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Select Encompass Credit Union Family Helper Home Loan

Features

The Family Helper Home Loan lets you choose from any Select Encompass Credit Union home loan product – which includes fixed rate, variable rate and interest-only loans – with the added feature of family guarantee. This feature uses a portion of the equity in a family member’s home as security on your loan which can serve as your deposit and help you bypass having to pay lenders mortgage insurance which is generally due when you borrow more than 80 per cent of the value of your property. This loan lets you borrow 100 per cent of your property’s value and there is a minimum and maximum loan amount so make sure you’ll be borrowing within this specified range.

While the different features included with your loan depends on which Select Encompass Credit Union home loan product you choose, many of the interest rates offered are low and most don’t have any establishment or ongoing fees.

Who is the Select Encompass Credit Union Family Helper Home Loan good for?

The Family Helper Home Loan could be a great option for first home buyers who don’t have a lot saved up for a deposit and have a family member willing to secure a portion of their property on your loan.

Borrowers must also be a member of the credit union in order to take out any home loan with this lender, so this loan would best suit borrowers who are already a member of Select Encompass Credit Union or who are looking to become a member.

Review - What RateCity says

The Select Encompass Credit Union Family Helper Home Loan gives you the power to choose which loan product you want to tie in with the family guarantee feature – which is a feature especially attractive to first home buyers. It’s noteworthy to mention that this lender operates mainly in NSW so if you value face-to-face service, it’s a good idea to see if you’re close to a branch location. Select Encompass Credit Union does, however, offer internet banking to make keeping track of your account convenient.

Select Encompass Credit Union Family Helper Home Loan Options

The Select Encompass Credit Union Family Helper Home Loan suits a range of borrowers needs since you can choose from any home loan product offered by this lender.

Product
Advertised rate
Comparison rate*
Monthly repayment
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Details

Variable Rates from

3.74%

Advertised rate

4.15%

Comparison rate
Pros
  • Highly flexible.
  • Family guarantee.
  • Borrow up to 100 per cent of a property’s value.
Cons
  • Discharge fee.
  • Minimum and maximum loan amounts.
  • Limited branch network.
Eligibility

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: $547
  • Discharge fees: $200
  • Ongoing fees: $0

Select Encompass Credit Union generally has a $0 establishment fee and no ongoing fees for many of its home loan products but you can expect to pay a moderate discharge fee when you finish repaying your Family Helper Home 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 branch locations throughout New South Wales and an extensive branch network across Australia through the rediATM network. Members can also bank through the internet banking portal.

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