Family First Credit Union Mortgage Secured Overdraft Loan

Features

The Family First Credit Union Mortgage Secured Overdraft allows you to borrow for any purpose and gives you a revolving credit facility. You have a pre-approved borrowing limit and can draw on as little or as much of that sum as you need.

The repayments on this loan are like a credit card debt, they are due monthly and interest is calculated daily, charged monthly on the portion of the overdraft used.

You can borrow 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 home.

The Family First Credit Union Mortgage Secured Overdraft Loan comes with an auto repayment option, meaning that you can set up your overdraft to be paid off by direct debit, giving you one less thing to think about. There is a minimum loan amount of $20,000.

The overdraft doesn’t have an offset account or a redraw facility, so keep this in mind when considering the loan.

Who is the Family First Credit Union Mortgage Secured Overdraft good for?

The Family First Credit Union Mortgage Secured Overdraft is good for a number of buyers. Refinancers may find this loan attractive due to the small minimum loan size. First homebuyers, owner-occupiers and investors may also want an overdraft to cover unexpected expenses or to use as a deposit on buying another property, taking advantage of a relatively low interest rate.

Review - What RateCity says

The Family First Credit Union Mortgage Secured Overdraft is a flexible loan without any ongoing fees. You have a pre-approved borrowing limit and can draw on as little or as much of that sum as you need. The overdraft essentially allows you to access money when you need, say if you want to pay off unexpected costs or if you want to renovate or go on a family holiday.

You only pay a low interest rate on what you use, much lower than rates on personal loans. The main disadvantages of this loan are the high upfront fee and limited branch access. However, due to smaller overheads, you may be able to reap interest-rate savings that bigger banks can’t offer.

Family First Credit Union Mortgage Secured Overdraft Loan Options

The Family First Credit Union Mortgage Secured Overdraft offers you a flexible loan with no ongoing fees.

Pros
  • No ongoing fees.
  • Suitable for any borrowing purpose.
  • Suitable for most borrowers.
Cons
  • Limited branch network.
  • High introductory fees.
  • Charge for use of redraw facility.
Eligibility

Must meet serviceability criteria.

Able to pay high upfront fee. 

About Family First Credit Union

Family First Credit Union is a member-owned organisation, based in NSW with branches across the state. If you can’t get to a branch in person, you can take advantage of the credit union’s mobile banking app as well as internet banking. Family First Credit Union also has a customer service phone line for general enquiries and it offers telephone-banking 24/7.

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 its customers.

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