Southern Cross Credit Union home loan repayment calculator

Thinking about taking out a home loan with Southern Cross 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 Southern Cross Credit Union home loans compare with other options.

I am an

With a repayment type

Borrow amount

$

Deposit amount %

Loan term

Your estimated mortgage repayments

at interest rate 2.78%

Total interest payable

$0

Total loan repayments

$0

Pros and cons

  • Discounted rates available.
  • Flexible repayment features.
  • Moderate to low rates.
  • Loans require large deposits.
  • Limited local branch access.

Southern Cross Credit Union home loans rates

Product
Advertised Rate

2.78

% p.a

Variable

Total estimated upfront fees
$1044
Comparison Rate*

2.83

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.19

% p.a

Fixed - 4 years

Total estimated upfront fees
$1429
Comparison Rate*

2.98

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

1.99

% p.a

Fixed - 3 years

Total estimated upfront fees
$1429
Comparison Rate*

3.01

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.49

% p.a

Fixed - 5 years

Total estimated upfront fees
$1429
Comparison Rate*

3.02

% p.a

Ongoing fee
$0
Go to site
More details
Product
Advertised Rate

3.03

% p.a

Variable

Total estimated upfront fees
$1044
Comparison Rate*

3.08

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

1.99

% p.a

Fixed - 2 years

Total estimated upfront fees
$1429
Comparison Rate*

3.11

% p.a

Ongoing fee
$0
Go to site
More details
Product
Advertised Rate

3.08

% p.a

Variable

Total estimated upfront fees
$1044
Comparison Rate*

3.13

% p.a

Ongoing fee
$0
Go to site
More details
Product
Advertised Rate

3.18

% p.a

Variable

Total estimated upfront fees
$425
Comparison Rate*

3.19

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.09

% p.a

Fixed - 1 year

Total estimated upfront fees
$1429
Comparison Rate*

3.23

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

3.28

% p.a

Variable

Total estimated upfront fees
$1349
Comparison Rate*

3.33

% p.a

Ongoing fee
$0
Go to site
More details
Product
Advertised Rate

3.33

% p.a

Variable

Total estimated upfront fees
$1044
Comparison Rate*

3.38

% p.a

Ongoing fee
$0
Go to site
More details
Product
Advertised Rate

3.38

% p.a

Variable

Total estimated upfront fees
$425
Comparison Rate*

3.39

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.69

% p.a

Fixed - 3 years

Total estimated upfront fees
$1429
Comparison Rate*

3.44

% p.a

Ongoing fee
$0
Go to site
More details
Product
Advertised Rate

3.43

% p.a

Variable

Total estimated upfront fees
$425
Comparison Rate*

3.48

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

3.19

% p.a

Fixed - 5 years

Total estimated upfront fees
$1429
Comparison Rate*

3.49

% p.a

Ongoing fee
$0
Go to site
More details
Product
Advertised Rate

3.48

% p.a

Variable

Total estimated upfront fees
$425
Comparison Rate*

3.49

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.69

% p.a

Fixed - 2 years

Total estimated upfront fees
$1429
Comparison Rate*

3.51

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

3.19

% p.a

Fixed - 4 years

Total estimated upfront fees
$1429
Comparison Rate*

3.53

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.79

% p.a

Fixed - 1 year

Total estimated upfront fees
$1429
Comparison Rate*

3.61

% p.a

Ongoing fee
$0
Go to site
More details
Product
Advertised Rate

3.63

% p.a

Variable

Total estimated upfront fees
$425
Comparison Rate*

3.68

% p.a

Ongoing fee
$0
Go to site
More details
Product
Advertised Rate

3.68

% p.a

Variable

Total estimated upfront fees
$425
Comparison Rate*

3.69

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

3.68

% p.a

Variable

Total estimated upfront fees
$1429
Comparison Rate*

3.69

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.89

% p.a

Fixed - 3 years

Total estimated upfront fees
$1429
Comparison Rate*

3.71

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

3.39

% p.a

Fixed - 5 years

Total estimated upfront fees
$1429
Comparison Rate*

3.75

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

3.73

% p.a

Variable

Total estimated upfront fees
$425
Comparison Rate*

3.78

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.89

% p.a

Fixed - 2 years

Total estimated upfront fees
$1429
Comparison Rate*

3.79

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

3.39

% p.a

Fixed - 4 years

Total estimated upfront fees
$1429
Comparison Rate*

3.79

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.99

% p.a

Fixed - 1 year

Total estimated upfront fees
$1429
Comparison Rate*

3.90

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

3.93

% p.a

Variable

Total estimated upfront fees
$425
Comparison Rate*

3.98

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

3.98

% p.a

Variable

Total estimated upfront fees
$1429
Comparison Rate*

3.99

% p.a

Ongoing fee
$0
Go to site
More details

Southern Cross Credit Union customer service

Home loan customers can contact the Southern Cross Credit Union through a number of channels. These include a general customer phone line, an online enquiry form or via email. Customers can also meet with Southern Cross staff in person at one of their local NSW branches.

