Hunter United Basic Variable Loan

Features

Hunter United’s Basic Variable Loan is for those looking for a simple home loan with basic, no-frills features such as the ability to pay your loan off early through making additional repayments with the flexibility of being able to redraw these funds through the offered redraw facility should you need to re-access them.

However, you can only make redraws for free once a month online and you will have to pay a fee for redrawing more than once a month or if you go into a branch for a staff-assisted redraw.

A variable interest rate is applied on this particular product, which provides the opportunity to take advantage of any dips in the market due to fluctuations. However, the interest rate offered is moderately high and you do run the risk of a rate increase should interest rates rise.

The Hunter United Basic Variable Loan lacks a 100 per cent offset account facility to help you reduce your interest payments, however, you can make lump sum repayments on this loan, which could help reduce your loan term as well as the interest due on your loan.

Even with the options to make weekly, fortnightly and monthly repayments, if making your repayments becomes too much because of a change in your financial situation, you can take a repayment holiday. 

A minimum loan amount of $100,000 dollars will get you started on the Basic Variable Loan as long as you at least have a five per cent deposit on your property. While a small deposit can be an attractive option for first home buyers, be sure you calculate the cost of lender’s insurance if you’re making less than a 20 per cent deposit. Investors should also be aware they are likely to need a bigger deposit.

Who is the Hunter United Basic Variable Loan good for?

The Hunter United Basic Variable Loan could be suited to those not wanting a complicated loan, but still needing a few features to make for flexible repayment options.

Keep in mind that you must be a Hunter United member in order to take out a home loan with this lender, or meet the eligibility criteria and become a member before you can move forward with the application process.

Review - What RateCity says

The Hunter United Basic Variable Loan requires a small deposit for people planning to live in the home they own, which could make this an appealing option for anyone just getting started in the market. It’s also ideal for people who like banking with a smaller lender who is member-based.

However, the moderately high interest rate and moderate fees might be a deal breaker for some. It’s worth tallying up the pros and cons of this loan to see if they stack up against your needs.

Hunter United Basic Variable Loan Options

Learn about how the Hunter United Basic Variable Loan can serve you at the link provided below.

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More details

Variable Rates from

4.44%

Advertised rate

4.56%

Comparison rate
Pros
  • Early repayments allowed.
  • Redraw facility.
  • Low deposit required for owner-occupiers.
Cons
  • Moderately high variable interest rate.
  • No offset account.
  • Moderate fees.
Eligibility

Must be a member of Hunter United.

Must be over 18 years of age.

Must be an Australian citizen.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
Fees
  • Estimated upfront fees: $350.00
  • Discharge fees: $80
  • Ongoing fees: $8 monthly

The Basic Variable Loan has a moderate application fee, a low ongoing monthly fee and a low discharge fee charge at the end of your loan.

Hunter United also applies a fee for using the redraw facility more than once a month or for going into a branch and redrawing in person.

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
  • Loan allows split interest rate
About Hunter United

Hunter United started in 1963 and were known then as the BHP Newcastle Employees Credit Union. They now serve the Hunter Valley region in NSW and are the largest lender of its kind in the area. Hunter United provides members with branch, online and telephone services.

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