This variable loan gives you the option of a 40-year loan term which can be appealing to first home buyers looking for lower repayment amounts.
This loan also gives you the option of saving interest by taking advantage of the 100 percent offset account. While the redraw facility is fee-free, there is a minimum withdrawal amount and no redraws can be made if you’re paying interest-only.
The bcu Discount Variable Rate Loan lets you choose between weekly, monthly and fortnightly repayment options and there is no fee for extra repayments.
While this loan is variable, you can split the loan into both fixed and variable interest rates to give yourself a little more certainty over your repayment amounts.
Another noteworthy convenience is the portability of the loan, which means that your home loan moves when you do and there’s no need to reapply.
bcu will lend up to 95 percent of the purchase price, however it may be subject to approval and Lenders’ Mortgage Insurance.
The 40-year loan term is appealing to first home buyers and owner occupiers while the interest only and 100 percent offset facility is appealing to investors.
Borrowers looking for the best of both worlds may benefit from the split loan feature.
While bcu does not have some of the bells and whistles of the big banks, does boast some unusual and nice features. The 40-year loan term is a drawcard for first home buyers looking for lower repayments, the caveat being that over time, you’re paying more in interest. Having said that, as you build up a bigger nest egg, this loan does allow you to make unlimited additional repayments which could end up reducing the loan term.
The ability to transfer your loan over when you move is a nice feature for those looking for their next move. The portability also helps offset the high upfront fee.
Borrowers looking for face-to-face support might be put off by the limited branch network of stores spread between Port Macquarie and Queensland.
bcu offers a variety of fixed and variable home loans to suit a variety of borrowers, including line of credit options.