RateCity.com.au
Advertisement

Northern Beaches Credit Union Accelerator Loan

Features

If you’re looking to bundle your transaction accounts together with your home loan, then the Northern Beaches Credit Union Accelerator Loan is worth considering.

This low rate variable home loan has a range of flexible features which can help you save and pay off your loan faster.

This variable rate loan from the Northern Beaches Credit Union is part of the Accelerator Package which gives you access to fee-free transaction banking and a 100 percent offset account which uses the balance of your savings account to reduce the amount of interest you pay on your loan. In addition, borrowers will get access to a low rate Visa Card with no annual fee and additional fee waivers on personal loans and other insurance products.

When it comes to repaying the loan you can choose from weekly, fortnightly or monthly repayment options. You also have the option of making additional lump sum payments into the loan which can be accessed at a later stage using the free redraw facility.

If you find yourself needing additional funds, this loan has a top up facility which lets you increase your loan limit easily.

When you apply for this loan you get access to a free financial planning consultation to make sure that you’re picking the best loan for your circumstances. In addition, borrowers looking for extra peace of mind can take loan repayment insurance which can cover your mortgage if you’re unable to work or become ill.

Who is the Northern Beaches Credit Union Accelerator Loan good for?

The features of the Northern Beaches Credit Union Accelerator Loan are better suited to owner-occupiers and first home buyers. Refinancers and investors might be put off by the high upfront and package fees in addition to the lack of interest-only payments. This loan has no split loan feature, which is a consideration for borrowers who prefer the certainty of a fixed rate.

Review - What RateCity says

This variable rate loan is broken down into two rate categories; owner-occupied loans over and under $250,000. Loans over this threshold get access to a better rate but both loans benefit from the loan package.

If you’ve got a few accounts including a credit card, transaction account and home or car insurance than the Accelerator Package can help you save on fees and give you the added convenience of having all your accounts in one place.

In saying that, the loan does have a high annual fee which can potentially undo any of the savings made from packaging, so before you apply do the maths to make sure you come out on top.

This credit union also has a limited branch network which can be limiting for borrowers who prefer face-to-face banking.

Northern Beaches Credit Union Accelerator Loan Options

The Northern Beaches Credit Union Accelerator Loan gives you access to a discounted variable interest rate and a range of features that can help you save. Click here to pick a loan that suits you.

Product
Advertised rate
Comparison rate*
Monthly repayment
Go To Site
Details
Details
Details
Details
Details
Details
Details
Details

Variable Rates from

4.27%

Advertised rate

4.72%

Comparison rate
Pros
  • 100 percent offset account.
  • Redraw facility.
  • Flexible payment options.
Cons
  • High upfront fee.
  • Ongoing loan fees.
  • Limited branch network.
Eligibility

Provide a list of assets and liabilities.

Provide proof of income and employment.

Provide a list of expenses.

Provide proof of identity.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
Fees
  • Estimated upfront fees: $600
  • Discharge fees: $300
  • Ongoing fees: $0 - $395 annually

The Northern Beaches Credit Union Accelerator Loan has a high upfront fee in addition to a discharge fee and an ongoing annual loan fee. The annual loan fee covers the cost of the loan package which includes a fee-free transaction account and credit card. There is no redraw fee and additional repayments are free.

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
  • Loan allows split interest rate
About Northern Beaches Credit Union

Since 1964, the Northern Beaches Credit Union has been providing a range of financial products and services to Australians. Specifically focused on Sydney’s Northern Beaches, the credit union has grown its offering to include home loans, car loans, personal loans, business loans, credit and debit cards, transaction accounts, insurance and financial planning solutions.

Compare your product with the big 4 banks, or add more products to compare