Platinum Professional Home Loan Fixed 2 Years
- Last updated on 02 Apr 2020
Fixed - 2 years
based on $300,000 loan amount for 25 years
- Suitable for low deposits
- Parents can sign as guarantor
- Extra repayments + redraw services
- Free redraw facility
- Limited extra repayments
- Annual fee charged
- Discharge fee at end of loan
- Repayments won't decrease if RBA cuts rates
Interest rate structure
Fixed - 2 years
$750k - $100m
Principal & interest
Loan term range
1 - 30 years
Allowed with restrictions
Redraw fee: $0
Allows split interest
ACT, NSW, NT, QLD, SA, TAS, VIC, WA
Estimated upfront fees
Minimum SMSF Amount
Compare and review home loans with similar features
Southern Cross Credit Union, or SCCU, is a customer-owned credit union that was formed in 1966 in the Tweed Valley of NSW. Formerly known as the Tweed Byron Credit Union, it was renamed the Southern Cross Credit Union in 1997.
The credit union is based in Murwillumbah and has a network of branches throughout northern NSW. It provides financial services and products, such as personal and business loans, home loans, insurance, credit cards, savings account as well as financial planning and advice.
Southern Cross Credit Union Home Loan Calculator
Interested in an Southern Cross home loan? RateCity has a suite of calculators that can show you what your repayments would be and how Southern Cross compares to its competitors. Simply plug in your borrowing amount below.
The best mortgage to suit your needs will vary depending on your individual circumstances. If you want to be mortgage free as soon as possible, consider taking out a mortgage with a shorter term, such as 25 years as opposed to 30 years, and make the highest possible mortgage repayments. You might also want to consider a loan with an offset facility to help reduce costs. Investors, on the other hand, might have different objectives so the choice of loan will differ.
Whether you decide on a fixed or variable interest rate will depend on your own preference for stability in repayment amounts, and flexibility when it comes to features.
If you do not have a deposit or will not be in a financial position to make large repayments right away you may wish to consider asking a parent to be a guarantor or looking at interest only loans. Again, which one of these options suits you best is reliant on many factors and you should seek professional advice if you are unsure which mortgage will suit you best.
A fixed rate home loan is a loan where the interest rate is set for a certain amount of time, usually between one and 15 years. The advantage of a fixed rate is that you know exactly how much your repayments will be for the duration of the fixed term. There are some disadvantages to fixing that you need to be aware of. Some products won’t let you make extra repayments, or offer tools such as an offset account to help you reduce your interest, while others will charge a significant break fee if you decide to terminate the loan before the fixed period finishes.
A variable rate home loan is one where the interest rate can and will change over the course of your loan. The rate is determined by your lender, not the Reserve Bank of Australia, so while the cash rate might go down, your bank may decide not to follow suit, although they do broadly follow market conditions. One of the upsides of variable rates is that they are typically more flexible than their fixed rate counterparts which means that a lot of these products will let you make extra repayments and offer features such as offset accounts.
Split rates home loans
A split loan lets you fix a portion of your loan, and leave the remainder on a variable rate so you get a bet each way on fixed and variable rates. A split loan is a good option for someone who wants the peace of mind that regular repayments can provide but still wants to retain some of the additional features variable loans typically provide such as an offset account. Of course, with most things in life, split loans are still a trade-off. If the variable rate goes down, for example, the lower interest rates will only apply to the section that you didn’t fix.