The Premium Plus Home Loan offers competitive interest rates and flexible repayment options.
While there is a package fee charged monthly at, the ECU Premium Plus Home Loan feature a 100 per cent offset account, whereby your savings reduce your loan principal and help cut interest costs on the loan. You can make unlimited repayments, and redraw excess repayments, but there is a redraw minimum.
One of the appeals is that the more you borrow, the greater your interest rate discount.
ECU allows you to make weekly, fortnightly or monthly repayments. You can also make interest only repayments on this loan, which would suit investors, or those who want to get a home loan and make the minimum possible repayments.
You can get this loan package a minimum 5 per cent deposit, making it easier for first home buyers to break in to the property market. However, you’ll have to pay lenders mortgage insurance where you borrow over 80 per cent of the value of the property. The ECU Premium Plus Home Loan can be taken for up to 30 years.
As part of the deal, ECU also provides approval on a low rate credit card with no annual fee and a range of discounts on home and contents insurance.
However, one limiting factor is that you can’t split this loan into a fixed portion, which may put off buyers who want to know the certainty of their home loan repayments.
Who is the ECU Australia Premium Plus Home Loan good for?
The ECU Premium Plus Home Loan would suit a home buyer who wants a low interest rate. Extras such as discounted insurance and credit cards could also benefit first time buyers. Access to an offset account and redraw facility also increases the appeal of the package to established owner-occupiers and investors but you need to be wary of ongoing fees.
Review - What RateCity says
Package deals such as this are often snapped up by first home buyers, new to the property market. Deals on credit cards and insurance can be fantastic value but only if you are on top of your loan’s interest rate and the fees that come with it. An offset account can help deliver interest savings and is an invaluable tool, but you can also achieve interest savings by making extra repayments. Make sure the loan suits your needs and weights the pros against the cons after checking rates and fees offered on home loan packages offered by other lenders who may have a broader branch network, giving more convenience. But that too typically comes at a cost. So the interest rate you pay should be a key focus.
ECU Australia Premium Plus Home Loan Options
With three brackets available, the discount you receive will be determined by the size of the loan you take out. In each case the maximum loan period is 30 years with regular payments to be made.
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Advertised rate4.19%Fixed - 2 years
Advertised rate4.29%Fixed - 3 years
Advertised rate4.19%Fixed - 1 year