The Select Encompass Credit Union First Home Buyers Loan allows borrowers looking for a loan of at least $20,000 a very low discounted variable interest rate. You have the opportunity to make additional repayments at any time on this loan, which could help to repay this loan more quickly than might be possible when only making standard repayments. Should the funds from these additional repayments be needed elsewhere, you are also able to use the offered redraw facility free of charge. This provides security in knowing that you can re-access your funds should you need to. The First Home Buyers Loan also offers an offset account, though it’s a good idea to ask Select Encompass Credit Union if this is a partial or 100 per cent offset account in order to see how much benefit you could receive from use of this feature. Only a small deposit of five percent is required on this loan, but make sure the cost of lenders mortgage insurance is included in the total makeup of what this loan will cost you if you make less than a 20 per cent deposit.
Who is the Select Encompass Credit Union First Home Buyers Loan good for?
The First Home Buyers Loan could suit borrowers looking for a straightforward home loan with flexible payment features and a low rate of interest. Borrowers looking to refinance without paying a large amount of interest or fees may find this loan appealing.
Review - What RateCity says
The Select Encompass Credit Union First Home Buyers Loan offers first home buyers a simple and effective package that enables them to make additional repayments and use an offset facility. It has a comparatively low interest rate that could help borrowers to take further advantage of the loan’s repayment features.
Select Encompass Credit Union First Home Buyers Loan Options
The Select Encompass Credit Union First Home Buyers Loan is designed for first home purchasers.