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Select Encompass Credit Union 1 Year Fixed Loan Special

Features

The Select Encompass Credit Union 1 Year Fixed Loan Special provides borrowers with a moderately low fixed rate of interest for the first twelve months of the loan as long as the loan is for a new home or investment property purchase or for refinancing with a minimum borrowing amount of $150,000. At the end of this introductory period, borrowers choose which Select Encompass Credit Union home loan option they want to switch to. Borrowers have access to a range of features, including extra repayments at any time without penalty, and access to these funds again through a redraw facility if the money is needed elsewhere. The 1 Year Fixed Loan Special provides borrowers with access to a 100 per cent offset account. Any funds deposited into this account directly offset the interest owed, reducing repayments accordingly.

Who is the Select Encompass Credit Union 1 Year Fixed Loan Special good for?

The 1 Year Fixed Loan Special may suit borrowers who are hoping to refinance and would rather not pay ongoing fees. The extra repayments, the choice between fixed and variable rates after the first year and the 100 per cent offset account may help borrowers to manage their finances while reducing the loan. Investors or owner-occupiers may find something appealing here, and the low interest rate for the first twelve months may appeal especially to first time home-buyers.

Review - What RateCity says

The Select Encompass Credit Union 1 Year Fixed Loan Special offers borrowers a suite of features that allow for refinancing and new home and investment property purchases, along with no ongoing fees and a choice of reasonably low interest rates following the introductory fixed period. Borrowers may particularly appreciate the lack of fees, the offset account and extra repayment option.

Select Encompass Credit Union 1 Year Fixed Loan Special Options

The Select Encompass Credit Union 1 Year Fixed Loan Special offers borrowers a suite of flexible features with a low fixed interest rate.
Product
Advertised rate
Comparison rate*
Monthly repayment
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Details
Details
Details

Fixed Rates from

3.99%

Advertised rate

4.19%

Comparison rate
Pros
  • Introductory fixed rate.
  • 100 per cent offset account.
  • No ongoing fees.
Cons
  • Discharge fee.
  • Minimum borrowing amount.
  • Limited branch network within NSW.
Eligibility
Must be borrowing over $150,000. Must be a member of Select Encompass Credit Union. Must meet serviceability criteria.
Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
Fees
  • Estimated upfront fees: $0 - $360
  • Discharge fees: $209.5 - $210
  • Ongoing fees: $0

Select Encompass Credit Union charges a moderate discharge fee, however there is no establishment fee and there are no ongoing fees charged on this loan.

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
  • Loan allows split interest rate
About Select Encompass Credit Union
Select Encompass Credit Union, a merger between Select Credit Union and Encompass Credit Union, has been providing a range of financial services to its customers for more than half a century. It aims to meet its members needs and remain their choice for all the services it provides.
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