Illawarra Credit Union home loan repayment calculator

Thinking about taking out a home loan with Illawarra Credit Union? Use our home loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how Illawarra Credit Union home loans compare with other options.

I'd like to borrow

$

I am an

Loan term

With a repayment type

Your estimated repayments

at interest rate 2.45 %

Total interest payable

$0

Total amount payable

$0

Pros and cons

Pros
  • Competitive rates, especially for larger variable loans.
  • Flexible fixed and variable loan features.
  • No annual fees on fixed or variable loans.
  • Additional repayments allowed.
Cons
  • Limited home loan products from which to choose.
  • Limited branch access.
  • No mobile phone app.

Illawarra Credit Union home loans rates

Product
Advertised Rate
Total estimated upfront fees
Comparison Rate*
Ongoing fee
Go to site
Company

2.45%

Variable

$1282

2.50%

$0
Illawarra Credit Union
More details

2.40%

Fixed - 3 years

$1282

2.60%

$0
Illawarra Credit Union
More details

2.59%

Variable

$1282

2.64%

$0
Illawarra Credit Union
More details

2.65%

Fixed - 2 years

$1282

2.65%

$0
Illawarra Credit Union
More details

2.65%

Fixed - 1 year

$1282

2.65%

$0
Illawarra Credit Union
More details

2.80%

Fixed - 1 year

$1282

2.66%

$0
Illawarra Credit Union
More details

3.04%

Fixed - 5 years

$1282

2.82%

$0
Illawarra Credit Union
More details

1.99%

Fixed - 2 years

$1282

2.93%

$395 annually
Illawarra Credit Union
More details

1.99%

Intro 24 months

$1282

2.93%

$395 annually
Illawarra Credit Union
More details

2.99%

Intro 24 months

$1282

2.93%

$395 annually
Illawarra Credit Union
More details

2.29%

Fixed - 2 years

$1282

2.98%

$395 annually
Illawarra Credit Union
More details

2.35%

Fixed - 3 years

$1282

2.98%

$395 annually
Illawarra Credit Union
More details

2.50%

Variable

$1282

3.01%

$395 annually
Illawarra Credit Union
More details

2.79%

Fixed - 1 year

$1282

3.04%

$395 annually
Illawarra Credit Union
More details

2.79%

Fixed - 1 year

$1282

3.04%

$395 annually
Illawarra Credit Union
More details

2.65%

Fixed - 3 years

$1282

3.12%

$0
Illawarra Credit Union
More details

2.65%

Fixed - 3 years

$1282

3.12%

$0
Illawarra Credit Union
More details

2.75%

Fixed - 2 years

$1282

3.17%

$0
Illawarra Credit Union
More details

2.75%

Fixed - 2 years

$1282

3.17%

$0
Illawarra Credit Union
More details

2.99%

Fixed - 5 years

$1282

3.20%

$395 annually
Illawarra Credit Union
More details

2.85%

Fixed - 1 year

$1282

3.21%

$0
Illawarra Credit Union
More details

2.85%

Fixed - 1 year

$1282

3.21%

$0
Illawarra Credit Union
More details

3.19%

Variable

$1282

3.24%

$0
Illawarra Credit Union
More details

3.55%

Fixed - 5 years

$1282

3.39%

$0
Illawarra Credit Union
More details

3.55%

Fixed - 5 years

$1282

3.39%

$0
Illawarra Credit Union
More details

3.25%

Fixed - 3 years

$60

3.59%

$0
Illawarra Credit Union
More details

2.55%

Fixed - 3 years

$1282

3.60%

$395 annually
Illawarra Credit Union
More details

2.55%

Fixed - 3 years

$1282

3.60%

$395 annually
Illawarra Credit Union
More details

3.30%

Fixed - 2 years

$60

3.63%

$0
Illawarra Credit Union
More details

3.30%

Fixed - 1 year

$60

3.66%

$0
Illawarra Credit Union
More details

2.70%

Fixed - 2 years

$1282

3.69%

$395 annually
Illawarra Credit Union
More details

2.70%

Fixed - 2 years

$1282

3.69%

$395 annually
Illawarra Credit Union
More details

3.64%

Variable

$60

3.69%

$0
Illawarra Credit Union
More details

3.95%

Fixed - 1 year

$60

3.72%

$0
Illawarra Credit Union
More details

3.25%

Variable

$1282

3.74%

$395 annually
Illawarra Credit Union
More details

2.85%

Fixed - 1 year

$1282

3.75%

$395 annually
Illawarra Credit Union
More details

2.85%

Fixed - 1 year

$1282

3.75%

$395 annually
Illawarra Credit Union
More details

3.99%

Fixed - 2 years

$60

3.75%

$0
Illawarra Credit Union
More details

3.80%

Fixed - 5 years

$60

3.76%

$0
Illawarra Credit Union
More details

3.90%

Fixed - 3 years

$60

