Holiday Coast Credit Union Fixed ‘n’ Easy Loan

Features

The Fixed ‘n’ Easy Home Loan provides borrowers with the stability of fixed mortgage repayments for a term of one to five years. However, be aware that the rates on offer are moderately high for both owner-occupiers and investors.

At the end of your fixed term, your fixed rate will then revert to Holiday Coast Credit Union’s Home Sweet Home Loan variable rate, which is between the moderate to moderately high range.

If you have the funds, you can make extra repayments towards your loan up to a certain amount however if you go over the prescribed limit you will be charged a break fee.

The Fixed ‘n’ Easy Home Loan has no offset account, however you can redraw any additional repayments for free through the redraw facility.

Holiday Coast’s Fixed ‘n’ Easy Home loan does let you make interest-only repayments for a limited time for times when you need to reduce your mortgage repayments. You can also borrow up to 95 per cent of your property’s value with this loan, meaning you only have to put down a 5 per cent deposit, although, as is standard, you must pay lender’s insurance if your deposit is less than 20 per cent.

Another perk of the Fixed ‘n’ Easy Home Loan offer is a pre-approved Visa Debit Card that comes with no annual fee, but make sure you know all of the terms and conditions on this card as other fees and costs may be payable. 

Who is the Holiday Coast Credit Union Fixed 'n' Easy Loan good for?

The Fixed ‘n’ Easy Home Loan could be an option for someone who wants the peace of mind a fixed rate can bring, with the flexibility of reducing your payments for a limited time through the interest-only option.

Review - What RateCity says

A fixed rate loan often provides people with the comfort of knowing exactly how much their repayments will be each month. This loan does offer this however the relatively high interest rates and fees is likely to deter anyone looking to keep costs to a minimum.

Holiday Coast Credit Union Fixed ‘n’ Easy Loan Options

The Holiday Coast Fixed ‘n’ Easy Home Loan has options for both owner-occupiers and investors.

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Fixed Rates from

3.49%

Advertised rate

3.84%

Comparison rate
Pros
  • Small deposit allowed.
  • Early repayments and redraws allowed.
  • Interest-only repayment option.
Cons
  • Moderately high interest rates.
  • No 100 per cent offset account.
  • High fees.
Eligibility

Must be a member of Holiday Coast Credit Union.

Must be over 18 years of age.

Must meet serviceability criteria.

Suitable For
  • First Home Buyers
  • Investors
  • Refinancers
  • Owner-Occupiers
Fees
  • Estimated upfront fees: $830.00
  • Discharge fees: $195
  • Ongoing fees: $8 monthly

The establishment, valuation and third party fees amount to a high upfront cost, and you will be required to pay a monthly fee as well as a discharge fee when you finish your Fixed ‘n’ Easy Home Loan, which contribute to quite a large cost to be paying just towards fees.

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
About Holiday Coast Credit Union
Holiday Coast Credit Union is a boutique, customer-owned banking service operating throughout New South Wales. Customers can visit a branch or talk to a customer service representative over the phone. They also offer a mobile lender service where a representative will come to you to discuss your loan.
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