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Northern Beaches Credit Union Fixed Loan

Features

The Northern Beaches Credit Union Fixed Loan allows borrowers to borrow up to 95 per cent of the property value for a loan term of 5-30 years. The fixed period of the loan will last for up to three years before it reverts to a variable rate.

There is a 100 per cent offset account linked to the loan that can assist borrowers in reducing the total amount of interest paid over the life of the loan. Borrowers can also make up to $25,000 in extra repayments to the loan per year without incurring extra costs.

There is a redraw facility attached to the Fixed Loan that has no minimum, however, there will be a small administration fee charged for each use. The repayment structure of the loan is flexible and allows for monthly, fortnightly or weekly repayments to be made.

The Northern Beaches Credit Union Fixed Loan also allows the loan to be split – meaning that a borrower can fix a portion of the principal at the advertised rate and allow the other portion to be charged at a variable rate.

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

The Northern Beaches Credit Union Fixed Loan is ideal for borrowers who want to secure even a portion of their loan at a low fixed rate. This can help give borrowers piece of mind in regards to their repayment size. It is only available to owner-occupier borrowers and will therefore not be suitable for investors.

Borrowers who want to be able to make unlimited extra repayments to pay off the loan as quickly as possible will most likely not find this loan suitable as it caps extra repayments at $25,000 per year.

Review - What RateCity says

The Northern Beaches Credit Union Fixed Loan could be a suitable option for an owner-occupier borrower looking to lock in a competitive interest rate for up to three years. There are some upfront fees that must be taken into account, however, the lack of ongoing fees would be beneficial in keeping overall loan costs down.

The loan offers a 100 per cent offset account as well as a redraw facility although a small fee will be charged to use the redraw. While extra repayments are limited at $25,000 a year, most borrowers would find this a sufficient allowance to make payments above and beyond their monthly requirement.

Northern Beaches Credit Union Fixed Loan Options

For more information, have a look at the options for the Northern Beaches Credit Union Fixed Loan below. 

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Fixed Rates from

3.79%

Advertised rate

4.99%

Comparison rate
Pros
  • Secure a low interest rate.
  • Access to a 100 per cent offset account.
  • No ongoing fees.
Cons
  • Significant upfront fees.
  • Not available to investors.
  • Limit on extra repayment amount.
Eligibility

Must meet minimum deposit requirements.

Must meet serviceability criteria.

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

The Northern Beaches Credit Union Fixed Loan charges an application fee that will significantly contribute to the upfront cost of the loan. However, there are no ongoing costs associated with the loan and only a small charge for using the loan’s redraw facility. There is a discharge fee that will be payable at the end of the loan period.

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

The Northern Beaches Credit Union offers members a series of low rate and fee financial products. There are branches situated in the Northern Beaches area of Sydney as well as a phone line and email for customers to contact the lender.

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