3.76%

$0
Illawarra Credit Union
More details

3.30%

Variable

$0

3.79%

$250 annually
Illawarra Credit Union
More details

3.30%

Variable

$1282

3.79%

$395 annually
Illawarra Credit Union
More details

3.49%

Fixed - 5 years

$1282

3.87%

$395 annually
Illawarra Credit Union
More details

3.49%

Fixed - 5 years

$1282

3.87%

$395 annually
Illawarra Credit Union
More details

4.09%

Fixed - 5 years

$60

3.87%

$0
Illawarra Credit Union
More details

3.85%

Variable

$1282

3.90%

$0
Illawarra Credit Union
More details

3.85%

Variable

$1282

3.90%

$0
Illawarra Credit Union
More details

4.00%

Variable

$60

4.05%

$8 monthly
Illawarra Credit Union
More details

3.75%

Fixed - 3 years

$0

4.21%

$8 monthly
Illawarra Credit Union
More details

3.78%

Fixed - 3 years

$0

4.21%

$8 monthly
Illawarra Credit Union
More details

3.99%

Fixed - 5 years

$0

4.23%

$8 monthly
Illawarra Credit Union
More details

3.80%

Fixed - 2 years

$0

4.26%

$8 monthly
Illawarra Credit Union
More details

3.85%

Fixed - 2 years

$0

4.27%

$8 monthly
Illawarra Credit Union
More details

3.75%

Fixed - 1 year

$0

4.30%

$8 monthly
Illawarra Credit Union
More details

4.18%

Fixed - 5 years

$0

4.30%

$8 monthly
Illawarra Credit Union
More details

3.99%

Fixed - 1 year

$0

4.32%

$8 monthly
Illawarra Credit Union
More details

4.30%

Variable

$60

4.35%

$0
Illawarra Credit Union
More details

4.40%

Variable

$60

4.45%

$8 monthly
Illawarra Credit Union
More details

Illawarra Credit Union customer service

Illawarra Credit Union has a limited branch network in the NSW Illawarra region, south of Sydney. You can call the credit union from Monday to Friday, as well as Saturday, or email them directly. You also have the option of online banking to have 24/7 access to your money.

  • Customer service centre (phone)
  • Online banking
  • Email
  • NSW branches
  • Mobile lenders

How to Apply

Illawarra Credit Union allows you to apply online for a home loan or you can request that a mobile banker contact you, or you can visit a branch. But first, you must become a member, which is easy. You’ll need to provide a member share contribution of $2 so you can become a shareholder of the credit union. You’ll need to be an Australian citizen or a permanent resident to apply online. Documents you will need include:

  • Personal identification material.
  • Proof of income – whether you are self-employed or work for an employer.
  • Proof of other income, including rental income.
  • Information regarding your current debts, liabilities and assets.

Learn more about Illawarra Credit Union

How can I get a home loan with bad credit?

If you want to get a home loan with bad credit, you need to convince a lender that your problems are behind you and that you will, indeed, be able to repay a mortgage.

One step you might want to take is to visit a mortgage broker who specialises in bad credit home loans (also known as ‘non-conforming home loans’ or ‘sub-prime home loans’). An experienced broker will know which lenders to approach, and how to plead your case with each of them.

Two points to bear in mind are:

  • Many home loan lenders don’t provide bad credit mortgages
  • Each lender has its own policies, and therefore favours different things

If you’d prefer to directly approach the lender yourself, you’re more likely to find success with smaller non-bank lenders that specialise in bad credit home loans (as opposed to bigger banks that prefer ‘vanilla’ mortgages). That’s because these smaller lenders are more likely to treat you as a unique individual rather than judge you according to a one-size-fits-all policy.

Lenders try to minimise their risk, so if you want to get a home loan with bad credit, you need to do everything you can to convince lenders that you’re safer than your credit history might suggest. If possible, provide paperwork that shows:

  • You have a secure job
  • You have a steady income
  • You’ve been reducing your debts
  • You’ve been increasing your savings

Are bad credit home loans dangerous?

