Their loan rates are much higher than other banks!
I moved from ImB to Illawarra Credit Union for a better deal on my home and investment loan a few years back. Over the years I have noticed Illawarra Credit Union rates on both loans haven’t kept up with other competitive market rates. For example, one of my loan rates is 4.4% which is well off market competitive rates of around 3% in today’s market. I have spoken to the sales staff at the Dapto branch on a couple of occasions and have even called up their mortgage services team. Illawarra credit union is of course disinterested in doing anything to make the rate more competitive - more than a week's gone by and I have not heard back from them. I would suggest if you are looking for a home loan or investment loan to consider wether Illawarra Credit Union is the best option for you - as they are not market competitive in the long run from my experience. And you will end up slipping behind other better rates out there and paying more for your loan in the long run.
All I can say is I am so pleased with the Illawarra Credit Union the staff go out of there way to help you in every way possible it is nothing for one of the local girls to ring and tell you how they can save you money. They look after their interest by looking after my money the best way to save me extra costs.
I have been with ICU for over 10 years, the rates are competitive, the staff are extremely helpful and "local". When on the very odd occasion a problem arises they resolve it quickly, efficiently and with fantastic friendliness and a respectful attitude to its members. They send movie tickets at anniversaries which is a small thing but appreciated.The staff ask YOU if there is anything you might need ie.insurance etc but "DO NOT" try to up sell incessantly until you are driven crazy like other financial institutions.
Julieanne, New South Wales, reviewed almost 11 years ago
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