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Illawarra Credit Union

Bare Essentials (Principal and Interest)

Interest Rate


% p.a


Comparison Rate*


% p.a

Maximum LVR
Real Time Rating™


/ 5
Monthly Repayment


based on $300,000 loan amount for 25 years at 3.84%

Interest Rate


% p.a


Comparison Rate*


% p.a

Maximum LVR
Real Time Rating™


/ 5
Monthly Repayment


based on $300,000 loan amount for 25 years at 3.84%

Calculate your repayments for this loan

I'd like to borrow


Loan term


Your estimated repayment


based on $300,000 loan amount for 25 years at 3.84%

Illawarra Credit Union home loans are available through brokers who can help find the right loan and manage your application at no charge.

Eric Dong

21 Reviews

Get expert advice from a home loans specialist.

We want to help our clients create lives they love through financial control and empowerment. Only after we’ve listened to what our clients are trying to achieve, and understood their unique set of circumstances do we start devising bespoke solutions for them. We do the legwork, running around and hard work, you will never have a headache for a competitive interest rate or a simplization of the loan process. We will provide expert guidance and help along the whole way from our initial meeting. We have two consultation fee options for both commercial and residential lending advice.


CRN: 429699

Jingxia (Suzanne) Wang

103 Reviews

Get expert advice from a home loans specialist.

With double master degrees of Professional Accounting and Commerce and over 3 years working experiences in the mortgage broking industry, Suzanne has been developing a wider sense of what her clients need and how to achieve their dreams of buying or building their own homes as well as increasing their investment property portfolio to build wealth. Suzanne loves meeting new clients and catching up with existing clients, she has a passion for delivering professional skills and experience to customise a solution for her clients to secure their financial future. On weekends she enjoys spending time with her family, reading books with her child, and going for long walks in the park. Suzanne Wang is a credit representative 534100 of BLSSA Pty Ltd ACN 117 651 760 (Australia Credit License 391237).


CRN: 484532

Andrew Vassarotti

2 Reviews

Get expert advice from a home loans specialist.

Andrew has spent over a decade working across industries including automotive, retail, construction, energy, mining, mineral processing, and infrastructure sectors. He prides himself in the ability to develop long lasting relationship with all kinds of people from contractors onsite, design engineers, managing directors, and mum and dad investors. Andrew has just completed his first home purchase and understands how important receiving good advice is during this exciting time for individuals and families. He is an excellent communicator and well versed at managing multiple stakeholders as part of complex projects. Andrew has a Master’s of Project Management (construction major) along with a Certificate IV in Finance & Mortgage Broking. He is currently undertaking his Diploma of Finance & Mortgage Broking. Outside of work he enjoys spending time in the gym with friends and travelling.


CRN: 527685

Quick home loan review

For Bare Essentials Home Loan (Principal and Interest)

These are the benefits of this home loan.

  • Interest rates ranked in the best 20%
  • No ongoing fees
  • Suitable for low deposits
  • Parents can sign as guarantor
  • Extra repayments and redraw facility
  • Free redraw facility
  • Split account option
  • Features on 2022 RateCity Awards

These are the drawbacks of this home loan.

  • No offset account
  • Higher than average upfront fee
  • Discharge fee at end of loan
  • No repayment holidays

Home loan overview

For Bare Essentials Home Loan (Principal and Interest)


Maximum LVR


Total Repayments

Next LVR

Interest rate type


Borrowing range

Suitable for

Owner Occupiers

Loan term range

10 - 30 years

Principal & interest

Interest only

Applicable states


Make repayments

Fortnightly, Monthly, Weekly


Extra repayments

Unlimited extra repayments

Redraw facility

Redraw fee: $0

Split interest facility

Loan portable

Repayment holiday available

Allow guarantors

Available for first home buyers


Total estimated upfront fees


Application fee


Valuation fee


Settlement fee


Other upfront fee


Ongoing fee


Discharge fee


Application method



In branch

Not available
Data not captured

Target Market Determination

Visit Illawarra Credit Union to view Target Market Determination.

Other Benefits

$6 monthly account keeping fee on the Everyday account waived while the Bare Essentials home loan is held (other fees and charges may apply).

Other Restrictions

Loan repayments must be made from an ICU Everyday transaction account


Illawarra Credit Union is available through brokers


What is the minimum amount you can apply for?

The range you can borrow from this loan is $30k to $99,999,999.

What's the minimum deposit needed for this loan?

This loan option comes with a maximum loan-to-value ratio of 95 percent, which means it requires a minimum deposit of 5 percent

What's the maximum length for this loan?

Illawarra Credit Union allows you to have this loan for a range of 10 to 30 years.

How often can you make repayments?

Illawarra Credit Union allows you to make repayments to this loan option through one of the following repayment schedules: fortnightly, monthly, weekly.

How much will the upfront fees be for this loan?

While it could change based on your circumstances, RateCity estimates that this loan option comes with $1,290 worth of upfront fees.

Does this loan come with a redraw facility?

Yes, this loan comes with a redraw, charged at $0 if you need to use it.

Where can you apply for this loan?

Illawarra Credit Union makes it possible to apply for this product online. Apply here.

Can a broker help me with this loan?

Yes, this Illawarra Credit Union loan is available through a broker. Find a broker to help you with your needs.