Bad credit home loans can be dangerous if the borrower signs up for a loan they’ll struggle to repay. This might occur if the borrower takes out a mortgage at the limit of their financial capacity, especially if they have some combination of a low income, an insecure job and poor savings habits.

Bad credit home loans can also be dangerous if the borrower buys a home in a stagnant or falling market – because if the home has to be sold, they might be left with ‘negative equity’ (where the home is worth less than the mortgage).

That said, bad credit home loans can work out well if the borrower is able to repay the mortgage – for example, if they borrow conservatively, have a decent income, a secure job and good savings habits. Another good sign is if the borrower buys a property in a market that is likely to rise over the long term.

What is a bad credit home loan?

A bad credit home loan is a mortgage for people with a low credit score. Lenders regard bad credit borrowers as riskier than ‘vanilla’ borrowers, so they tend to charge higher interest rates for bad credit home loans.

If you want a bad credit home loan, you’re more likely to get approved by a small non-bank lender than by a big four bank or another mainstream lender.

What is a guarantor?

A guarantor is someone who provides a legally binding promise that they will pay off a mortgage if the principal borrower fails to do so.

Often, guarantors are parents in a solid financial position, while the principal borrower is a child in a weaker financial position who is struggling to enter the property market.

Lenders usually regard borrowers as less risky when they have a guarantor – and therefore may charge lower interest rates or even approve mortgages they would have otherwise rejected.

However, if the borrower falls behind on their repayments, the lender might chase the guarantor for payment. In some circumstances, the lender might even seize and sell the guarantor’s property to recoup their money.

How do I take out a low-deposit home loan?

If you want to take out a low-deposit home loan, it might be a good idea to consult a mortgage broker who can give you professional financial advice and organise the mortgage for you.

Another way to take out a low-deposit home loan is to do your own research with a comparison website like RateCity. Once you’ve identified your preferred mortgage, you can apply through RateCity or go direct to the lender.

What is breach of contract?

A failure to follow all or part of a contract or breaking the conditions of a contract without any legal excuse. A breach of contract can be material, minor, actual or anticipatory, depending on the severity of the breaches and their material impact.

What happens when you default on your mortgage?

A mortgage default occurs when you are 90 days or more behind on your mortgage repayments. Late repayments will often incur a late fee on top of the amount owed which will continue to gather interest along with the remaining principal amount.

If you do default on a mortgage repayment you should try and catch up in next month’s payment. If this isn’t possible, and missing payments is going to become a regular issue, you need to contact your lender as soon as possible to organise an alternative payment schedule and discuss further options.

You may also want to talk to a financial counsellor. 

How often is your data updated?

We work closely with lenders to get updates as quick as possible, with updates made the same day wherever possible.

Mortgage Calculator, Repayment Type

Will you pay off the amount you borrowed + interest or just the interest for a period?

Remaining loan term

The length of time it will take to pay off your current home loan, based on the currently-entered mortgage balance, monthly repayment and interest rate.

Why was Real Time Ratings developed?

Real Time RatingsTM was developed to save people time and money. A home loan is one of the biggest financial decisions you will ever make – and one of the most complicated. Real Time RatingsTM is designed to help you find the right loan. Until now, there has been no place borrowers can benchmark the latest rates and offers when they hit the market. Rates change all the time now and new offers hit the market almost daily, we saw the need for a way to compare these new deals against the rest of the market and make a more informed decision.

What is a debt service ratio?

A method of gauging a borrower’s home loan serviceability (ability to afford home loan repayments), the debt service ratio (DSR) is the fraction of an applicant’s income that will need to go towards paying back a loan. The DSR is typically expressed as a percentage, and lenders may decline loans to borrowers with too high a DSR (often over 30 per cent).

Why is it important to get the most up-to-date information?

The mortgage market changes constantly. Every week, new products get launched and existing products get tweaked. Yet many ratings and awards systems rank products annually or biannually.

We update our product data as soon as possible when lenders make changes, so if a bank hikes its interest rates or changes its product, the system will quickly re-evaluate it.

Nobody wants to read a weather forecast that is six months old, and the same is true for home loan comparisons.

What is a construction loan?

A construction loan is loan taken out for the purpose of building or substantially renovating a residential property. Under this type of loan, the funds are released in stages when certain milestones in the construction process are reached. Once the building is complete, the loan will revert to a standard principal and interest mortgage.

What is appraised value?

An estimation of a property’s value before beginning the mortgage approval process. An appraiser (or valuer) is an expert who estimates the value of a property. The lender generally selects the appraiser or valuer before sanctioning the loan.