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Summerland Credit Union Premium Home Loan

Features

An excellent, very low variable rate of interest is central to the Summerland Credit Union Premium Home Loan with the option to even offset this low rate through use of the 100 per cent offset account offered, which is a deposit account in which the balance from this account is deducted from your loan balance, with interest only charged on this difference.

To help pay your loan off early, you can make extra repayments and lump sum repayments if and when you have the funds, and redraw on these funds without being charged a penalty fee through the redraw facility.

Besides your regular principal and interest repayments, you can choose the available interest-only option and only make repayments towards your interest for a period up to five years.

While your interest rate will increase during the interest-only period, you will still have comparatively a very low rate of interest.

You also have access to this interest rate if you use your Premium Home Loan for construction purposes. You must borrow at least $150,00 for this loan if you’re making less than a 20 per cent deposit – which means you will pay lenders mortgage insurance for having a smaller deposit, at a minimum of 5 per cent – or $250,000 for deposit amounts greater than this.

A separate condition of your Premium Home Loan is pre-approval on the offered credit card, which features an annual fee waiver throughout the duration of your loan.

Other benefits of this package include free transactions on eligible savings accounts and access to loan repayment insurance which would cover you if you become unable to make your repayments.

Do your research for these added products, though, because separate costs and fees will apply.

Who is the Summerland Credit Union Premium Home Loan good for?

As a package deal, the Summerland Premium Home Loan might be a good fit for borrowers wanting to capitalise on additional discounts on everyday banking as well as on the low offered interest rate.

The Premium Home Loan has features to suit both owner-occupiers and investors such as a 100 per cent offset account facility, an interest-only option and the ability to make lump sum repayments.

This home loan is not restricted only to Australian residents and is open to overseas residents who can provide the required identification documentation and who meet the eligibility criteria to become a Summerland Credit Union.

Review - What RateCity says

A low rate of interest combined with the offered features makes the Premium Home Loan from Summerland Credit Union attractive to a range of borrowers who are eligible to become a member of this credit union.

Everyone from first time buyers to experienced investors can realise the benefits and savings of an offset account, with extra options to repay your loan early.

However, it is best to pre-determine which financial products and services you are looking for when shopping around for a packaged home loan, because hidden costs and fees can be waiting down the road alongside the annual package fee for these benefits which alone will add up to a substantial cost.

Summerland Credit Union Premium Home Loan Options

The Summerland Credit Union Premium Home Loan is available to borrowers at different loan amounts and with different deposit sizes.

To read more about these options, the corresponding links can be found below.

Variable Rates from

3.97%

Advertised rate

4.38%

Comparison rate
Pros
  • Very low variable interest rate.
  • Lump sum repayments, early repayments and redraws allowed.
  • Interest-only option.
Cons
  • Moderately high upfront cost.
  • Ongoing annual and discharge fees.
  • Minimum borrowing amount of $150,000.
Eligibility

Must be a Summerland Credit Union member.

Must be an Australian citizen or permanent resident with the right to work in the Australia.

Must be able to provide proof of income.

Suitable For
  • First Home Buyers
  • Investors
  • Owner-Occupiers
  • Refinancers
Fees
  • Estimated upfront fees: $800
  • Discharge fees: $250
  • Ongoing fees: $380 annually

The Summerland Credit Union Premium Home Loan has a moderately high entry fee and a moderate exit fee. Additionally, you will pay an annual fee in order to access the benefits of this packaged loan which will be charged each year throughout the life of your loan.

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

Summerland Credit Union is a customer-owned credit union with branches located throughout New South Wales and Southern Queensland.

In addition to branch services, members can access and manage their accounts through telephone and online banking.

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