  • Customer service centre (phone)
  • Mobile app
  • Online banking
  • Email
  • Branch

How to Apply

Southern Cross Credit Union gives potential customers a number of options when applying for a home loan. These include contacting a SCCU home loan specialist by phone, email or in person at one of their local branches. Customers can also start their application via an online form on the Southern Cross Credit Union website and emailing it to a lending specialist. 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.
  • Details and type of employment.
  • Proof of incomes, including assets, rent and other earning.
  • Details regarding current debts, expenses, loans and liabilities.
  • Personal insurance documents.

Learn more about home loans

When do mortgage payments start after settlement?

Generally speaking, your first mortgage payment falls due one month after the settlement date. However, this may vary based on your mortgage terms. You can check the exact date by contacting your lender.

Usually your settlement agent will meet the seller’s representatives to exchange documents at an agreed place and time. The balance purchase price is paid to the seller. The lender will register a mortgage against your title and give you the funds to purchase the new home.

Once the settlement process is complete, the lender allows you to draw down the loan. The loan amount is debited from your loan account. As soon as the settlement paperwork is sorted, you can collect the keys to your new home and work your way through the moving-in checklist.

Cash or mortgage – which is more suitable to buy an investment property?

Deciding whether to buy an investment property with cash or a mortgage is a matter or personal choice and will often depend on your financial situation. Using cash may seem logical if you have the money in reserve and it can allow you to later use the equity in your home. However, there may be other factors to think about, such as whether there are other debts to pay down and whether it will tie up all of your spare cash. Again, it’s a personal choice and may be worth seeking personal advice.

A mortgage is a popular option for people who don’t have enough cash in the bank to pay for an investment property. Sometimes when you take out a mortgage you can offset your loan interest against the rental income you may earn. The rental income can also help to pay down the loan.

When does Commonwealth Bank charge an early exit fee?

When you take out a fixed interest home loan with the Commonwealth Bank, you’re able to lock the interest for a particular period. If the rates change during this period, your repayments remain unchanged. If you break the loan during the fixed interest period, you’ll have to pay the Commonwealth Bank home loan early exit fee and an administrative fee.

The Early Repayment Adjustment (ERA) and Administrative fees are applicable in the following instances:

  • If you switch your loan from fixed interest to variable rate
  • When you apply for a top-up home loan
  • If you repay over and above the annual threshold limit, which is $10,000 per year during the fixed interest period
  • When you prepay the entire outstanding loan balance before the end of the fixed interest duration.

The fee calculation depends on the interest rates, the amount you’ve repaid and the loan size. You can contact the lender to understand more about what you may have to pay. 

What do people do with a Macquarie Bank reverse?

There are a number of ways people use a Macquarie Bank reverse mortgage. Below are some reasons borrowers tend to release their home’s equity via a reverse mortgage:

  • To top up superannuation or pension income to pay for monthly bills;
  • To consolidate and repay high-interest debt like credit cards or personal loans;
  • To fund renovations, repairs or upgrades to their home
  • To help your children or grandkids through financial difficulties. 

While there are no limitations on how you can use a Macquarie reverse mortgage loan, a reverse mortgage is not right for all borrowers. Reverse mortgages compound the interest, which means you end up paying interest on your interest. They can also affect your entitlement to things like the pension It’s important to think carefully, read up and speak with your family before you apply for a reverse mortgage.

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

Can I take a personal loan after a home loan?

Are you struggling to pay the deposit for your dream home? A personal loan can help you pay the deposit. The question that may arise in your mind is can I take a home loan after a personal loan, or can you take a personal loan at the same time as a home loan, as it is. The answer is that, yes, provided you can meet the general eligibility criteria for both a personal loan and a home loan, your application should be approved. Those eligibility criteria may include:

  • Higher-income to show repayment capability for both the loans
  • Clear credit history with no delays in bill payments or defaults on debts
  • Zero or minimal current outstanding debt
  • Some amount of savings
  • Proven rent history will be positively perceived by the lenders

A personal loan after or during a home loan may impact serviceability, however, as the numbers can seriously add up. Every loan you avail of increases your monthly installments and the amount you use to repay the personal loan will be considered to lower the money available for the repayment of your home loan.

As to whether you can get a personal loan after your home loan, the answer is a very likely "yes", though it does come with a caveat: as long as you can show sufficient income to repay both the loans on time, you should be able to get that personal loan approved. A personal loan can also help to improve your credit score showing financial discipline and responsibility, which may benefit you with more favorable terms for your home loan.

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 apply for a home improvement loan?

When you want to renovate your home, you may need to take out a loan to cover the costs. You could apply for a home improvement loan, which is a personal loan that you use to cover the costs of your home renovations. There is no difference between applying for this type of home improvement loan and applying for a standard personal loan. It would be best to check and compare the features, fees and details of the loan before applying. 

