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 5.00%

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

2.79%

Variable

Total estimated upfront fees
$0
Comparison Rate*

2.92%

Ongoing fee
$8 monthly
Go to site
Company
Summerland Credit Union
More details
Advertised Rate

3.31%

Variable

Total estimated upfront fees
$600
Comparison Rate*

3.37%

Ongoing fee
$0
Go to site
Company
Summerland Credit Union
More details
Advertised Rate

3.26%

Variable

Total estimated upfront fees
$0
Comparison Rate*

3.38%

Ongoing fee
$8 monthly
Go to site
Company
Summerland Credit Union
More details
Advertised Rate

3.38%

Variable

Total estimated upfront fees
$800
Comparison Rate*

3.55%

Ongoing fee
$8 monthly
Go to site
Company
Summerland Credit Union
More details
Advertised Rate

3.51%

Variable

Total estimated upfront fees
$600
Comparison Rate*

3.56%

Ongoing fee
$0
Go to site
Company
Summerland Credit Union
More details
Advertised Rate

3.31%

Variable

Total estimated upfront fees
$0
Comparison Rate*

3.74%

Ongoing fee
$380 annually
Go to site
Company
Summerland Credit Union
More details
Advertised Rate

3.58%

Variable

Total estimated upfront fees
$800
Comparison Rate*

3.74%

Ongoing fee
$8 monthly
Go to site
Company
Summerland Credit Union
More details
Product
Advertised Rate

2.49%

Fixed - 5 years

Total estimated upfront fees
$800
Comparison Rate*

3.86%

Ongoing fee
$8 monthly
Go to site
Company
Summerland Credit Union
More details
Advertised Rate

3.48%

Variable

Total estimated upfront fees
$0
Comparison Rate*

3.91%

Ongoing fee
$380 annually
Go to site
Company
Summerland Credit Union
More details
Advertised Rate

3.51%

Variable

Total estimated upfront fees
$0
Comparison Rate*

3.93%

Ongoing fee
$380 annually
Go to site
Company
Summerland Credit Union
More details
Product
Advertised Rate

2.49%

Fixed - 4 years

Total estimated upfront fees
$800
Comparison Rate*

4.00%

Ongoing fee
$8 monthly
Go to site
Company
Summerland Credit Union
More details
Advertised Rate

3.85%

Variable

Total estimated upfront fees
$800
Comparison Rate*

4.02%

Ongoing fee
$8 monthly
Go to site
Company
Summerland Credit Union
More details
Product
Advertised Rate

2.24%

Fixed - 3 years

Total estimated upfront fees
$800
Comparison Rate*

4.08%

Ongoing fee
$8 monthly
Go to site
Company
Summerland Credit Union
More details
Advertised Rate

3.68%

Variable

Total estimated upfront fees
$0
Comparison Rate*

4.09%

Ongoing fee
$380 annually
Go to site
Company
Summerland Credit Union
More details
Advertised Rate

4.05%

Variable

Total estimated upfront fees
$800
Comparison Rate*

4.21%

Ongoing fee
$8 monthly
Go to site
Company
Summerland Credit Union
More details
Product
Advertised Rate

2.79%

Fixed - 5 years

Total estimated upfront fees
$800
Comparison Rate*

4.25%

Ongoing fee
$8 monthly
Go to site
Company
Summerland Credit Union
More details
Product
Advertised Rate

2.24%

Fixed - 2 years

Total estimated upfront fees
$800
Comparison Rate*

4.26%

Ongoing fee
$8 monthly
Go to site
Company
Summerland Credit Union
More details
Advertised Rate

4.17%

Variable

Total estimated upfront fees
$800
Comparison Rate*

4.35%

Ongoing fee
$10 monthly
Go to site
Company
Summerland Credit Union
More details
Product
Advertised Rate

2.79%

Fixed - 4 years

Total estimated upfront fees
$800
Comparison Rate*

4.40%

Ongoing fee
$8 monthly
Go to site
Company
Summerland Credit Union
More details
Product
Advertised Rate

2.24%

Fixed - 1 year

Total estimated upfront fees
$800
Comparison Rate*

4.46%

Ongoing fee
$8 monthly
Go to site
Company
Summerland Credit Union
More details
Product
Advertised Rate

