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Summerland Credit Union Fixed Rate Loan

Features

The Summerland Credit Union Fixed Rate Home Loan provides a set of features designed to give borrowers easy entry into the home loan market. Summerland offers borrowers signing up to the Fixed Rate Home Loan speedy document preparation and fast approval for the loan, so they can quickly commit to a purchase. The Loan also offers pre-approval, so that borrowers can confirm that they will have access to the loan before negotiating their purchase. Once the loan is confirmed and borrowers are in the process of setting it up, they can elect an interest-only payment period, which may appeal especially to investors.

Borrowers also have the option of bundling repayment insurance into the payments for their loan, which keeps them covered should something happen to their income. Additionally, the loan offers borrowers flexible repayments, which allows them to tailor payments to their pay cycle, whether it be weekly, fortnightly, or monthly.

Who is the Summerland Credit Union Fixed Rate Loan good for?

The fixed rate loan might particularly appeal to first time home buyers. The easy to manage pre-approval process and fast processing of documents may appeal to borrowers who have found a home that they are eager to secure quickly.

Review - What RateCity says

The Summerland Credit Union Fixed Rate Loan offers borrowers a simple and easy door into the property market. The combination of quick document preparation and rapid pre-approval mean that borrowers who are urgently looking for confirmation that they will receive a loan can get what they need in the time that they need it. The options it provides borrowers in terms of loan and payment management are limited, though they may appeal to borrowers who don’t have ambitions around refinancing before the end of the loan term.

Summerland Credit Union Fixed Rate Loan Options

The Summerland Credit Union has fixed rate loan terms ranging between one and five years.

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Fixed Rates from

3.99%

Advertised rate

5.03%

Comparison rate
Pros
  • Pre-approval available.
  • Low fixed interest rate.
  • Interest only payment option.
Cons
  • Ongoing fees.
  • No offset account.
  • No additional repayments.
Eligibility

Australian resident.

At least 18 years of age.

Summerland Credit Union member.

Proof of income.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
Fees
  • Estimated upfront fees: $800
  • Discharge fees: $250
  • Ongoing fees: $8 monthly

Borrowers signing up to the Summerland Credit Union Fixed Rate Loan can expect to pay large upfront fees, as well as monthly ongoing fees during the loan’s term. A discharge fee is payable when it comes time to conclude the loan and borrowers may also be required to pay for lenders mortgage insurance.

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
About Summerland Credit Union

Summerland Credit Union offers a range of financial services to its members and is based in Lismore NSW. It prides itself on helping locals with their finances, and on employing entirely local staff.

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