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bcu Fixed Rate Loan

Features

bcu’s Fixed Rate Loan gives you the choice of locking in an interest rate for one, three or five years. You also have the option to elect interest-only, which may appeal to investors.

The obvious benefit of a fixed rate mortgage is the security if provides. By locking in an interest rate, you have the assurance that your repayments won’t go up over the loan term, giving you more control and predictability over your finances.

bcu lets you borrow up to 95 per cent of the property value, however you would need to pay mortgage insurance.  

bcu also allows you to make extra payments that can later be redrawn as cash once the fixed term has ended, a bit like a savings function. This applies whether you’re paying principle and interest, or interest-only.

Who is the bcu Fixed Rate Loan good for?

The Fixed Rate Loan is suitable for anyone who wants certainty from a home loan. This applies to first home buyers, investors, refinancers and owner-occupiers. As the name suggests, the Fixed Rate Loan provides a locked interest rate, and set loan repayments. These two features will not change for the duration of the loan term. 

Review - What RateCity says

bcu’s Fixed Rate Loan does what you would expect a fixed loan to do: offer certainty for terms between 1 and 5 years. It has a few benefits that could attract borrowers, such as its extra repayments savings function and interest-only option, which investors may like.

And, the interest rates start out very low for smaller fixed terms so this could be a good option for you if it checks off everything on your wishlist.

bcu Fixed Rate Loan Options

The Fixed Rate Loan can be taken out for one, three or five years on principle and interest, or interest-only repayments. 

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Fixed Rates from

3.80%

Advertised rate

4.36%

Comparison rate
Pros
  • Interest-only option.
  • Small deposit requirement.
  • No ongoing fees.
Cons
  • No 100 per cent offset account.
  • No redraw facility.
  • No split loan option.
Eligibility

Must meet minimum deposit requirement.

Must meet lender’s serviceability criteria.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
Fees
  • Estimated upfront fees: $600
  • Discharge fees: $395
  • Ongoing fees: $0 - $849 annually

You can expect to pay moderate upfront fees when establishing bcu’s Fixed Rate Loan, but no ongoing fees for the loan term. There is also a standard discharge fee at the conclusion of your mortgage. 

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
About Bananacoast Community Credit Union

bcu was founded in the 1970s in NSW to provide people with a banking alternative to the big bank model. bcu’s ATM network spans the Mid North Coast of NSW through to South East Queensland. 

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