2.59%

Fixed - 3 years

Total estimated upfront fees
$800
Comparison Rate*

4.51%

Ongoing fee
$8 monthly
Go to site
Company
Summerland Credit Union
More details
Advertised Rate

4.37%

Variable

Total estimated upfront fees
$800
Comparison Rate*

4.55%

Ongoing fee
$10 monthly
Go to site
Company
Summerland Credit Union
More details
Advertised Rate

4.49%

Variable

Total estimated upfront fees
$800
Comparison Rate*

4.67%

Ongoing fee
$10 monthly
Go to site
Company
Summerland Credit Union
More details
Advertised Rate

4.51%

Variable

Total estimated upfront fees
$800
Comparison Rate*

4.67%

Ongoing fee
$8 monthly
Go to site
Company
Summerland Credit Union
More details
Product
Advertised Rate

2.64%

Fixed - 2 years

Total estimated upfront fees
$800
Comparison Rate*

4.71%

Ongoing fee
$8 monthly
Go to site
Company
Summerland Credit Union
More details
Advertised Rate

4.69%

Variable

Total estimated upfront fees
$800
Comparison Rate*

4.86%

Ongoing fee
$10 monthly
Go to site
Company
Summerland Credit Union
More details
Product
Advertised Rate

2.64%

Fixed - 1 year

Total estimated upfront fees
$800
Comparison Rate*

4.91%

Ongoing fee
$8 monthly
Go to site
Company
Summerland Credit Union
More details
Advertised Rate

4.98%

Variable

Total estimated upfront fees
$800
Comparison Rate*

5.13%

Ongoing fee
$8 monthly
Go to site
Company
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 home loans

Can I apply for an ANZ non-resident home loan? 

You may be eligible to apply for an ANZ non-resident home loan only if you meet the following two conditions:

  1. You hold a Temporary Skill Shortage (TSS) visa or its predecessor, the Temporary Skilled Work (subclass 457) visa.
  2. Your job is included in the Australian government’s Medium and Long Term Strategic Skills List. 

However, non-resident home loan applications may need Foreign Investment Review Board (FIRB) approval in addition to meeting ANZ’s Mortgage Credit Requirements. Also, they may not be eligible for loans that require paying for Lender’s Mortgage Insurance (LMI). As a result, you may not be able to borrow more than 80 per cent of your home’s value. However, you can apply as a co-borrower with your spouse if they are a citizen of either Australia or New Zealand, or are a permanent resident.

How can I get ANZ home loan pre-approval?

Shopping for a new home is an exciting experience and getting a pre-approval on the loan may give you the peace of mind that you are looking at properties within your budget. 

At the time of applying for the ANZ Bank home loan pre-approval, you will be required to provide proof of employment and income, along with records of your savings and debts.

An ANZ home loan pre-approval time frame is usually up to three months. However, being pre-approved doesn’t necessarily mean you will get your home loan. Other factors could lead to your home loan application being rejected, even with a prior pre-approval. Some factors include the property evaluation not meeting the bank’s criteria or a change in your financial circumstances.

You can make an application for ANZ home loan pre-approval online or call on 1800100641 Mon-Fri 8.00 am to 8.00 pm (AEST).

How long does Bankwest take to approve home loans?

Full approval for a home loan usually involves a property valuation, which, Bankwest suggests, can take “a week or two”. As a result, getting your home loan approved may take longer. However, you may get full approval within this time if you applied for and received conditional approval, sometimes called a pre-approval, from Bankwest before finalising the home you want to buy.  

Another way of speeding up approvals can be by completing, signing, and submitting your home loan application digitally. Essentially, you give the bank or your mortgage broker a copy of your home’s sale contract and then complete the rest of the steps online. Bankwest has claimed this cuts the approval time to less than four days, although this may only happen if your income and credit history can be verified easily, or if your home’s valuation doesn’t take time.

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.

Can I get a NAB home loan on casual employment?

