In 1963, Sydney Credit Union (SCU) was formed as an alternative to banks for City of Sydney council members. It quickly expanded to offer services to 12 other councils, then in later years merged with several other credit unions.
With its head office in Blacktown, SCU has 17 branches, mostly in Sydney’s western suburbs.
SCU is owned by its members, so profits go back into the business and are passed onto members through lower fees and rates.
SCU home loans rates
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Fixed - 3 years
- Competitive rates.
- Flexible payment options.
- Extra repayments often permitted.
- Small branch network.
Potential SCU customers have access to the credit union’s mobile lenders. They can also use internet banking, contact the lender via email or phone the customer service line, which is attended to 6 days a week.
- Customer service centre (phone, email, branch)
- Online banking
- Mobile banking staff
- Social media
How to Apply
SCU customers can apply for a home loan through a number of methods. These include by phone or email, via the online application form on the SCU website, or by booking a phone appointment with a home loan specialist. Customers can also apply in person at a branch. Before applying for a home loan it is advisable to think about how much money you could conceivably borrow given your financial situation and income. You will also need to provide documentation when applying for a home loan. This will include:
- Personal identification material.
- Proof of income and other earnings.
- Proof and type of employment.
- Details of current loans, debts and liabilities.
- Personal insurance documents.
About Sydney Credit Union home loans
There are several types of home loans available from SCU that would suit a wide variety of customers:
- First home buyers
- Self-employed (low-doc loans)
- Line of credit loans
Borrowers who take out a home loan with SCU can choose from a variety of interest rate options:
- Fixed interest rates
- Variable interest rates
- Interest-only home loans
- Principal-and-interest home loans
- Split loans
SCU offers home loans that let customers borrow up to 95 per cent of the property’s value, although conditions do apply.
The maximum term of a home loan offered by SCU is 30 years and repayments can be made weekly, fortnightly or monthly.
Customers who take out a home loan with SCU can also make extra repayments, although some restrictions do apply depending on the product. Redraw facilities and offset accounts are also available.
Sydney Credit Union home loan rates
Interest rates vary significantly depending on the size of the home loan. The way SCU structures its products is the larger the loan, the lower the interest rate.
As a general rule, the mortgage interest rates on SCU owner-occupier loans are lower than the investor loans, and customers paying principal and interest get lower interest rates than those paying interest-only.
Compared to other current home loan interest rates offered by its competitors, SCU generally has moderately low interest rates for owner-occupiers.
When it comes to investment loans, both interest-only and principal and interest, SCU has moderate interest rates compared to other lenders in Australia.
Upfront fees vary between products but are generally moderately high, and ongoing fees are high compared to other Australian home loan lenders. A one-off discharge fees is also added at the end of a loan period.
Sydney Credit Union home loans review
SCU doesn’t have shareholders, so unlike the big banks that need to pass on dividends, SCU can pass its profits back onto members though lower interest rates. Overall, SCU’s interest rates tend to be in the moderately low to moderate range.
With assets worth more than $800,000,000, SCU has a solid home loan customer base. Although it is much smaller and not as well-known than the big banks, feedback from customers of SCU is that they enjoy the personalised and friendly service they receive.
SCU offers home loans to customers throughout Australia, but its core base is in Sydney, mostly in the west, close to its branches. However, customers can also get services over the phone, online and SCU has a team of mobile banking staff available to home loan customers.
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Real Time RatingsTM looks at your individual home loan requirements and uses this information to rank every applicable home loan in our database out of five.
This score is based on two main factors – cost and flexibility.
Cost is calculated by looking at the interest rates and fees over the first five years of the loan.
Flexibility is based on whether a loan offers features such as an offset account, redraw facility and extra repayments.
Real Time RatingsTM also includes the following assumptions:
- Costs are calculated on the current variable rate however they could change in the future.
- Loans are assumed to be principal and interest
- Fixed-rate loans with terms greater than five years are still assessed on a five-year basis, so 10-year fixed loans are assessed as being only five years’ long.
- Break costs are not included.