If you’re looking for a simple home loan that gives you access to a discounted variable rate loan then the SCU Basic Home Loan could provide you with just that, at a moderate variable rate of interest.
This fuss-free loan option gives you the flexibility to choose from weekly, fortnightly or monthly repayments, which can also be automatically deducted from your salary.
This loan has no 100 percent offset account, but it does give you the option of making unlimited extra repayments which can help reduce the amount of interest you pay and cut years off your loan term.
Any additional payments can also be accessed through the redraw facility if and when you need to.
If you prefer the certainty of fixed repayment amounts, you can choose to split this loan into both fixed and variable interest rate portions.
And for extra certainty, you can take out loan repayment insurance which can help cover your mortgage repayments if something turns up and makes you unable to make your repayments, though this option will be an added cost.
This loan is available on owner-occupied properties only – whether a first home buyer or refinancer – at a minimum borrowing amount.
The SCU Basic Home Loan is available to first home buyers, refinancers and owner-occupiers only. While the moderate variable rate could appeal to many borrowers, the lack of a 100 percent offset facility can make lowering the total cost of this loan limiting in the long run.
The SCU Basic Home Loan is a no-frills home loan with just enough features to provide value without being overwhelming. Though, there are other basic variable home loans on the market offered with similar, even lower, variable interest rates, so it could be worth your time to shop around and compare your options to make sure you’re getting the most cost effective basic loan.
There are some nice touches to this loan, however branch access with this lender is limited so it might not suit if you don’t live near a branch location and prefer face-to-face service. Although, telephone and internet banking provides many of the same functions as visiting a branch.
Find out if you’re eligible and more information about the Basic Home Loan from SCU below.
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