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 2.75 %

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
Company
Comparison Rate*
Ongoing fee
Go to site

2.75%

Variable

$0
Illawarra Credit Union

2.80%

$0
More details

2.85%

Variable

$600
Illawarra Credit Union

3.17%

$250 annually
More details

2.79%

Fixed - 1 year

$0
Illawarra Credit Union

3.24%

$250 annually
More details

2.79%

Fixed - 1 year

$0
Illawarra Credit Union

3.24%

$250 annually
More details

2.89%

Fixed - 3 years

$0
Illawarra Credit Union

3.24%

$250 annually
More details

2.89%

Fixed - 2 years

$0
Illawarra Credit Union

3.25%

$250 annually
More details

3.25%

Variable

$600
Illawarra Credit Union

3.56%

$250 annually
More details

3.25%

Fixed - 3 years

$60
Illawarra Credit Union

3.59%

$0
More details

3.30%

Variable

$0
Illawarra Credit Union

3.61%

$250 annually
More details

3.30%

Fixed - 2 years

$60
Illawarra Credit Union

3.63%

$0
More details

3.30%

Fixed - 1 year

$60
Illawarra Credit Union

3.66%

$0
More details

3.64%

Variable

$60
Illawarra Credit Union

3.69%

$0
More details

3.95%

Fixed - 1 year

$60
Illawarra Credit Union

3.72%

$0
More details

3.99%

Fixed - 2 years

$60
Illawarra Credit Union

3.75%

$0
More details

3.80%

Fixed - 5 years

$60
Illawarra Credit Union

3.76%

$0
More details

3.90%

Fixed - 3 years

$60
Illawarra Credit Union

3.76%

$0
More details

4.09%

Fixed - 5 years

$60
Illawarra Credit Union

3.87%

$0
More details

3.60%

Variable

$0
Illawarra Credit Union

3.90%

$250 annually
More details

3.39%

Fixed - 3 years

$0
Illawarra Credit Union

3.92%

$250 annually
More details

4.00%

Variable

$60
Illawarra Credit Union

4.05%

$8 monthly
More details

3.75%

Fixed - 3 years

$0
Illawarra Credit Union

4.20%

$8 monthly
More details

3.78%

Fixed - 3 years

$0
Illawarra Credit Union

4.21%

$8 monthly
More details

3.99%

Fixed - 5 years

$0
Illawarra Credit Union

4.23%

$8 monthly
More details

3.80%

Fixed - 2 years

$0
Illawarra Credit Union

4.26%

$8 monthly
More details

3.85%

Fixed - 2 years

$0
Illawarra Credit Union

4.27%

$8 monthly
More details

4.24%

Variable

$607
Illawarra Credit Union

4.29%

$0
More details

3.75%

Fixed - 1 year

$0
Illawarra Credit Union

4.30%

$8 monthly
More details

4.18%

Fixed - 5 years

$0
Illawarra Credit Union

4.30%

$8 monthly
More details

3.99%

Fixed - 1 year

$0
Illawarra Credit Union

4.32%

$8 monthly
More details

4.30%

Variable

$60
Illawarra Credit Union

4.35%

$0
More details

4.40%

Variable

$60
Illawarra Credit Union

4.45%

$8 monthly
More details

3.60%

Intro 24 months

$242
Illawarra Credit Union

4.47%

$0
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.

How do I know if I have to pay LMI?

Each lender has its own policies, but as a general rule you will have to pay lender’s mortgage insurance (LMI) if your loan-to-value ratio (LVR) exceeds 80 per cent. This applies whether you’re taking out a new home loan or you’re refinancing.

If you’re looking to buy a property, you can use this LMI calculator to work out how much you’re likely to be charged in LMI.

What happens to my home loan when interest rates rise?

If you are on a variable rate home loan, every so often your rate will be subject to increases and decreases. Rate changes are determined by your lender, not the Reserve Bank of Australia, however often when the RBA changes the cash rate, a number of banks will follow suit, at least to some extent. You can use RateCity cash rate to check how the latest interest rate change affected your mortgage interest rate.

When your rate rises, you will be required to pay your bank more each month in mortgage repayments. Similarly, if your interest rate is cut, then your monthly repayments will decrease. Your lender will notify you of what your new repayments will be, although you can do the calculations yourself, and compare other home loan rates using our mortgage calculator.

There is no way of conclusively predicting when interest rates will go up or down on home loans so if you prefer a more stable approach consider opting for a fixed rate loan.

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 personalised is my rating?

Real Time Ratings produces instant scores for loan products and updates them based what you tell us about what you’re looking for in a loan. In that sense, we believe the ratings are as close as you get to personalised; the more you tell us, the more we customise to ratings to your needs. Some borrowers value flexibility, while others want the lowest cost loan. Your preferences will be reflected in the rating. 

We also take a shorter term, more realistic view of how long borrowers hold onto their loan, which gives you a better idea about the true borrowing costs. We take your loan details and calculate how much each of the relevent loans would cost you on average each month over the next five years. We assess the overall flexibility of each loan and give you an easy indication of which ones are likely to adjust to your needs over time. 

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.

How can I get a home loan with no deposit?

Following the Global Financial Crisis, no-deposit loans, as they once used to be known, have largely been removed from the market. Now, if you wish to enter the market with no deposit, you will require a property of your own to secure a loan against or the assistance of a guarantor.

How much of the RBA rate cut do lenders pass on to borrowers?

When the Reserve Bank of Australia cuts its official cash rate, there is no guarantee lenders will then pass that cut on to lenders by way of lower interest rates. 

Sometimes lenders pass on the cut in full, sometimes they partially pass on the cut, sometimes they don’t at all. When they don’t, they often defend the decision by saying they need to balance the needs of their shareholders with the needs of their borrowers. 

As the attached graph shows, more recent cuts have seen less lenders passing on the full RBA interest rate cut; the average lender was more likely to pass on about two-thirds of the 25 basis points cut to its borrowers.  image002

What is 'principal and interest'?

‘Principal and interest’ loans are the most common type of home loans on the market. The principal part of the loan is the initial sum lent to the customer and the interest is the money paid on top of this, at the agreed interest rate, until the end of the loan.

By reducing the principal amount, the total of interest charged will also become smaller until eventually the debt is paid off in full.

How common are low-deposit home loans?

Low-deposit home loans aren’t as common as they once were, because they’re regarded as relatively risky and the banking regulator (APRA) is trying to reduce risk from the mortgage market.

However, if you do your research, you’ll find there is still a fairly wide selection of banks, credit unions and non-bank lenders that offers low-deposit home loans.

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 an ombudsman?

An complaints officer – previously referred to as an ombudsman -looks at formal complaints from customers about their credit providers, and helps to find a fair and independent solution to these problems.

These services are handled by the Australian Financial Complaints Authority, a non-profit government organisation that addresses and resolves financial disputes between customers and financial service providers.

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.