Coastline Credit Union Minimiser Home Loan

Features

The Coastline Credit Union Minimiser Home Loan is a variable rate home loan that gives you the freedom to choose from weekly, fortnightly or monthly repayment cycles. It also gives you the option to split the loan into both fixed and variable interest rates.

The biggest drawcard of this Coastline Credit Union Minimiser Home Loan is the low variable interest rate.

The Coastline Credit Union Minimiser Home Loan has a 100 percent offset account which can help you save on interest and reduce the length of your loan. There is also a fee-free redraw facility available but it has a minimum withdrawal amount.

This loan does not have an interest only payment option, which may not suit investor borrowers.

The loan does allow you to take repayment insurance which can cover your loan repayments if you’re unable to work.

For borrowers looking for future flexibility, this Coastline Credit Union loan lets you access the equity you’ve built up and use it to either renovate or invest into an additional property.

This loan will lend you up to 90 percent of the purchase price, however anything over 80 percent may require you to pay lenders mortgage insurance.

As Coastline Credit Union is owned by its members, it means that all the profits go back to you rather than shareholders.

Who is the Coastline Credit Union Minimiser Home Loan good for?

The Coastline Credit Union Minimiser Home Loan may be ideal for borrowers looking for a basic variable loan, with a moderately-low rate.

Refinancers might be put off by the high upfront fees but first home buyers and owner occupiers might benefit from the low variable rate and the option to split the loan.

While investors will benefit from the low interest and 100 percent offset account, the lack of interest only repayments may be off putting. 

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If you’re looking for a moderately-low rate variable home loan with basic features, then the Coastline Credit Union Minimiser Home Loan may be worth exploring.

The ability to have the best of both worlds through the split loan feature makes this loan appealing to a broad range of borrowers.

While the interest rate is low, there is no interest only option available on this loan, which is something for investors and first home buyers to think about. In saying that, there is still flexibility in the loan with the ability to choose a repayment frequency that suits you and the option to take loan repayment insurance to cover you if you lose your job or become ill.

Coastline Credit Union has a handful of branches across the mid-north coast of NSW, so borrowers looking for face-to-face customer support might be limited in their options.

Coastline Credit Union Minimiser Home Loan Options

More information about the Minimiser Home Loan from Coastline Credit Union can be found at the provided link.

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More details

Variable Rates from

3.99%

Advertised rate

4.14%

Comparison rate
Pros
  • 100 percent offset account.
  • Redraw facility.
  • Moderately-low interest rate.
Cons
  • High upfront fees.
  • No interest only option.
  • Limited branch network.
Eligibility

Must meet the lender’s serviceability requirements. 

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

The upfront fee charged is high and there is an ongoing monthly loan fee.

When it comes to other fees, the loan discharge fee is quite low and while the redraw facility has no fees, it does have a minimum withdrawal amount.

If you opt for loan repayment insurance, it’s an additional monthly fee.

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
  • Loan allows split interest rate
About Coastline Credit Union

Coastline Credit Union is a member-only financial institution with branches on the mid-north coast of NSW. It has ATM access Australia-wide.

The Coastline Credit Union offers a range of financial products, including home loans, credit cards, savings accounts and financial advice.

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