The flexibility the Home Loan Plus offers includes the ability to make early and lump sum repayments towards your loan balance without being charged any penalty fees, but with the added benefit of being able to redraw any extra funds through the redraw facility.
You can also choose to make your repayments on a monthly, fortnightly or weekly basis and choose to split your loan in order to have the best of both worlds through having a portion of your loan on the offered variable rate and another portion on a fixed rate option.
However, the variable interest rate offered on this loan is high which means a good portion of the total cost of this loan will go towards just the amount you have to pay in interest.
Although it’s a good idea to step away from a loan that you don’t think you’ll be able to afford, you can add loan repayment insurance to the Home Loan Plus option which would protect you in case you fall behind on your payments. Or, if you can afford the higher interest rate on this loan, the repayment insurance option would protect you if any unforeseen circumstances arise.
You must be borrowing a minimum of $30,000 for this loan and generally can borrow up to 80 per cent of your property’s value with this lender, but you may be able to borrow more and make a smaller deposit depending on your income and approval by Summerland Credit Union.
Owner-occupiers and investors alike could be drawn to the Summerland Credit Union Home Loan for its features, however this loan would be most suitable for borrowers who can afford the higher interest rate as well as the fees attached to this loan.
The Summerland Credit Union’s Home Loan Plus could also appeal to those wanting the services of a smaller customer-owned financial services provider that as a community spirit.
Pre-approval and speedy loan processing from Summerland Credit Union could be a great benefit of this loan should you be looking to purchase your property as soon as possible or if you’re looking to avoid bank delays and a pending loan status.
Looking at the high rate, large total amount of fees and the overall accessibility to this lender, it’s worthwhile to weigh up the pros and cons associated with the Home Loan Plus option to see if this is a loan that you really can afford.
As for the lender on this loan, if you prefer a smaller institution who has a commitment to its customers and the surrounding community at large, then the Summerland Credit Union might be an attractive lender should you meet the member eligibility criteria.
If you’re interested to find out more about the Summerland Credit Union Home Loan Plus option, click to link below to see if this may be the one for you.