RateCity.com.au
powering smart financial decisions
RateCity.com.au

Pros and cons

  • Variety of flexible home loan features available
  • Low minimum deposit requirement
  • Loan packages available
  • Branch access limited to SA
  • Some loans have application and/or annual fees

Owner occupied products interest rates

TMD

Loan typePrincipal & Interest rateInterest Only
Discounted Variable Rate Home Loans (Min Deposit 20%)
2.44% p.a.
2.46% p.a. Comparison rate
3.04% p.a.
3.06% p.a. Comparison rate
Home Loan Package (Min Deposit 20%)
2.44% p.a.
2.88% p.a. Comparison rate
3.04% p.a.
3.46% p.a. Comparison rate
Home Loan Package (Min Deposit 3%)
3.29% p.a.
3.7% p.a. Comparison rate
3.84% p.a.
4.24% p.a. Comparison rate
Discounted Variable Rate Home Loans (Min Deposit 3%)
3.8% p.a.
3.82% p.a. Comparison rate
4.25% p.a.
4.27% p.a. Comparison rate
1 Year Home Loan Package (Min Deposit 3%)
3.85% p.a.
3.75% p.a. Comparison rate
4.9% p.a.
4.34% p.a. Comparison rate
2 Year Home Loan Package (Min Deposit 3%)
3.99% p.a.
3.82% p.a. Comparison rate
5.04% p.a.
4.45% p.a. Comparison rate
3 Year Home Loan Package (Min Deposit 3%)
4.55% p.a.
4.03% p.a. Comparison rate
5.4% p.a.
4.65% p.a. Comparison rate
Standard Variable Rate Home Loans (Min Deposit 3%)
4.5% p.a.
4.56% p.a. Comparison rate
4.95% p.a.
5.01% p.a. Comparison rate
1 Year Fixed Rate Home Loans (Min Deposit 3%)
4.45% p.a.
4.55% p.a. Comparison rate
5.1% p.a.
5.02% p.a. Comparison rate
2 Year Fixed Rate Home Loans (Min Deposit 3%)
4.59% p.a.
4.57% p.a. Comparison rate
5.24% p.a.
5.06% p.a. Comparison rate
3 Year Fixed Rate Home Loans (Min Deposit 3%)
4.95% p.a.
4.68% p.a. Comparison rate
5.6% p.a.
5.18% p.a. Comparison rate
Discounted Variable Rate Home Loans (Min Deposit 15%)
1.98% p.a.
2% p.a. Comparison rate
n/a
Home Loan Package (Min Deposit 15%)
1.98% p.a.
2.43% p.a. Comparison rate
n/a
Low Deposit Home Loan packaged
2.34% p.a.
2.78% p.a. Comparison rate
n/a
1 Year Home Loan Package (Min Deposit 20%)
3.3% p.a.
3.7% p.a. Comparison rate
n/a
2 Year Home Loan Package (Min Deposit 20%)
3.49% p.a.
3.74% p.a. Comparison rate
n/a
3 Year Home Loan Package (Min Deposit 20%)
4.1% p.a.
3.91% p.a. Comparison rate
n/a
4 Year Home Loan Package (Min Deposit 20%)
4.49% p.a.
4.1% p.a. Comparison rate
n/a
5 Year Home Loan Package (Min Deposit 20%)
4.69% p.a.
4.27% p.a. Comparison rate
n/a

Investment purpose products interest rates

TMD

Loan typePrincipal & Interest rateInterest Only
Discounted Variable Rate Home Loans (Min Deposit 20%)
2.44% p.a.
2.46% p.a. Comparison rate
3.04% p.a.
3.06% p.a. Comparison rate
Home Loan Package (Min Deposit 20%)
2.44% p.a.
2.88% p.a. Comparison rate
3.04% p.a.
3.46% p.a. Comparison rate
Home Loan Package (Min Deposit 3%)
3.74% p.a.
4.14% p.a. Comparison rate
3.94% p.a.
4.34% p.a. Comparison rate
1 Year Home Loan Package (Min Deposit 3%)
3.9% p.a.
4.15% p.a. Comparison rate
4.1% p.a.
4.35% p.a. Comparison rate
2 Year Home Loan Package (Min Deposit 3%)
4.04% p.a.
4.19% p.a. Comparison rate
4.24% p.a.
4.39% p.a. Comparison rate
Discounted Variable Rate Home Loans (Min Deposit 3%)
4.25% p.a.
4.27% p.a. Comparison rate
4.5% p.a.
4.52% p.a. Comparison rate
3 Year Home Loan Package (Min Deposit 3%)
4.6% p.a.
4.36% p.a. Comparison rate
4.9% p.a.
4.59% p.a. Comparison rate
2 Year Fixed Rate Home Loans (Min Deposit 3%)
4.59% p.a.
4.94% p.a. Comparison rate
4.79% p.a.
5.18% p.a. Comparison rate
1 Year Fixed Rate Home Loans (Min Deposit 3%)
4.45% p.a.
4.96% p.a. Comparison rate
4.65% p.a.
5.2% p.a. Comparison rate
3 Year Fixed Rate Home Loans (Min Deposit 3%)
4.95% p.a.
5.01% p.a. Comparison rate
5.15% p.a.
5.24% p.a. Comparison rate
Standard Variable Rate Home Loans (Min Deposit 3%)
4.95% p.a.
5.01% p.a. Comparison rate
5.2% p.a.
5.26% p.a. Comparison rate
Low Deposit Home Loan packaged
2.34% p.a.
2.78% p.a. Comparison rate
n/a
2 Year Home Loan Package (Min Deposit 20%)
3.79% p.a.
4.15% p.a. Comparison rate
n/a
3 Year Home Loan Package (Min Deposit 20%)
4.35% p.a.
4.3% p.a. Comparison rate
n/a
4 Year Home Loan Package (Min Deposit 20%)
4.6% p.a.
4.43% p.a. Comparison rate
n/a
5 Year Home Loan Package (Min Deposit 20%)
4.69% p.a.
4.53% p.a. Comparison rate
n/a

