Illawarra Credit Union

The Works 5 years fixed (Principal and Interest)

Advertised Rate

2.99%

Fixed - 5 years

Comparison Rate*

3.20%

Maximum LVR
80%
Real Time Rating™

0.95

/ 5
Monthly Repayment

$1,263

based on $300,000 loan amount for 25 years

Advertised Rate

2.99%

Fixed - 5 years

Comparison Rate*

3.20%

Maximum LVR
80%
Real Time Rating™

0.95

/ 5
Monthly Repayment

$1,263

based on $300,000 loan amount for 25 years

Calculate repayment for Illawarra Credit Union product

I'd like to borrow

$

Loan term

years

Your estimated repayment

$1,263

based on $300,000 loan amount for 25 years

MICHAEL KIANG

5.0
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Pros and Cons

Pros and Cons

  • Lower than average interest rate
  • 100% full offset account
  • No extra repayments
  • No redraw facility
  • Ongoing fee
  • Discharge fee at end of loan

Illawarra Credit Union Features and Fees

Illawarra Credit Union Features and Fees

Details

Maximum LVR

80%

Total Repayments

Next LVR

Interest rate type

Fixed - 5 years

Borrowing range

Suitable for

Owner Occupiers

Loan term range

5 - 30 years

Principal & interest

Interest only

Applicable states

ACT, NSW, NT, QLD, SA, TAS, VIC, WA

Make repayments

Monthly

Features

Extra repayments

Not Allowed

Redraw facility

Split interest facility

Loan portable

Repayment holiday available

Allow guarantors

Available for first home buyers

Fees

Total estimated upfront fees

$1282

Application fee

$600

Valuation fee

$242

Settlement fee

$0

Other upfront fee

$0

Ongoing fee

$395 annually

Discharge fee

$350

Application method

Online

Phone

Broker

In branch

Other Benefits

20% QBE Home and Contents Insurance rebate offer No bull low rate Credit card fee waived while the Works Package is active

Pros and Cons

  • Lower than average interest rate
  • 100% full offset account
  • No extra repayments
  • No redraw facility
  • Ongoing fee
  • Discharge fee at end of loan

Illawarra Credit Union Features and Fees

Details

Maximum LVR

80%

Total Repayments

Next LVR

Interest rate type

Fixed - 5 years

Borrowing range

Suitable for

Owner Occupiers

Loan term range

5 - 30 years

Principal & interest

Interest only

Applicable states

ACT, NSW, NT, QLD, SA, TAS, VIC, WA

Make repayments

Monthly

Features

Extra repayments

Not Allowed

Redraw facility

Split interest facility

Loan portable

Repayment holiday available

Allow guarantors

Available for first home buyers

Fees

Total estimated upfront fees

$1282

Application fee

$600

Valuation fee

$242

Settlement fee

$0

Other upfront fee

$0

Ongoing fee

$395 annually

Discharge fee

$350

Application method

Online

Phone

Broker

In branch

Other Benefits

20% QBE Home and Contents Insurance rebate offer No bull low rate Credit card fee waived while the Works Package is active

FAQs

What is a credit file?

A comprehensive summary of your credit history from an authorised credit reporting agency.

It includes your credit details, credit taken in the last five years, any default payments or credit infringements, arrears, repayment history, bankruptcy filings and a list of credit applications (including unapproved credit applications) in addition to your personal details.

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.

Mortgage Calculator, Loan Amount

How much you intend to borrow. 

Mortgage Balance

The amount you currently owe your mortgage lender. If you are not sure, enter your best estimate.

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.

Mortgage Calculator, Loan Term

How long you wish to take to pay off your loan. 

Monthly Repayment

Your current monthly home loan repayment. To accurately calculate how much you could save, an accurate payment figure is required. If you are not certain, check your bank statement.

Interest Rate

Your current home loan interest rate. To accurately calculate how much you could save, an accurate interest figure is required. If you are not certain, check your bank statement or log into your mortgage account.

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.

What is the amortisation period?

Popularly known as the loan term, the amortisation period is the time over which the borrower must pay back both the loan’s principal and interest. It is usually determined during the application approval process.

Who offers 40 year mortgages?

Home loans spanning 40 years are offered by select lenders, though the loan period is much longer than a standard 30-year home loan. You're more likely to find a maximum of 35 years, such as is the case with Teacher’s Mutual Bank

Currently, 40 year home loan lenders in Australia include AlphaBeta Money, BCU, G&C Mutual Bank, Pepper, and Sydney Mutual Bank.

Even though these lengthier loans 35 to 40 year loans do exist on the market, they are not overwhelmingly popular, as the extra interest you pay compared to a 30-year loan can be over $100,000 or more.

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 is a valuation and valuation fee?

A valuation is an assessment of what your home is worth, calculated by a professional valuer. A valuation report is typically required whenever a property is bought, sold or refinanced. The valuation fee is paid to cover the cost of preparing a valuation report.

What is a specialist lender?

Specialist lenders, also known as non-conforming lenders, are lenders that offer mortgages to ‘non-vanilla’ borrowers who struggle to get finance at mainstream banks.

That includes people with bad credit, as well as borrowers who are self-employed, in casual employment or are new to Australia.

Specialist lenders take a much more flexible approach to assessing mortgage applications than mainstream banks.

Mortgage Calculator, Repayments

The money you pay back to your lender at regular intervals. 

Savings over

Select a number of years to see how much money you can save with different home loans over time.

e.g. To see how much you could save in two years by switching mortgages,  set the slider to 2.

What is appreciation or depreciation of property?

The increase or decrease in the value of a property due to factors including inflation, demand and political stability.

Why should you trust Real Time Ratings?

Real Time Ratings™ was conceived by a team of data experts who have been analysing trends and behaviour in the home loan market for more than a decade. It was designed purely to meet the evolving needs of home loan customers who wish to merge low cost with flexible features quickly. We believe it fills a glaring gap in the market by frequently re-rating loan products based on the changes lenders make daily.

Real Time Ratings™ is a new idea and will change over time to match the frequently-evolving demands of the market. Some things won’t change though – it will always rate all relevent products in our database and will not be influenced by advertising.

If you have any feedback about Real Time Ratings™, please get in touch.

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, Loan Results

These are the loans that may be suitable, based on your pre-selected criteria.