Coastline Credit Union Variable Residential Loan


The Coastline Credit Union Variable Residential Investment Loan is designed for investors, with an interest-only repayment option so you can make interest-only repayments at the beginning of your loan term while later paying off your principal after your property has built equity or increased in assets.

However, this loan has a high variable rate, which means your repayments may differ according to market fluctuations but the rate may still remain high, although making interest-only repayments may also be tax deductable.

While there is no 100 per cent offset account available with this loan, customers are able to make unlimited extra repayments. The redraw facility allows customers to redraw any of these extra payments for free, but there is a minimum redraw amount.

While the Variable Residential Investment Loan does allow you to split your loan – with part fixed and part variable – to take advantage of the best of both options.

Customers of this loan can also use equity from a current home for their investment or to make renovations while making repayments either weekly, fortnightly or monthly.

Who is the Coastline Credit Union Variable Residential Loan good for?

The Coastline Credit Union Variable Residential Home Loan may be good for investor borrowers as it allows for interest only repayments, which is a popular feature for this type of borrower.

It might also suit a person that prefers the flexibility of a variable rate. Be aware though that the advertised interest rate on this loan is high by market standards. There is also the option to split your loan.

Review - What RateCity says

The Coastline Credit Union Variable Residential Home Loan could be a good option for investors since you can make interest-only repayments, unlimited extra repayments and also split your loan.

However, the variable rate offered by this home loan is comparatively high by market standards. Borrowers can be flexible in making repayments either weekly, fortnightly or monthly.

This loan also charges a moderate amount in fees, so it’s a good idea to weigh the pros and cons of this home loan if you’re interested in seeing if this is the right investment loan for you.

Coastline Credit Union Variable Residential Loan Options

To find out more about the Coastline Credit Union Variable Rate Loan, follow the link below.

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  • Unlimited extra repayments.
  • Split loan option.
  • Interest-only option.
  • High variable rate.
  • High establishment fee.
  • Monthly account-keeping fee.

Must be able to provide proof of income.

Must be over 18 years of age.

Must currently be an Australian citizen or permanent resident.

Must not have been previously bankrupt.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Estimated upfront fees: $805.00
  • Discharge fees: $200
  • Ongoing fees: $0

This home loan charges a moderately-high establishment fee as well as a discharge fee that is due at the completion of the loan.
However, the upside to this loan is that there are no ongoing fees.

While there is a minimum amount that customers of this loan can redraw from the redraw facility, there is no fee for making early repayments or for redrawing them.

  • 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-owned bank with branches across New South Wales and access to ATMs throughout Australia.

With membership available to Australian citizens, Coastline Credit Union offers banking and low-cost financial products including loans and investment services.

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