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.
ICU staff are very friendly and supportive. The bank fees are minimal and only paid if have under $1K in the bank.
The Illawarra credit union have fabulous staff, they are so easy to speak with and don't have long waiting periods whenever you call them. My loan was such an easy process and I had a staff member that was available to answer my questions and queries almost instantly.
My home and contents insurance was $129.00 a month. My premiums for the next financial year is $180.00 a month, that is unbelievable, an increase of $51.00 per month. I haven't even made a claim, not happy, that's a down right rip off.
I like them because they gave me their best interest rate, no starting low and going up, trying to get your rate cheap. When the loan matured their rate was better than the banks or credit unions. They help you fill out the forms and are always pleasant. Give pensioners a good deal on their deposits.
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