The Coastline Credit Union Option Home Loan is a simple variable rate home loan that gives you access to discounted savings account transaction fees and gives you the freedom to choose from weekly, fortnightly or monthly repayment options.
While the Coastline Credit Union Option Home Loan doesn’t have a 100 percent offset facility or the ability to pay interest only, the redraw facility is unlimited as long as you meet the minimum withdrawal amount.
For borrowers looking to make the most out of both fixed and variable interest rates, this loan allows you to split the loan and enjoy a little more predictability over your repayment amounts.
With the Coastline Credit Union Option Home Loan you have the choice of taking loan repayment insurance which can cover your loan repayments if you’re unable to work, become ill or pass away. Loan repayment insurance is paid monthly in addition to the ongoing monthly fee of the loan.
While there is no official packaging feature, you do have the option of combining your loan with an Access account and saving on transaction and account fees.
For borrowers looking for future flexibility, this Coastline Credit Union loan lets you access the equity you’ve built up in your bricks and mortar to either renovate or invest into an additional property.
Borrowers can take up to 90 percent of the purchase price, however anything over 80 percent may require you to pay lenders mortgage insurance.
High upfront fees together with the lack of 100 percent offset account and no interest only repayments might affect investors and refinancers.
First home buyers and owner-occupiers might benefit from the equity access option to fund future renovations or investments.
The Coastline Credit Union Option Home Loan doesn’t have as many features as other loans on the market but does cater to borrowers looking for a simple home loan with manageable features.
The lack of 100 percent account, no interest only payments and high upfront fees may make this loan less appealing to refinancers and investors.
Features like the flexible repayment schedule, loan repayment insurance and the option to use the existing home equity for renovations or investment make this loan more suitable to first home buyers and owner occupiers.
For borrowers looking to bundle a basic transaction account and save further on account fees, the Access account may be a solid yet simple option.
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.
Follow the below link for more information about the Coastline Credit Union Option Home Loan options.
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