Illawarra Credit Union Fixed Lite Loan

Features

The Fixed Lite Loan from Illawarra Credit Union is designed for smaller borrowers looking for less than $250,000 who want a low fixed rate.

In terms of flexibility, this loan gives you the choice of making weekly, fortnightly or monthly repayments and opting to pay principal and interest or interest only for a period of time.

Customers can borrow up to 95 percent of the property value but all loans over 80 percent will have to pay Lender’s Mortgage Insurance.

Regardless of your deposit size, the Illawarra Credit Union Fixed Lite Home Loan comes with the option of both a redraw facility and a 100 percent offset account which can help reduce the amount of interest pay over life the of the loan.

While this is a fixed rate home loan, borrowers looking for the best of both worlds can split this loan into both fixed and variable interest rates.

Another noteworthy feature is the top up facility which allows you to use the equity in your home to top up your mortgage. The additional funds can be used for any future renovations, to pay off any debt or as a deposit for an investment property.

Who is the Illawarra Credit Union Fixed Lite Loan good for?

The low fixed rate loan together with the 100 percent offset account make this loan appealing to a wide range of borrowers.

The Illawarra Credit Union Fixed Lite Loan has a maximum loan amount of $300,000 which can rule this loan out for some borrowers.

Review - What RateCity says

The Illawarra Credit Union Fixed Lite loan has relatively low rates however after your fixed rate period finishes it will revert to the credit union’s variable lite rate which is significantly higher. The high upfront fees make this loan less viable for refinancers and investors who will also have to pay an additional monthly fee and in most cases, slightly higher rates.

It’s worth noting that the Illawarra Credit Union has a limited branch network, so borrowers looking for face-to-face support might be limited.

Illawarra Credit Union Fixed Lite Loan Options

The Illawarra Credit Union Fixed Rate Loan offers a range of fixed rate terms. Click here to find a loan.

1 - 16 of 16
Product
Advertised rate
Comparison rate*
Monthly repayment
Go To Site
Compare

More details

Compare

More details

Compare

More details

Compare

More details

Compare

More details

Compare

More details

Compare

More details

Advertisement
Advertisement

Compare

More details

Compare

More details

Compare

More details

Compare

More details

Compare

More details

Compare

More details

Compare

More details

Compare

More details

Compare

More details

Advertisement
Advertisement

Fixed Rates from

3.80%

Advertised rate

4.72%

Comparison rate
Pros
  • Low fixed rate.
  • 100 percent offset facility.
  • Redraw facility.
Cons
  • High upfront fees.
  • Limited branch network.
  • Ongoing fees for investor loans.
Eligibility

Be 18 years or older.

Provide proof of income.

Be an Australian citizen.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
Fees
  • Estimated upfront fees: $60.00
  • Discharge fees: $250
  • Ongoing fees: $0 - $8 monthly

This loan has a high upfront fee and as well as a discharge fee payable when the loan ends. There is no monthly account keeping fee for owner occupied properties, however investors will have to pay an ongoing loan fee. Paying off your loan during the fixed term will incur an early break fee.

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
About Illawarra Credit Union

Since 1972, the Illawarra Credit Union has been serving the Illawarra region and providing its members with access to a wide range of financial services.

Unlike banks, the Illawarra Credit Union reinvests its profits back to its members, giving you access to better products and lower fees. 

Compare your product with the big 4 banks, or add more products to compare
As seen on