Credit Union SA

Fixed Rate Home Loan (Principal and Interest) 1 Year

Advertised Rate

3.19%

Fixed - 1 year

Comparison Rate*

4.43%

Maximum LVR
97%
Real Time Rating™

1.69

/ 5
Monthly Repayment

$1,296

based on $300,000 loan amount for 25 years

Advertised Rate

3.19%

Fixed - 1 year

Comparison Rate*

4.43%

Maximum LVR
97%
Real Time Rating™

1.69

/ 5
Monthly Repayment

$1,296

based on $300,000 loan amount for 25 years

Pros and Cons

Pros and Cons

  • No ongoing fees
  • Suitable for low deposits
  • Extra repayments and redraw facility
  • Free redraw facility
  • Limited extra repayments
  • No offset account
  • Discharge fee at end of loan
  • No repayment holidays

Credit Union SA Features and Fees

Credit Union SA Features and Fees

Details

Maximum LVR

97%

Total Repayments

Next LVR

Interest rate type

Fixed - 1 year

Borrowing range

Suitable for

Owner Occupiers

Loan term range

1 - 30 years

Principal & interest

Interest only

Applicable states

SA

Make repayments

Fortnightly, Monthly, Weekly

Features

Extra repayments

Yes - limited to $10000

Redraw facility

Redraw fee: $0

Split interest facility

Loan portable

Repayment holiday available

Allow guarantors

Available for first home buyers

Fees

Total estimated upfront fees

$750

Application fee

$600

Valuation fee

$0

Settlement fee

$150

Other upfront fee

$0

Ongoing fee

$0

Discharge fee

$350

Application method

Online

Phone

Broker

In branch

Specials
  • Other $5,000 First Home Buyers Grant on eligible loans
    When you borrow at least $250,000 to purchase or build a first home with a loan to value ratio over 80%. All loans that are eligible for the First Home Buyers Grant will be subject to pay Lenders’ Mortgage Insurance. To be eligible, applicants must not have previously owned residential property in Australia.
  • Cashback Enjoy a $2,500 cashback when you take out a home loan with us.
    Cashback offer available on any owner-occupied or investment loan with minimum new borrowings of $250,000 where the loan to value ratio is 80% or less. Funds available at settlement, except in the case of construction loans where cashback will be paid on confirmation that the foundation has been poured. Limit of one cashback per household.

Pros and Cons

  • No ongoing fees
  • Suitable for low deposits
  • Extra repayments and redraw facility
  • Free redraw facility
  • Limited extra repayments
  • No offset account
  • Discharge fee at end of loan
  • No repayment holidays

Credit Union SA Features and Fees

Details

Maximum LVR

97%

Total Repayments

Next LVR

Interest rate type

Fixed - 1 year

Borrowing range

Suitable for

Owner Occupiers

Loan term range

1 - 30 years

Principal & interest

Interest only

Applicable states

SA

Make repayments

Fortnightly, Monthly, Weekly

Features

Extra repayments

Yes - limited to $10000

Redraw facility

Redraw fee: $0

Split interest facility

Loan portable

Repayment holiday available

Allow guarantors

Available for first home buyers

Fees

Total estimated upfront fees

$750

Application fee

$600

Valuation fee

$0

Settlement fee

$150

Other upfront fee

$0

Ongoing fee

$0

Discharge fee

$350

Application method

Online

Phone

Broker

In branch

Specials
  • Other $5,000 First Home Buyers Grant on eligible loans
    When you borrow at least $250,000 to purchase or build a first home with a loan to value ratio over 80%. All loans that are eligible for the First Home Buyers Grant will be subject to pay Lenders’ Mortgage Insurance. To be eligible, applicants must not have previously owned residential property in Australia.
  • Cashback Enjoy a $2,500 cashback when you take out a home loan with us.
    Cashback offer available on any owner-occupied or investment loan with minimum new borrowings of $250,000 where the loan to value ratio is 80% or less. Funds available at settlement, except in the case of construction loans where cashback will be paid on confirmation that the foundation has been poured. Limit of one cashback per household.

FAQs

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.

What is an ombudsman?

An complaints officer – previously referred to as an ombudsman -looks at formal complaints from customers about their credit providers, and helps to find a fair and independent solution to these problems.

These services are handled by the Australian Financial Complaints Authority, a non-profit government organisation that addresses and resolves financial disputes between customers and financial service providers.

Mortgage Calculator, Deposit

The proportion you have already saved to go towards your home. 

Mortgage Calculator, Property Value

An estimate of how much your desired property is worth. 

Mortgage Calculator, Repayments

The money you pay back to your lender at regular intervals. 

How much are repayments on a $250K mortgage?