Home loan repayment calculator

Thinking about taking out a home loan with Credit Union SA? Use our home loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how Credit Union SA home loans compare with other options.

I am an

With a repayment type

Borrow amount

$

Deposit amount %

Loan term

Your estimated mortgage repayments

at interest rate 2.19%

Total interest payable

$0

Total loan repayments

$0

Credit Union SA customer service

Home loan customers at Credit Union SA can contact their lender in multiple ways depending on their needs. Customers can visit a local branch based throughout metropolitan and regional South Australia. They can also contact Credit Union SA through their call centre, as well as use their online services such as contact forms, emails and live chat.  

  • Customer service centre (phone)
  • Mobile app
  • Online banking
  • Email
  • Branch
  • Mobile banking staff

How to Apply

Credit Union SA customers can apply for a home loan online or seek assistance from a customer service representative by phone, email or chat. Before applying for a home loan, it's advisable to think about how much money you could conceivably borrow given your financial situation and income. You will also need to provide documentation when applying for a home loan. This will include:

  • Personal identification material.
  • Proof of income and other earnings.
  • Proof and type of employment.
  • Details of current loans, debts and liabilities.
  • Personal insurance documents.

Learn more about home loans

What is a bad credit home loan?

A bad credit home loan is a mortgage for people with a low credit score. Lenders regard bad credit borrowers as riskier than ‘vanilla’ borrowers, so they tend to charge higher interest rates for bad credit home loans.

If you want a bad credit home loan, you’re more likely to get approved by a small non-bank lender than by a big four bank or another mainstream lender.

Why does Westpac charge an early termination fee for home loans?

The Westpac home loan early termination fee or break cost is applicable if you have a fixed rate home loan and repay part of or the whole outstanding amount before the fixed period ends. If you’re switching between products before the fixed period ends, you’ll pay a switching break cost and an administrative fee. 

The Westpac home loan early termination fee may not apply if you repay an amount below the prepayment threshold. The prepayment threshold is the amount Westpac allows you to repay during the fixed period outside your regular repayments.

Westpac charges this fee because when you take out a home loan, the bank borrows the funds with wholesale rates available to banks and lenders. Westpac will then work out your interest rate based on you making regular repayments for a fixed period. If you repay before this period ends, the lender may incur a loss if there is any change in the wholesale rate of interest.

When do mortgage payments start after settlement?

Generally speaking, your first mortgage payment falls due one month after the settlement date. However, this may vary based on your mortgage terms. You can check the exact date by contacting your lender.

Usually your settlement agent will meet the seller’s representatives to exchange documents at an agreed place and time. The balance purchase price is paid to the seller. The lender will register a mortgage against your title and give you the funds to purchase the new home.

Once the settlement process is complete, the lender allows you to draw down the loan. The loan amount is debited from your loan account. As soon as the settlement paperwork is sorted, you can collect the keys to your new home and work your way through the moving-in checklist.

What are the features of home loans for expats from Westpac?

If you’re an Australian citizen living and working abroad, you can borrow to buy a property in Australia. With a Westpac non-resident home loan, you can borrow up to 80 per cent of the property value to purchase a property whilst living overseas. The minimum loan amount for these loans is $25,000, with a maximum loan term of 30 years.

The interest rates and other fees for Westpac non-resident home loans are the same as regular home loans offered to borrowers living in Australia. You’ll have to submit proof of income, six-month bank statements, an employment letter, and your last two payslips. You may also be required to submit a copy of your passport and visa that shows you’re allowed to live and work abroad.