While many lenders consider casual employees as high-risk borrowers because of their fluctuating incomes, there are a few specialist lenders, such as NAB, which may provide home loans to individuals employed on a casual basis. A NAB home loan for casual employment is essentially a low doc home loan specifically designed to help casually employed individuals who may be unable to provide standard financial documents. However, since such loans are deemed high risk compared to regular home loans, you could be charged higher rates and receive lower maximum LVRs (Loan to Value Ratio, which is the loan amount you can borrow against the value of the property).

While applying for a home loan as a casual employee, you will likely be asked to demonstrate that you've been working steadily and might need to provide group certificates for the last two years. It is at the lender’s discretion to pick either of the two group certificates and consider that to be your income. If you’ve not had the same job for several years, providing proof of income could be a bit of a challenge for you. In this scenario, some lenders may rely on your year to date (YTD) income, and instead calculate your yearly income from that.

Remaining loan term

The length of time it will take to pay off your current home loan, based on the currently-entered mortgage balance, monthly repayment and interest rate.

Why should I get an ING home loan pre-approval?

When you apply for an ING home loan pre-approval, you might be required to provide proof of employment and income, savings, as well as details on any on-going debts. The lender could also make a credit enquiry against your name. If you’re pre-approved, you will know how much money ING is willing to lend you. 

Please note, however, that a pre-approval is nothing more than an idea of your ability to borrow funds and is not the final approval. You should receive the home loan approval  only after finalising the property and submitting a formal loan application to the lender, ING. Additionally, a pre-approval does not stay valid indefinitely, since your financial circumstances and the home loan market could change overnight.

 

 

How long does NAB home loan approval take?

The time required to get your home loan from NAB approved can vary based on a number of factors involved in the application process. 

Once you have applied for a home loan, a NAB specialist will contact you within 24 hours over the phone to take down relevant information, including your total income, debts (existing loans, credit cards, etc.), assets (car, shares, etc.), and your monthly expenses (food, utility bills, etc.). Your lender might also ask for information related to the property you want to purchase, including the type of dwelling and preferred postcode.

NAB will then verify all your information and check your credit score, and if the details stack up, you should be given a conditional approval certificate. This certificate stipulates how much money NAB is willing to lend you and is typically valid for 90 days. 

Once you have your conditional approval, you can start browsing for properties that you like and that fit within the budget that NAB has provided. After you find a suitable property, you’ll need to give a copy of the signed deed to NAB, following which you should get full approval and access to the funds. This process can take up to 4-6 weeks. 

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.

How to break up with your mortgage broker

If you find a mortgage broker giving you generic advice or trying to sell you a competitive offer from an unsuitable lender, you might be better off  breaking up with the mortgage broker and consulting someone else. Breaking up with a mortgage broker can be done over the phone, or via email. You can also raise a complaint, either with the broker’s aggregator or with the Australian Financial Complaints Authority as necessary.

As licensed industry professionals, mortgage brokers have the responsibility of giving you accurate advice so that you know what to expect when you apply for a home loan. You may have approached the mortgage broker, for instance, because you have questions about the terms of a home loan a lender offered you. 

You should remember that mortgage brokers are obliged by law to act in your best interests and as part of complying with The Australian Securities and Investments Commission’s (ASIC) regulations. If you feel you didn’t get the right advice from the mortgage broker, or that you lost money as a result of accepting the broker’s suggestions regarding a lender or home loan offer, you can file a complaint with the ASIC and seek compensation. 

When you first speak to a mortgage broker, consider asking them about their Lender Panel, which is the list of lenders they usually recommend and who may pay them a commission. This information can help you decide if the advice they give you has anything to do with the remuneration they may receive from one or more lenders.

How much deposit do I need for a home loan from NAB?

The right deposit size to get a home loan with an Australian lender will depend on the lender’s eligibility criteria and the value of your property.

Generally, lenders look favourably on applicants who save up a 20 per cent deposit for their property This also means applicants do not have to pay Lenders Mortgage Insurance (LMI). However, you may still be able to obtain a mortgage with a 10 - 15 per cent deposit.  

Keep in mind that NAB is one of the participating lenders for the First Home Loan Deposit Scheme, which allows eligible borrowers to buy a property with as low as a 5 per cent deposit without paying the LMI. The Federal Government guarantees up to 15 per cent of the deposit to help first-timers to become homeowners.