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Hunter United Fixed Rate Loan

Features

The Hunter United Fixed Rate Loan lets you lock in an interest rate for a period of one to three years, giving you peace of mind when it comes to planning your repayments. When the fixed period ends, the loan converts to a variable interest rate.

While some of the loans features aren’t available during the fixed rate period, you do have the freedom to choose from weekly, fortnightly or monthly repayments. You also have the ability to make auto repayments from your salary or bank account.

For borrowers with a small deposit, the Fixed Rate Loan will lend you up to 95 percent of the property value, however all loans over 80 percent will have to pay Lenders’ Mortgage Insurance.

This loan has no interest-only or redraw option but if you’re looking for ways to pay off your loan faster, this fixed rate loan lets you make unlimited additional repayments off your loan balance. Once your fixed rate term has ended, you will have access to a redraw facility.

While there is no formal loan package attached to this loan, the Hunter United Fixed Rate Loan does offer rebate rewards on savings and transaction accounts.

Borrowers looking for extra peace of mind can take repayment insurance which can cover any loan repayments if you’re unable to work. You also have the option of taking a repayment holiday if you are ahead of your minimum repayments.

Who is the Hunter United Fixed Rate Loan good for?

The low fixed rate of this Hunter United loan makes it appealing to a broad range of borrowers, but the high upfront fees and ongoing fees may make refinancers think twice. Investors will appreciate the low rate, but the lack of 100 percent offset account and interest-only payments might make this loan less appealing. First home buyers and owner-occupiers can find value in the low rates and the low minimum deposit of five percent.

Review - What RateCity says

While Hunter United isn’t a big bank, it does offer low fixed rates and its loans do have some appealing features.

This fixed rate loan is packed with features which can help bring you peace of mind. Specifically, the low fixed rate, the option to take repayment insurance, as well as the repayment holiday feature. All this together with the low deposit requirement can make this appealing to owner-occupiers and first home buyers.

Having said that, it’s worth noting that the upfront fees are high and there is an ongoing monthly loan fee. Interest rate aside, the ability to save is somewhat limited by the lack of 100 percent offset facility and interest-only payments which can add up over the lifetime of the loan.

Hunter United only has only a few branches spread across the Hunter Region of NSW, so borrowers looking for face-to-face support might find this limiting.

Hunter United Fixed Rate Loan Options

The Hunter United Fixed Rate Loan gives you predictability over your repayment amounts for a period of one to three years. Click below to find a fixed rate home or investment loan.

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Comparison rate*
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Fixed Rates from

3.98%

Advertised rate

4.54%

Comparison rate
Pros
  • Low fixed rate.
  • Flexible repayment options.
  • Unlimited additional repayments.
Cons
  • No 100 percent offset account.
  • Ongoing monthly fees.
  • High upfront fees.
Eligibility

Be a member of Hunter United.

Provide proof of income and employment.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
Fees
  • Estimated upfront fees: $350
  • Discharge fees: $80
  • Ongoing fees: $8 monthly

The Hunter United Fixed Rate Loan has a higher than average upfront establishment fee in addition to an ongoing monthly fee. There is no annual fee, but there is a small discharge fee payable when the loan ends.

You can save on fees through the rebate rewards on credit card, savings and transaction accounts.

Repayment insurance will attract an ongoing monthly fee if you opt for this feature.

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
About Hunter United

Hunter United Employees’ Credit Union began in 1963 as the BHP Employees’ Credit Union and over time has grown into a community driven financial institution serving the Hunter Valley. As a credit union, Hunter United distributes its profits back to its members by way of discounts and rate reductions.

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