How can I get a home loan with bad credit?

If you want to get a home loan with bad credit, you need to convince a lender that your problems are behind you and that you will, indeed, be able to repay a mortgage.

One step you might want to take is to visit a mortgage broker who specialises in bad credit home loans (also known as ‘non-conforming home loans’ or ‘sub-prime home loans’). An experienced broker will know which lenders to approach, and how to plead your case with each of them.

Two points to bear in mind are:

  • Many home loan lenders don’t provide bad credit mortgages
  • Each lender has its own policies, and therefore favours different things

If you’d prefer to directly approach the lender yourself, you’re more likely to find success with smaller non-bank lenders that specialise in bad credit home loans (as opposed to bigger banks that prefer ‘vanilla’ mortgages). That’s because these smaller lenders are more likely to treat you as a unique individual rather than judge you according to a one-size-fits-all policy.

Lenders try to minimise their risk, so if you want to get a home loan with bad credit, you need to do everything you can to convince lenders that you’re safer than your credit history might suggest. If possible, provide paperwork that shows:

  • You have a secure job
  • You have a steady income
  • You’ve been reducing your debts
  • You’ve been increasing your savings

Can I get a home renovation loan with bad credit?

If you're looking for funds to pay for repairs or renovations to your home, but you have a low credit score, you need to carefully consider your options. If you already have a mortgage, a good starting point is to check whether you can redraw money from that. You could also consider applying for a new home loan. 

Before taking out a new loan, it’s good to note that lenders are likely to charge higher interest rates on home repair loans for bad credit customers. Alternatively, they may be willing to lend you a smaller amount than a standard loan. You may also face some challenges with getting your home renovation loan application approved. If you do run into trouble, you can speak to your lender and ask whether they would be willing to approve your application if you have a guarantor or co-signer. You should also explain the reasons behind your bad credit rating and the steps that you’re taking to improve it. 

Consulting a financial advisor or mortgage broker can help you understand your options and make the right choice.

Are bad credit home loans dangerous?

Bad credit home loans can be dangerous if the borrower signs up for a loan they’ll struggle to repay. This might occur if the borrower takes out a mortgage at the limit of their financial capacity, especially if they have some combination of a low income, an insecure job and poor savings habits.

Bad credit home loans can also be dangerous if the borrower buys a home in a stagnant or falling market – because if the home has to be sold, they might be left with ‘negative equity’ (where the home is worth less than the mortgage).

That said, bad credit home loans can work out well if the borrower is able to repay the mortgage – for example, if they borrow conservatively, have a decent income, a secure job and good savings habits. Another good sign is if the borrower buys a property in a market that is likely to rise over the long term.

What is a credit file?

A comprehensive summary of your credit history from an authorised credit reporting agency.

It includes your credit details, credit taken in the last five years, any default payments or credit infringements, arrears, repayment history, bankruptcy filings and a list of credit applications (including unapproved credit applications) in addition to your personal details.

How can I qualify for a joint home loan if my partner has bad credit?

As a couple, it's entirely possible that the credit scores of you and your partner could affect your financial future, especially if you apply for a joint home loan. When applying for a joint home loan, if one has bad credit, there may be steps that can help you to qualify even with bad credit, including:

  • Saving for a higher deposit, ideally 20 per cent or more. Keep in mind:  a borrowed amount of less than 80 per cent of the property value also saves the cost of Lender's Mortgage Insurance (LMI).
  • Consistent employment records, regular savings habits, and an economical lifestyle can help prove financial stability and responsibility. These can improve your chances of approval even if there are some negative marks on a credit report.
  • Delaying your decision to buy a property until your partner’s credit score improves. Alternatively, you may want to consider a solo application.

While these tips may assist, if you find this overwhelming, consider consulting an expert advisor who can offer personal guidance based on your financial situation.

When does Commonwealth Bank charge an early exit fee?

When you take out a fixed interest home loan with the Commonwealth Bank, you’re able to lock the interest for a particular period. If the rates change during this period, your repayments remain unchanged. If you break the loan during the fixed interest period, you’ll have to pay the Commonwealth Bank home loan early exit fee and an administrative fee.

The Early Repayment Adjustment (ERA) and Administrative fees are applicable in the following instances:

  • If you switch your loan from fixed interest to variable rate
  • When you apply for a top-up home loan
  • If you repay over and above the annual threshold limit, which is $10,000 per year during the fixed interest period
  • When you prepay the entire outstanding loan balance before the end of the fixed interest duration.

The fee calculation depends on the interest rates, the amount you’ve repaid and the loan size. You can contact the lender to understand more about what you may have to pay. 

Cash or mortgage – which is more suitable to buy an investment property?

