Coastline Credit Union Fixed Loan

Features

Coastline Credit Union offers its fixed loans to owner-occupiers, investors ore refinancers. You can borrow up to 90 per cent of the value of the property for a fixed period of one, two or three years. The fixed rate reverts to a variable rate loan after the fixed period.

Coastline allows you to make your repayments in weekly, fortnightly or monthly instalments, giving you extra control and security and control over your finances. Moreover, repaying more often will allow you to keep interest costs down on the loan.

A real bonus on this loan is that you can make unlimited extra repayments and free redraws. The minimum redraw amount is slightly high, so keep that in mind when you dip in to your account, as you may need to take out more money than you want or need.

There is no interest-only option for this loan, so it may not suit investors who want to make the minimum possible home loan repayments.

Who is the Coastline Credit Union Fixed Loan good for?

The Coastline Credit Union Fixed could be a good option for a number of buyers. If you’re an owner-occupier, investor, or refinancer, you can apply for this loan. You can mould your repayments to your own income schedule and the low rates may appeal to first-time buyers. 

Review - What RateCity says

While Coastline’s fixed loans lack some features that other lenders offer such as the ability to make extra repayments and longer fixed terms, you may not mind if you want a cheaper fixed loan for a shorter period. But if you’re after a wide branch network, Coastline doesn’t have it. Having said that, it does offer telephone and internet banking. The Coastline Credit Union would have fewer overheads than a larger bank, and they pass these savings on to you in the form of lower fees and rates, but you’ll need to do a full comparison with other fixed home loans to check whether you’d be better off with this home loan, and make sure you include the high upfront costs and ongoing fees.

Coastline Credit Union Fixed Loan Options

You can choose to fix your home loan for a period from one to three years, whether you are a new customer or a long time member.

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Fixed Rates from

3.19%

Advertised rate

4.48%

Comparison rate
Pros
  • Unlimited repayments on fixed loan and free redraws.
  • Competitive rates.
  • Suitable for all buyers.
Cons
  • No offset account.
  • Very few branches.
  • No interest only option.
Eligibility

Must meet serviceability criteria.

Must meet deposit requirement.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
Fees
  • Estimated upfront fees: $805.00
  • Discharge fees: $200
  • Ongoing fees: $8 monthly

Coastline Credit Union charges high upfront costs on its fixed loans as well as a moderate monthly fee. However, the discharge fee payable at the end of the loan is relatively low.

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

Being a credit union, you will need to become a member in order to take out a fixed loan. In joining up, however, this means any profits made by the union are passed on to the members, as you double as a shareholder and a customer. It also means you have the right to vote on changes that occur within Coastline, meaning you get a personal say in the business. Coastline operates a call centre and offers internet banking, a mobile banking app and also has a limited branch network in New South Wales.

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