Summerland Credit Union Home Loan Plus

Features

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.

Who is the Summerland Credit Union Home Loan Plus good for?

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.

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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.

Summerland Credit Union Home Loan Plus Options

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.

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Variable Rates from

4.71%

Advertised rate

4.86%

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Pros
  • Pre-approval and fast documentation process available.
  • Early and lump sum repayments allowed without penalty.
  • Loan split option.
Cons
  • High variable interest rates.
  • No 100 per cent offset account.
  • Upfront, ongoing and discharge fees.
Eligibility

Must be a Summerland Credit Union member.

Must be an Australian citizen or permanent resident with the right to work in the Australia.

Must be able to provide proof of income.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
Fees
  • Estimated upfront fees: $800.00
  • Discharge fees: $250
  • Ongoing fees: $8 monthly

The Summerland Credit Union Home Loan Plus has upfront fees associated on execution and has a monthly ongoing fee throughout the life of the loan. A discharge fee will be issued at the end of the loan. Keep in mind if considering a redraw that a fee will apply for the privilege.

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

Summerland Credit Union is a customer-owned credit union with profits going back into the products and services available.

This lender also adheres to community objectives and insists profits are also used to assist with improving local facilities.

Telephone and internet banking are available 24 hours a day, with mobile and tablet friendly convenience.

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