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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Advertised rate4.09%Fixed - 3 years
Advertised rate4.49%Fixed - 5 years
Advertised rate4.39%Fixed - 4 years
Advertised rate4.09%Fixed - 2 years
Advertised rate3.99%Fixed - 1 year
Advertised rate4.39%Fixed - 3 years
Advertised rate4.79%Fixed - 5 years
Advertised rate4.69%Fixed - 4 years
Advertised rate4.39%Fixed - 2 years
Advertised rate4.29%Fixed - 1 year