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 am an

With a repayment type

Borrow amount

$

Deposit amount %

Loan term

Your estimated mortgage repayments

at interest rate 2.14%

Total interest payable

$0

Total loan repayments

$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

Advertised Rate

2.69

% p.a

Variable

Total estimated upfront fees
$0
Comparison Rate*

2.82

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

3.16

% p.a

Variable

Total estimated upfront fees
$0
Comparison Rate*

3.28

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

3.31

% p.a

Variable

Total estimated upfront fees
$600
Comparison Rate*

3.37

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

3.38

% p.a

Variable

Total estimated upfront fees
$800
Comparison Rate*

3.55

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

3.51

% p.a

Variable

Total estimated upfront fees
$600
Comparison Rate*

3.56

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

3.31

% p.a

Variable

Total estimated upfront fees
$0
Comparison Rate*

3.74

% p.a

Ongoing fee
$380 annually
Go to site
More details
Advertised Rate

3.58

% p.a

Variable

Total estimated upfront fees
$800
Comparison Rate*

3.74

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

3.48

% p.a

Variable

Total estimated upfront fees
$0
Comparison Rate*

3.91

% p.a

Ongoing fee
$380 annually
Go to site
More details
Advertised Rate

3.51

% p.a

Variable

Total estimated upfront fees
$0
Comparison Rate*

3.93

% p.a

Ongoing fee
$380 annually
Go to site
More details
Product
Advertised Rate

2.89

% p.a

Fixed - 5 years

Total estimated upfront fees
$800
Comparison Rate*

4.02

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

3.85

% p.a

Variable

Total estimated upfront fees
$800
Comparison Rate*

4.02

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

3.68

% p.a

Variable

Total estimated upfront fees
$0
Comparison Rate*

4.09

% p.a

Ongoing fee
$380 annually
Go to site
More details
Product
Advertised Rate

2.39

% p.a

Fixed - 3 years

Total estimated upfront fees
$800
Comparison Rate*

4.12

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Product
Advertised Rate

2.89

% p.a

Fixed - 4 years

Total estimated upfront fees
$800
Comparison Rate*

4.13

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

4.05

% p.a

Variable

Total estimated upfront fees
$800
Comparison Rate*

4.21

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Product
Advertised Rate

2.14

% p.a

Fixed - 2 years

Total estimated upfront fees
$800
Comparison Rate*

4.24

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

4.17

% p.a

Variable

Total estimated upfront fees
$800
Comparison Rate*

4.35

% p.a

Ongoing fee
$10 monthly
Go to site
More details
Product
Advertised Rate

2.14

% p.a

Fixed - 1 year

Total estimated upfront fees
$800
Comparison Rate*

4.45

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Product
Advertised Rate

3.19

% p.a

Fixed - 4 years

Total estimated upfront fees
$800
Comparison Rate*

4.53

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Product
Advertised Rate

2.74

% p.a

Fixed - 3 years

Total estimated upfront fees
$800
Comparison Rate*

4.55

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

4.37

% p.a

Variable

Total estimated upfront fees
$800
Comparison Rate*

4.55

% p.a

Ongoing fee
$10 monthly
Go to site
More details
Advertised Rate

4.49

% p.a

Variable

Total estimated upfront fees
$800
Comparison Rate*

4.67

% p.a

Ongoing fee
$10 monthly
Go to site
More details
Advertised Rate

4.51

% p.a

Variable

Total estimated upfront fees
$800
Comparison Rate*

4.67

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Product
Advertised Rate

2.54

% p.a

Fixed - 2 years

Total estimated upfront fees
$800
Comparison Rate*

4.69

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

4.69

% p.a

Variable

Total estimated upfront fees
$800
Comparison Rate*

4.86

% p.a

Ongoing fee
$10 monthly
Go to site
More details
Product
Advertised Rate

2.54

% p.a

Fixed - 1 year

Total estimated upfront fees
$800
Comparison Rate*

4.90

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

4.98

% p.a

Variable

Total estimated upfront fees
$800
Comparison Rate*

5.13

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Product
Advertised Rate

3.19

% p.a

Fixed - 5 years

Total estimated upfront fees
$800
Comparison Rate*

5.14

% p.a

Ongoing fee
$8 monthly
Go to site
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 home loans

Why does Westpac charge an early termination fee for home loans?

The Westpac home loan early termination fee or break cost is applicable if you have a fixed rate home loan and repay part of or the whole outstanding amount before the fixed period ends. If you’re switching between products before the fixed period ends, you’ll pay a switching break cost and an administrative fee. 

The Westpac home loan early termination fee may not apply if you repay an amount below the prepayment threshold. The prepayment threshold is the amount Westpac allows you to repay during the fixed period outside your regular repayments.

Westpac charges this fee because when you take out a home loan, the bank borrows the funds with wholesale rates available to banks and lenders. Westpac will then work out your interest rate based on you making regular repayments for a fixed period. If you repay before this period ends, the lender may incur a loss if there is any change in the wholesale rate of interest.

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.

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.

What are the features of home loans for expats from Westpac?

If you’re an Australian citizen living and working abroad, you can borrow to buy a property in Australia. With a Westpac non-resident home loan, you can borrow up to 80 per cent of the property value to purchase a property whilst living overseas. The minimum loan amount for these loans is $25,000, with a maximum loan term of 30 years.

The interest rates and other fees for Westpac non-resident home loans are the same as regular home loans offered to borrowers living in Australia. You’ll have to submit proof of income, six-month bank statements, an employment letter, and your last two payslips. You may also be required to submit a copy of your passport and visa that shows you’re allowed to live and work abroad.

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

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. 

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.

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.

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 to apply for a pre-approval home loan from Bendigo Bank?

Applying for pre-approval on your home loan gives you confidence in your ability to secure finance while looking at potential new homes. You can get a free and personalised pre-approval home loan from Bendigo Bank in just a few minutes, without any credit checks or paperwork. 

Bendigo Bank offers pre-approval for home loans that allow you to understand the home loan size you may be able to get before looking for a new home. 

With the pre-approval, Bendigo Bank provides an estimate of your borrowing power. This figure incorporates stamp duty, lenders mortgage insurance (LMI) and any first home buyer incentives you may be eligible for. You may also qualify for the First Home Loan Deposit Scheme initiative, depending on your circumstances. 

To apply for a pre-approval on your home loan from Bendigo Bank, all you need to do is fill in a smart form. You could also contact the bank directly on 1300 236 344.

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.  

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 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.

How do you determine which home loan rates/products I’m shown?

When you check your home loan rate, you’ll supply some basic information about your current loan, including the amount owing on your mortgage and your current interest rate.

We’ll compare this information to the home loan options in the RateCity database and show you which home loan products you may be eligible to apply for.

 

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.