Besides taking out a home improvement loan, you could also:

  1. Use the equity in your house: Equity is the difference between your property’s value and the amount you still owe on your home loan. You may be able to access this equity by refinancing your home loan and then using it to finance your home improvement.  Speak with your lender or a mortgage broker about accessing your equity.
  2. Utilise the redraw facility of your home loan: Check whether the existing home loan has a redraw facility. A redraw facility allows you to access additional funds you’ve repaid into your home loan. Some lenders offer this on variable rate home loans but not on fixed. If this option is available to you, contact your lender to discuss how to access it.
  3. Apply for a construction loan: A construction loan is typically used when constructing a new property but can also be used as a home renovation loan. You may find that a construction loan is a suitable option as it enables you to draw funds as your renovation project progresses. You can compare construction home loans online or speak to a mortgage broker about taking out such a loan.
  4. Look into government grants: Check whether there are any government grants offered when you need the funds and whether you qualify. Initiatives like the HomeBuilder Grant were offered by the Federal Government for a limited period until April 2021. They could help fund your renovations either in full or just partially.  

How is interest charged on a reverse mortgage from IMB Bank?

An IMB Bank reverse mortgage allows you to borrow against your home equity. You can draw down the loan amount as a lump sum, regular income stream, line of credit or a combination. The interest can either be fixed or variable. To understand the current rates, you can check the lender’s website.

No repayments are required as long as you live in the home. If you sell it or move to a senior living facility, the loan must be repaid in full. In some cases, this can also happen after you have died. Generally, the interest rates for reverse mortgages are higher than regular mortgage loans.

The interest is added to the loan amount and it is compounded. It means you’ll pay interest on the interest you accrue. Therefore, the longer you have the loan, the higher is the interest and the amount you’ll have to repay.

Can I get a home renovation loan with bad credit?

If you're looking for funds to pay for repairs or renovations to your home, but you have a low credit score, you need to carefully consider your options. If you already have a mortgage, a good starting point is to check whether you can redraw money from that. You could also consider applying for a new home loan. 

Before taking out a new loan, it’s good to note that lenders are likely to charge higher interest rates on home repair loans for bad credit customers. Alternatively, they may be willing to lend you a smaller amount than a standard loan. You may also face some challenges with getting your home renovation loan application approved. If you do run into trouble, you can speak to your lender and ask whether they would be willing to approve your application if you have a guarantor or co-signer. You should also explain the reasons behind your bad credit rating and the steps that you’re taking to improve it. 

Consulting a financial advisor or mortgage broker can help you understand your options and make the right choice.

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.

How do I apply for Westpac’s first home buyer loan?

If you’re a first home buyer looking to apply for a home loan with Westpac, they offer an online home loan application. They suggest the application can be completed in about 20 minutes. Based on the information you provide, Westpac will advise you the amount you can borrow and the costs associated with any possible home loan. 

You can use Westpac’s online mortgage calculators to estimate your borrowing power. You can also work out the time it might take to save up for the deposit, and the size of your home loan repayments

When applying for a home loan with Westpac, you’re assigned a home finance manager who can address your concerns and provide information. The manager will also offer guidance on any government grants you may be eligible for. 

How can I qualify for a joint home loan if my partner has bad credit?

As a couple, it's entirely possible that the credit scores of you and your partner could affect your financial future, especially if you apply for a joint home loan. When applying for a joint home loan, if one has bad credit, there may be steps that can help you to qualify even with bad credit, including:

  • Saving for a higher deposit, ideally 20 per cent or more. Keep in mind:  a borrowed amount of less than 80 per cent of the property value also saves the cost of Lender's Mortgage Insurance (LMI).
  • Consistent employment records, regular savings habits, and an economical lifestyle can help prove financial stability and responsibility. These can improve your chances of approval even if there are some negative marks on a credit report.
  • Delaying your decision to buy a property until your partner’s credit score improves. Alternatively, you may want to consider a solo application.

While these tips may assist, if you find this overwhelming, consider consulting an expert advisor who can offer personal guidance based on your financial situation.

Can first home buyers apply for an ING home loan?

First home buyers can apply for an ING home loan, but first, they need to select the most suitable home loan product and calculate the initial deposit on their home loan. 

First-time buyers can also use ING’s online tool to estimate the amount they can borrow. ING offers home loan applicants a free property report to look up property value estimates. 

First home loan applicants struggling to understand the terms used may consider looking up ING’s first home buyer guide. Once the home buyer is ready to apply for the loan, they can complete an online application or call ING at 1800 100 258 during regular business hours.

How can I apply for a first home buyers loan with Commonwealth Bank?

Getting a home loan requires planning and research. If you are considering a home loan with the Commonwealth Bank, you can find the information you need in the buying your first home section of the bank’s website.

You can see the steps you should take before applying for the loan and use the calculators to work out how much you can borrow, what your monthly repayments would be and the upfront costs you’d likely pay.

You can also book a time with a Commonwealth first home loan specialist by calling 13 2221.

CommBank publishes a property report that may help you understand the real estate market. The bank has also created a CommBank Property App that you can use to search for property.  The link to download this app is available on the same webpage.

If you are eligible for the First Home Loan Deposit Scheme, CommBank will help you process your application. The scheme helps first home buyers to purchase a home with a low deposit. You can read details about this scheme here and speak with a CommBank home lending specialist to understand your options.