan to make extra repayments for free (capped at $10,000) and to dip into them with a redraw facility (fees apply), and there are a number of one-off fees associated with both. It's worth bearing in mind that the Premium Home Loan (fixed) does come with a substantial ongoing service fee though.
| Product | Fixed 3 year rate | Comparison Rate | Service fee | Upfront fee | Monthly repayments |
|---|---|---|---|---|---|
| 2.09% p.a. | 2.66% p.a. | $0.00 | $730 | ||
| 2.29% p.a. | 4.00% p.a. | $0.00 | $730 | ||
| 2.59% p.a. | 3.16% p.a. | $0.00 | $730 | ||
| 2.39% p.a. | 2.89% p.a. | $0.00 | $730 | ||
| 2.79% p.a. | 4.71% p.a. | $0.00 | $730 | ||
| 2.59% p.a. | 4.37% p.a. | $0.00 | $730 |
Southern Cross Credit Union offers even more choice in the way of variable rate home loans, with three options open to both owner occupiers and investors. The Basic Home Loan will likely be a good match for borrowers on the hunt for the lowest interest rate on loan amounts above $250,000, the Standard Home Loan could be a better fit for those wanting to take out a smaller loan (between $10,000 and $250,000), while the Premium Home Loan will be suited to anyone wanting an offset account with a loan above $250,000. Each loan is available to borrowers with a deposit as low as 5%, and they all feature extra repayments and redraw facilities (fees may apply). Speaking of fees, there are a number of one-off upfront fees to weigh up with each loan, but for more details on those and much more check out the linked reviews below.
| Product | Rate | Comparison Rate | Service fee | Upfront fee | Monthly repayments |
|---|---|---|---|---|---|
| 3.03% p.a. | 3.08% p.a. | $0.00 | $730 | ||
| 3.33% p.a. | 3.38% p.a. | $0.00 | $730 | ||
| 2.48% p.a. | 2.49% p.a. | $0.00 | $730 | ||
| 2.48% p.a. | 2.52% p.a. | $0.00 | $730 | ||
| 2.68% p.a. | 2.69% p.a. | $0.00 | $730 | ||
| 3.28% p.a. | 3.33% p.a. | $0.00 | $730 | ||
| 2.78% p.a. | 2.79% p.a. | $0.00 | $730 | ||
| 4.53% p.a. | 4.58% p.a. | $0.00 | $730 | ||
| 3.73% p.a. | 3.78% p.a. | $0.00 | $730 | ||
| 3.93% p.a. | 3.98% p.a. | $0.00 | $730 | ||
| 3.43% p.a. | 3.48% p.a. | $0.00 | $730 | ||
| 3.63% p.a. | 3.68% p.a. | $0.00 | $730 | ||
| 2.98% p.a. | 3.03% p.a. | $0.00 | $730 | ||
| 2.98% p.a. | 2.99% p.a. | $0.00 | $730 | ||
| 3.18% p.a. | 3.19% p.a. | $0.00 | $730 | ||
| 2.68% p.a. | 2.69% p.a. | $0.00 | $730 | ||
| 2.68% p.a. | 2.69% p.a. | $0.00 | $730 | ||
| 2.88% p.a. | 2.89% p.a. | $0.00 | $730 | ||
| 3.98% p.a. | 4.03% p.a. | $0.00 | $730 | ||
| 3.28% p.a. | 3.23% p.a. | $0.00 | $730 | ||
| 3.68% p.a. | 3.73% p.a. | $0.00 | $730 | ||
| 2.98% p.a. | 3.02% p.a. | $0.00 | $730 | ||
| 5.33% p.a. | 5.38% p.a. | $0.00 | $730 | ||
| 4.93% p.a. | 4.98% p.a. | $0.00 | $730 |
Borrowers looking to take advantage of the benefits of a 100% offset account will be pleased to know that Southern Cross Credit Union offer one as a feature with the variable rate Premium Home Loan.
Whether it's a fixed or variable rate home loan your looking for, Southern Cross Credit Union has a number of options available for owner occupiers and investors with lower deposits. That's because most of the credit unions loans come with a maximum loan-to-value ratio (LVR) requirement of 95% (meaning a minimum deposit of 5% is needed). Lenders Mortgage Insurance may be required for lower deposit borrowers though.
Want to make your repayments on a schedule that suits you? How about contributing additional money towards your loan to pay it off faster? Southern Cross Credit Union allows all of its mortgage customers to make their repayments on either a weekly, fortnightly or monthly basis, and each of its loans also allows extra repayments to be made (though fixed loans come with a limit).
Mozo users have rated Southern Cross Credit Union home loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.
7 Reviews
I had a sizeable home loan (over $500k) with Southern Cross Credit Union. When I queried why they were not matching market rates and passing on the full rate reductions, I was told to shop around and get something in writing from another provider to then provide to them and they would consider it! I did and moved on. Don't go there.
Read full reviewI had a sizeable home loan (over $500k) with Southern Cross Credit Union. When I queried why they were not matching market rates and passing on the full rate reductions, I was told to shop around and get something in writing from another provider to then provide to them and they would consider it! I did and moved on. Don't go there.
They encouraged me to swap from Westpac because their rates were "so much better". They have passed on less than 35 percent of the reserve bank interest cuts and I had to beg for those. Don' t make the same mistake.
Read full reviewThey encouraged me to swap from Westpac because their rates were "so much better". They have passed on less than 35 percent of the reserve bank interest cuts and I had to beg for those. Don' t make the same mistake.
When we first moved to SCCU, I negotiated a very good rate and they promised us good rates and that they would look after us. Since then SCCU has absorbed for themselves well over 50 percent of the reserve bank interest rate reductions instead of passing them on to us. They don't seem to have any system whereby the rates are passed directly on to the customer. You have go call the BBC bank a week after the reserve bank cut to ask why your rate hasnt dropped. On one recent Reserve bank cut they passed on 0 percent of the cut to me. I would not recommend SCCU.
Read full reviewWhen we first moved to SCCU, I negotiated a very good rate and they promised us good rates and that they would look after us. Since then SCCU has absorbed for themselves well over 50 percent of the reserve bank interest rate reductions instead of passing them on to us. They don't seem to have any system whereby the rates are passed directly on to the customer. You have go call the BBC bank a week after the reserve bank cut to ask why your rate hasnt dropped. On one recent Reserve bank cut they passed on 0 percent of the cut to me. I would not recommend SCCU.
The management and staff are very helpful and understanding. They all seem to go the extra yard to make sure we can continue business with them. I highly recommend them.
Read full reviewThe management and staff are very helpful and understanding. They all seem to go the extra yard to make sure we can continue business with them. I highly recommend them.
For me this product is perfect. The service at teh credit union is very friendly and personal so you can speak directly to the bank manager (an actual person) whenever you need to and they are very informed and competitive.
Read full reviewFor me this product is perfect. The service at teh credit union is very friendly and personal so you can speak directly to the bank manager (an actual person) whenever you need to and they are very informed and competitive.
If you like what you see and you're interested in applying for a Southern Cross Credit Union home loan, you'll be able to do so over the phone with a home loan specialist or by walking into a branch. You may want to gather together some of the following information before you start though: