Summerland Credit Union home loan repayment calculator

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

I'd like to borrow

$

I am an

Loan term

With a repayment type

Your estimated repayments

at interest rate 3.31 %

Total interest payable

$0

Total amount payable

$0

Pros and cons

  • Competitive interest rates.
  • Opportunity to bundle other financial products.
  • Online loan application process.
  • Fast loan approval.
  • Eco-friendly loans.
  • Must be a member.
  • Limited branch access.
  • Limited features on fixed loans.

Summerland Credit Union home loans rates

Product
Advertised Rate
Total estimated upfront fees
Comparison Rate*
Ongoing fee
Go to site
Company

3.31%

Variable

$600

3.36%

$0
Summerland Credit Union
More details

2.97%

Variable

$0

3.40%

$380 annually
Summerland Credit Union
More details

3.38%

Variable

$800

3.54%

$8 monthly
Summerland Credit Union
More details

3.51%

Variable

$600

3.56%

$0
Summerland Credit Union
More details

3.29%

Variable

$0

3.71%

$380 annually
Summerland Credit Union
More details

3.31%

Variable

$0

3.73%

$380 annually
Summerland Credit Union
More details

3.58%

Variable

$800

3.74%

$8 monthly
Summerland Credit Union
More details

3.48%

Variable

$0

3.90%

$380 annually
Summerland Credit Union
More details

3.51%

Variable

$0

3.93%

$380 annually
Summerland Credit Union
More details

3.85%

Variable

$800

4.01%

$8 monthly
Summerland Credit Union
More details

2.99%

Fixed - 5 years

$800

4.05%

$8 monthly
Summerland Credit Union
More details

2.29%

Fixed - 3 years

$800

4.09%

$8 monthly
Summerland Credit Union
More details

3.68%

Variable

$0

4.09%

$380 annually
Summerland Credit Union
More details

2.99%

Fixed - 4 years

$800

4.15%

$8 monthly
Summerland Credit Union
More details

4.05%

Variable

$800

4.21%

$8 monthly
Summerland Credit Union
More details

2.39%

Fixed - 2 years

$800

4.28%

$8 monthly
Summerland Credit Union
More details

4.17%

Variable

$800

4.35%

$10 monthly
Summerland Credit Union
More details

3.19%

Fixed - 5 years

$800

4.40%

$8 monthly
Summerland Credit Union
More details

2.39%

Fixed - 1 year

$800

4.47%

$8 monthly
Summerland Credit Union
More details

3.19%

Fixed - 4 years

$800

4.52%

$8 monthly
Summerland Credit Union
More details

2.69%

Fixed - 3 years

$800

4.53%

$8 monthly
Summerland Credit Union
More details

4.37%

Variable

$800

4.55%

$10 monthly
Summerland Credit Union
More details

4.49%

Variable

$800

4.67%

$10 monthly
Summerland Credit Union
More details

4.51%

Variable

$800

4.67%

$8 monthly
Summerland Credit Union
More details

2.79%

Fixed - 2 years

$800

4.73%

$8 monthly
Summerland Credit Union
More details

4.69%

Variable

$800

4.86%

$10 monthly
Summerland Credit Union
More details

2.79%

Fixed - 1 year

$800

4.92%

$8 monthly
Summerland Credit Union
More details

4.98%

Variable

$800

5.13%

$8 monthly
Summerland Credit Union
More details

Summerland Credit Union customer service

Summerland Credit Union’s branches are located throughout the NSW north coast and regional areas, with one branch in Coolangatta, Queensland. Members can access their money with Summerland ATMs as well as all ATMs in the national Westpac network, including St George, Bank of Melbourne and BankSA ATMs. As a Summerland cardholder, you pay no direct charge fees at any of these ATMs.

  • Customer service centre (phone)
  • ATMs
  • Mobile app
  • Online banking
  • Email inquiries
  • NSW branches

How to Apply

To become a member of Summerland, you need to complete a membership application, which you can do online. All Australian citizens and permanent residents are eligible to apply, provided you are over 18 years old. Documents you need include:

  • Personal ID.
  • Proof of income – whether you are self-employed or work for an employer.
  • Proof of other income, including rental income.
  • Information regarding existing debts, liabilities and assets.

Learn more about Summerland Credit Union

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

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.

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 much money can I borrow for a home loan?

Tip: You can use RateCity how much can I borrow calculator to get a quick answer.

How much money you can borrow for a home loan will depend on a number of factors including your employment status, your income (and your partner’s income if you are taking out a joint loan), the size of your deposit, your living expenses and any other debt you might hold, including credit cards. 

A good place to start is to work out how much you can afford to make in monthly repayments, factoring in a buffer of at least 2 – 3 per cent to allow for interest rate rises along the way. You’ll also need to factor in additional costs that come with purchasing a property such as stamp duty, legal fees, building inspections, strata or council fees.

If you are planning on renting the property, you can factor in the expected rental income to help offset the mortgage, but again it’s prudent to add a significant buffer to allow for rental management fees, maintenance costs and short periods of no rental income when tenants move out. It’s also wise to factor in changes in personal circumstances – the typical home loan lasts for around 30 years and a lot can happen between now and then.

Do the big four banks have guarantor home loans?

Yes, ANZ, Commonwealth Bank, NAB and Westpac all offer guarantor home loans. These mortgages are also offered by many other banks, credit unions and building societies.

Does Australia have no cost refinancing?

No Cost Refinancing is an option available in the US where the lender or broker covers your switching costs, such as appraisal fees and settlement costs. Unfortunately, no cost refinancing isn’t available in Australia.

Can I change jobs while I am applying for a home loan?

Whether you’re a new borrower or you’re refinancing your home loan, many lenders require you to be in a permanent job with the same employer for at least 6 months before applying for a home loan. Different lenders have different requirements. 

If your work situation changes for any reason while you’re applying for a mortgage, this could reduce your chances of successfully completing the process. Contacting the lender as soon as you know your employment situation is changing may allow you to work something out. 

Can I get a home loan if I am on an employment contract?

Some lenders will allow you to apply for a mortgage if you are a contractor or freelancer. However, many lenders prefer you to be in a permanent, ongoing role, because a more stable income means you’re more likely to keep up with your repayments.

If you’re a contractor, freelancer, or are otherwise self-employed, it may still be possible to apply for a low-doc home loan, as these mortgages require less specific proof of income.

Will I have to pay lenders' mortgage insurance twice if I refinance?

If your deposit was less than 20 per cent of your property’s value when you took out your original loan, you may have paid lenders’ mortgage insurance (LMI) to cover the lender against the risk that you may default on your repayments. 

If you refinance to a new home loan, but still don’t have enough deposit and/or equity to provide 20 per cent security, you’ll need to pay for the lender’s LMI a second time. This could potentially add thousands or tens of thousands of dollars in upfront costs to your mortgage, so it’s important to consider whether the financial benefits of refinancing may be worth these costs.

Is there a limit to how many times I can refinance?

There is no set limit to how many times you are allowed to refinance. Some surveyed RateCity users have refinanced up to three times.

However, if you refinance several times in short succession, it could affect your credit score. Lenders assess your credit score when you apply for new loans, so if you end up with bad credit, you may not be able to refinance if and when you really need to.

Before refinancing multiple times, consider getting a copy of your credit report and ensure your credit history is in good shape for future refinances.

I have a poor credit rating. Am I still able to get a mortgage?

Some lenders still allow you to apply for a home loan if you have impaired credit. However, you may pay a slightly higher interest rate and/or higher fees. This is to help offset the higher risk that you may default on your repayments.

I can't pick a loan. Should I apply to multiple lenders?

Applying for home loans with multiple lenders at once can affect your credit history, as multiple loan applications in short succession can make you look like a risky borrower. Comparing home loans from different lenders, assessing their features and benefits, and making one application to a preferred lender may help to improve your chances of success

Will I be paying two mortgages at once when I refinance?

No, given the way the loan and title transfer works, you will not have to pay two mortgages at the one time. You will make your last monthly repayment on loan number one and then the following month you will start paying off loan number two.

If I don't like my new lender after I refinance, can I go back to my previous lender?

If you wish to return to your previous lender after refinancing, you will have to go through the refinancing process again and pay a second set of discharge and upfront fees. 

Therefore, before you refinance, it’s important to weigh up the new prospective lender against your current lender in a number of areas, including fees, flexibility, customer service and interest rate.

Can I refinance if I have other products bundled with my home loan?

If your home loan was part of a package deal that included access to credit cards, transaction accounts or term deposits from the same lender, switching all of these over to a new lender can seem daunting. However, some lenders offer to manage part of this process for you as an incentive to refinance with them – contact your lender to learn more about what they offer.