The exact repayment amount for a $250,000 mortgage will be determined by several factors including your deposit size, interest rate and the type of loan. It is best to use a mortgage calculator to determine your actual repayment size.

For example, the monthly repayments on a $250,000 loan with a 5 per cent interest rate over 30 years will be $1342. For a loan of $300,000 on the same rate and loan term, the monthly repayments will be $1610 and for a $500,000 loan, the monthly repayments will be $2684.

What is bridging finance?

A loan of shorter duration taken to buy a new property before a borrower sells an existing property, usually taken to cover the financial gap that occurs while buying a new property without first selling an older one.

Usually, these loans have higher interest rates and a shorter repayment duration.

Why is it important to get the most up-to-date information?

The mortgage market changes constantly. Every week, new products get launched and existing products get tweaked. Yet many ratings and awards systems rank products annually or biannually.

We update our product data as soon as possible when lenders make changes, so if a bank hikes its interest rates or changes its product, the system will quickly re-evaluate it.

Nobody wants to read a weather forecast that is six months old, and the same is true for home loan comparisons.

Mortgage Balance

The amount you currently owe your mortgage lender. If you are not sure, enter your best estimate.

What is the flexibility score?

Today’s home loans often try to lure borrowers with a range of flexible features, including offset accounts, redraw facilities, repayment frequency options, repayment holidays, split loan options and portability. Real Time Ratings™ weights each of these features based on popularity and gives loans a ‘flexibility score’ based on how much they cater to borrowers’ needs over time. The aim is to give a higher score to loans which give borrowers more features and options.

What is the ratings scale?

The ratings are between 0 and 5, shown to one decimal point, with 5.0 as the best. The ratings should be used as an easy guide rather than the only thing you consider. For example, a product with a rating of 4.7 may or may not be better suited to your needs than one with a rating of 4.5, but both are probably much better than one with a rating of 1.2.

How can I get a home loan with no deposit?

Following the Global Financial Crisis, no-deposit loans, as they once used to be known, have largely been removed from the market. Now, if you wish to enter the market with no deposit, you will require a property of your own to secure a loan against or the assistance of a guarantor.

How much information is required to get a rating?

You don’t need to input any information to see the default ratings. But the more you tell us, the more relevant the ratings will become to you. We take your personal privacy seriously. If you are concerned about inputting your information, please read our privacy policy.

What do mortgage brokers do?

Mortgage brokers are finance professionals who help borrowers organise home loans with lenders. As such, they act as middlemen between borrowers and lenders.

While bank staff recommend home loan products only from their own employer, brokers are independent, so they can recommend products from a range of institutions.

Brokers need to be accredited with a particular lender to be able to work with that lender. A typical broker will be accredited with anywhere from 10 to 30 lenders – the big four banks, as well as a range of smaller banks, credit unions and non-bank lenders.

As a general rule, brokers don’t charge consumers for their services; instead, they receive commissions from lenders whenever they place a borrower with that institution.

What is a construction loan?

A construction loan is loan taken out for the purpose of building or substantially renovating a residential property. Under this type of loan, the funds are released in stages when certain milestones in the construction process are reached. Once the building is complete, the loan will revert to a standard principal and interest mortgage.

How will Real Time Ratings help me find a new home loan?

The home loan market is complex. With almost 4,000 different loans on offer, it’s becoming increasingly difficult to work out which loans work for you.

That’s where Real Time RatingsTM can help. Our system automatically filters out loans that don’t fit your requirements and ranks the remaining loans based on your individual loan requirements and preferences.

Best of all, the ratings are calculated in real time so you know you’re getting the most current information.

How personalised is my rating?

Real Time Ratings produces instant scores for loan products and updates them based what you tell us about what you’re looking for in a loan. In that sense, we believe the ratings are as close as you get to personalised; the more you tell us, the more we customise to ratings to your needs. Some borrowers value flexibility, while others want the lowest cost loan. Your preferences will be reflected in the rating. 

We also take a shorter term, more realistic view of how long borrowers hold onto their loan, which gives you a better idea about the true borrowing costs. We take your loan details and calculate how much each of the relevent loans would cost you on average each month over the next five years. We assess the overall flexibility of each loan and give you an easy indication of which ones are likely to adjust to your needs over time. 

Do other comparison sites offer the same service?

Real Time RatingsTM is the only online system that ranks the home loan market based on your personal borrowing preferences. Until now, home loans have been rated based on outdated data. Our system is unique because it reacts to changes as soon as we update our database.

Mortgage Calculator, Interest Rate

The percentage of the loan amount you will be charged by your lender to borrow. 

Mortgage Calculator, Loan Purpose

This is what you will use the loan for – i.e. investment.