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ECU Australia Fixed Rate Loan

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ECU Australia’s Fixed Rate Home Loan offers competitive interest rates on one, two, three or five years terms. Borrowers can make weekly, fortnightly or monthly repayments, with more regular payments enabling you to keep interest costs down.

If you are looking to reduce your loan amount, ECU allows extra repayments to a maximum amount per year. This can be a valuable tool to help you reduce interest costs on your mortgage. You can make redraws on extra payments too, though there is a minimum amount you have to be redrawing.

ECU offers versatility as you can split your home loan into fixed and variable portions and combine the stability of a fixed rate of interest with the flexibility of a variable rate loan, which allows unlimited extra repayments.

After the high upfront fee, there are no ongoing fees with this loan. Interest only repayments are also possible, which may attract investors. At the end of the fixed term, the interest rate converts to the standard variable rate.

You can borrow up to 95 per cent of the value of the property. But you’ll need lenders mortgage insurance if you borrow more than 80 per cent, though this is standard practice among lenders.

Who is the ECU Australia Fixed Rate Loan good for?

First home buyers and investors may be attracted by ECU Australia’s competitively priced fixed rate loans.

Whether you are budget conscious owner-occupier or an astute investor looking for portfolio growth, ECU fixed loans also offer some flexibility with interest only repayments possible, as well as some extra repayments.

Review - What RateCity says

Credit unions can be the answer for those home buyers looking for a smaller community approach. ECU offers a competitive fixed home loan product with attractive interest rates, no ongoing fees and flexibility in that extra repayments and redraws are allowed. However, a downside to this loan is the high upfront fees, which can erode other benefits. Also, ECU has a limited branch network compared to banks, but it does provide online and telephone banking facilities 24/7. If you’re after a longer fixed loan, however, the five-year maximum on ECU fixed loans may not meet your needs. You’ll need to do a full assessment of the pros and cons on this loan to assess its suitability.

ECU Australia Fixed Rate Loan Options

Lock in the most suitable Fixed Rate Loan option from ECU Australia that suits your needs.

Product
Advertised rate
Comparison rate*
Monthly repayment
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Details
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Details

Fixed Rates from

4.29%

Advertised rate

4.96%

Comparison rate
Pros
  • No monthly account fees.
  • Extra repayments and redraws allowed.
  • Can borrow up to 95 per cent of the property’s value.
Cons
  • ECU is a smaller credit union with a limited branch network.
  • Limits on extra repayments.
  • No 100 per cent offset account.
Eligibility

Must be 18 years of age or older.

Must be able to provide proof of income.

Must meet serviceability criteria.

Suitable For
  • First Home Buyers
  • Investors
  • Owner-Occupiers
  • Refinancers
Fees
  • Estimated upfront fees: $1040
  • Discharge fees: $300
  • Ongoing fees: $0

ECU Australia charges a high upfront fee on this loan and a moderate discharge fee after the fixed term loan ends. To counteract this, there are no monthly fees.

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
  • Loan allows split interest rate
About ECU Australia

From its beginning in 1973, ECU now has a limited branch network in Queensland. As a credit union, ECU Australia offers more personalised, individual based service. Customers are members and profits are redirected back into the institution. Despite the limited branch network, ECU is available online via email and online enquiry forms and it offers 24/7 telephone banking service, though their call centre is open five days a week. ECU also provides a mobile banking app as well as internet banking. ECU has its own branded ATMs and customers can also use the extensive Westpac ATM network throughout Australia.

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