With the Fixed Rate Loan, borrowers can enjoy the security of fixed repayments for a period of up to three years, along with competitive interest rates.
Family First Credit Union fixed loans have no monthly fees and you can make additional repayments on this loan, which is a bonus as not all lenders allow this. A redraw facility offers access to any amounts that are paid in addition to regular monthly repayments.
Borrowers can make weekly, fortnightly or monthly repayments, with more regular payments enabling you to keep interest costs down. The minimum loan amount is just $20,000, also making it suitable for refinancers, as well as owner-occupiers and investors.
Family First Credit Union makes it possible to take out a loan worth up to 95 per cent of the property’s value with lenders mortgage insurance. Without this, you can borrow up to 80 per cent of the value of your new home.
One downside is that Family First Credit Union doesn’t offer longer fixed terms than three years, and some borrowers may prefer to fix for longer to take advantage of low interest rates.
Family First Credit Union’s fixed rate loan is good for those wanting to know what their repayments will be for a certain period. The loan would suit first home buyers and other owner-occupiers as well as refinancers wanting a competitive rate with some added conveniences. Investors managing multiple properties may be attracted to this loan for the same reasons as well as by the lack of ongoing fees.
Family First Credit Union may have added appeal to those and wanting a relationship with a small NSW-based lender offering a more community based and personalised approach to their customers.
Aside from a hefty upfront fee, additional costs are negligible on this fixed loan, which offers the flexibility of permitting extra repayments and redraws. While there is limited branch access in comparison to banks, Family First Credit Union does provide online and telephone banking facilities. If you’re after a longer fixed loan, however, the three-year maximum on these loans may not meet your needs. While you can fix again after the term ends, interest rates might be higher than they are right now. You’ll need to do a full assessment of the costs and benefits to assess whether it’s the right mortgage for you.
Take on a fixed repayment period of one to three years depending on the size of your loan. Payments can be made weekly, fortnightly or monthly.
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