Deciding whether to buy an investment property with cash or a mortgage is a matter or personal choice and will often depend on your financial situation. Using cash may seem logical if you have the money in reserve and it can allow you to later use the equity in your home. However, there may be other factors to think about, such as whether there are other debts to pay down and whether it will tie up all of your spare cash. Again, it’s a personal choice and may be worth seeking personal advice.

A mortgage is a popular option for people who don’t have enough cash in the bank to pay for an investment property. Sometimes when you take out a mortgage you can offset your loan interest against the rental income you may earn. The rental income can also help to pay down the loan.

What are the responsibilities of a mortgage broker?

Mortgage brokers act as the go-between for borrowers looking for a home loan and the lenders offering the loan. They offer personalised advice to help borrowers choose the right home loan for their needs.

In Australia, mortgage brokers are required by law to carry an Australian Credit License (ACL) if they offer credit assistance services. Which is the legal term for guidance regarding the different kinds of credit offered by lenders, including home loan mortgages. They may not need this license if they are working for an aggregator, for instance, as a franchisee. In both these situations, they need to comply with the regulations laid down by the Australian Securities and Investments Commission (ASIC).

These regulations, which are stipulated by Australian legislation, require mortgage brokers to comply with what are called “responsible lending” and “best interest” obligations. Responsible lending obligations mean brokers have to suggest “suitable” home loans. This means loans that you can easily qualify for,  actually meet your needs, and don’t prove unnecessarily challenging for you.

Starting 1 January 2021, mortgage brokers must comply with best interest obligations in addition to responsible lending obligations. These require mortgage brokers to act in the best interest of their customers and also requires them to prioritise their customers’ interests over their own. For instance, a mortgage broker may not recommend a lender who gives them a commission if that lender’s home loan offer does not benefit that particular customer.

How to break up with your mortgage broker

If you find a mortgage broker giving you generic advice or trying to sell you a competitive offer from an unsuitable lender, you might be better off  breaking up with the mortgage broker and consulting someone else. Breaking up with a mortgage broker can be done over the phone, or via email. You can also raise a complaint, either with the broker’s aggregator or with the Australian Financial Complaints Authority as necessary.

As licensed industry professionals, mortgage brokers have the responsibility of giving you accurate advice so that you know what to expect when you apply for a home loan. You may have approached the mortgage broker, for instance, because you have questions about the terms of a home loan a lender offered you. 

You should remember that mortgage brokers are obliged by law to act in your best interests and as part of complying with The Australian Securities and Investments Commission’s (ASIC) regulations. If you feel you didn’t get the right advice from the mortgage broker, or that you lost money as a result of accepting the broker’s suggestions regarding a lender or home loan offer, you can file a complaint with the ASIC and seek compensation. 

When you first speak to a mortgage broker, consider asking them about their Lender Panel, which is the list of lenders they usually recommend and who may pay them a commission. This information can help you decide if the advice they give you has anything to do with the remuneration they may receive from one or more lenders.

Can you remove a cosigner from a home loan?

Taking out a home loan is an act of financial responsibility and a cosigner on a home loan shares that responsibility. For this reason, removing a cosigner from a home loan may not be straightforward. Usually, you can add a cosigner, or become a cosigner, when applying for the home loan. In such a circumstance, the lender may ask you to stipulate the conditions for a cosigner release, which are the terms for removing a cosigner from the home loan. For instance, you may agree that you can remove a cosigner once half the loan amount has been repaid.

However, not stipulating such conditions doesn’t mean it’s impossible to remove a cosigner. If the primary home loan applicant has a sufficiently high credit score and has not delayed any repayments, the lender may be willing to remove the cosigner. You should confirm that doing so doesn’t affect the terms of the loan. If the lender doesn’t agree to remove the cosigner, the primary home loan applicant may have to refinance the loan in order to do so. If there were specific reasons for needing a cosigner and those reasons are still valid, then you may have some challenges with refinancing.

Do mortgage brokers need a consumer credit license?

In Australia, mortgage brokers are defined by law as being credit service or assistance providers, meaning that they help borrowers connect with lenders. Mortgage brokers may not always need a consumer credit license however if they’re operating solo they will need an Australian Credit License (ACL). Further, they may also need to comply with requirements asking them to mention their license number in full.

Some mortgage brokers can be “credit representatives”, or franchisees of a mortgage aggregator. In this case, if the aggregator has a license, the mortgage broker need not have one. The reasoning for this is that the franchise agreement usually requires mortgage brokers to comply with the laws applicable to the aggregator. If you’re speaking to a mortgage broker, you can ask them if they receive commissions from lenders, which is a good indicator that they need to be licensed. Consider requesting their license details if they don’t give you the details beforehand. 

You should remember that such a license protects you if you’re given incorrect or misleading advice that results in a home loan application rejection or any financial loss. Brokers are regulated by the Australian Securities & Investment Commission (ASIC), as per the National Consumer Credit Protection (NCCP) Act.