The Summerland Credit Union Eco Home Loan is specifically for customers who are using the loan for environmentally-friendly homes and installations, which include solar energy generation, water recycling, rainwater tanks, roof insulation, energy efficient glazing and awnings and hybrid motors or push bikes.
Southern Credit Union makes a donation of 25 per cent of its standard establishment fee to a local organisation focused on the environment and discounts this per cent amount in its standard home loan establishment fees. This means Eco Home Loan customers enjoy a discounted upfront fee and donation to an environmentally-friendly cause.
Customers of this home loan are able to make lump-sum repayments and redraw payments in one of the Summerland Credit Union branches or through the internet banking portal. Use of the redraw facility is subject to fees.
Pre-approval and quick approval is available with this loan, so customers can move forward faster with their property purchase without a lengthy approval and documentation process.
Who is the Summerland Credit Union Eco Home Loan good for?
The Eco Home Loan is good for environmentally-motivated borrowers and for those who want to have pre-approval before negotiating the purchase of a new property.
It may also suit customers looking to make a swift purchase, given the quick loan approval. The low variable rate makes this loan good for owner-occupiers, first home buyers, refinancers and renovators who are flexible in the amount they repay.
This loan is also good for customers looking to use online and mobile banking, with a few branch locations across New South Wales.
Review - What RateCity says
The Summerland Credit Union Eco Home Loan is great for people who look to use it for environmentally-friendly purchases and for people who like to support environmentally-focused organisations.
This loan has attractive benefits with low variable rates, lump sum repayments, fast loan approval and a redraw facility.
However, it does not offer a 100 per cent offset account and is associated with a moderate-high upfront cost, a discharge fee, an annual fee and a fee for use of the redraw facility.
Depending on your needs, this loan could be a great option and it would be worthwhile to look into the specific benefits and cons of this loan in order to see if the fees outweigh the benefits in your particular scenario.
Summerland Credit Union Eco Home Loan Options
Summerland Credit Union offers a handful of Eco Home Loan options. Click the links below to find out more information about each option.
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