RateCity.com.au
powering smart financial decisions
RateCity.com.au

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.

Owner occupied Summerland Credit Union home loan rates

TMD

Loan typePrincipal & Interest rateInterest Only
Equity Extra Overdraft (Min Deposit 5%)
n/a
6.12% p.a.
6.29% p.a. Comparison rate
Eco Home Loan (Min Deposit 40%)
2.79% p.a.
2.84% p.a. Comparison rate
n/a
Basic Loan (Min Deposit 40%)
2.84% p.a.
2.89% p.a. Comparison rate
n/a
Eco Home Loan (Min Deposit 20%)
2.99% p.a.
3.04% p.a. Comparison rate
n/a
Basic Loan (Min Deposit 20%)
3.04% p.a.
3.09% p.a. Comparison rate
n/a
1 Year Fixed rate (Min Deposit 40%)
3.54% p.a.
3.68% p.a. Comparison rate
n/a
1 Year Fixed rate (Min Deposit 20%)
3.64% p.a.
3.69% p.a. Comparison rate
n/a
Premium Home Loan packaged
3.64% p.a.
4.06% p.a. Comparison rate
n/a
2 Year Fixed rate (Min Deposit 40%)
4.24% p.a.
3.8% p.a. Comparison rate
n/a
2 Year Fixed rate (Min Deposit 20%)
4.34% p.a.
3.82% p.a. Comparison rate
n/a
1 Year Fixed rate (Min Deposit 10%)
3.94% p.a.
3.83% p.a. Comparison rate
n/a
3 Year Fixed rate (Min Deposit 40%)
4.64% p.a.
3.95% p.a. Comparison rate
n/a
2 Year Fixed rate (Min Deposit 10%)
4.59% p.a.
3.98% p.a. Comparison rate
n/a
3 Year Fixed rate (Min Deposit 20%)
4.74% p.a.
3.98% p.a. Comparison rate
n/a
3 Year Fixed rate (Min Deposit 10%)
4.99% p.a.
4.16% p.a. Comparison rate
n/a
4 Year Fixed rate (Min Deposit 40%)
5.24% p.a.
4.24% p.a. Comparison rate
n/a
4 Year Fixed rate (Min Deposit 20%)
5.34% p.a.
4.27% p.a. Comparison rate
n/a
5 Year Fixed rate (Min Deposit 40%)
5.44% p.a.
4.44% p.a. Comparison rate
n/a
5 Year Fixed rate (Min Deposit 20%)
5.54% p.a.
4.48% p.a. Comparison rate
n/a
4 Year Fixed rate (Min Deposit 10%)
5.59% p.a.
4.48% p.a. Comparison rate
n/a
5 Year Fixed rate (Min Deposit 10%)
5.79% p.a.
4.7% p.a. Comparison rate
n/a

Investment purpose Summerland Credit Union home loan rates

TMD

Loan typePrincipal & Interest rateInterest Only
Equity Extra Overdraft (Min Deposit 10%)
n/a
6.44% p.a.
6.61% p.a. Comparison rate
Eco Home Loan (Min Deposit 40%)
3.29% p.a.
3.34% p.a. Comparison rate
n/a
Basic Loan (Min Deposit 40%)
3.34% p.a.
3.39% p.a. Comparison rate
n/a
Eco Home Loan (Min Deposit 20%)
3.59% p.a.
3.64% p.a. Comparison rate
n/a
Basic Loan (Min Deposit 20%)
3.64% p.a.
3.69% p.a. Comparison rate
n/a
Premium Home Loan packaged
4.24% p.a.
4.65% p.a. Comparison rate
n/a
1 Year Fixed rate (Min Deposit 40%)
3.69% p.a.
4.33% p.a. Comparison rate
n/a
1 Year Fixed rate (Min Deposit 20%)
3.94% p.a.
4.35% p.a. Comparison rate
n/a
2 Year Fixed rate (Min Deposit 40%)
4.34% p.a.
4.39% p.a. Comparison rate
n/a
2 Year Fixed rate (Min Deposit 20%)
4.64% p.a.
4.44% p.a. Comparison rate
n/a
3 Year Fixed rate (Min Deposit 40%)
4.74% p.a.
4.5% p.a. Comparison rate
n/a
1 Year Fixed rate (Min Deposit 10%)
4.49% p.a.
4.52% p.a. Comparison rate
n/a
3 Year Fixed rate (Min Deposit 20%)
5.04% p.a.
4.58% p.a. Comparison rate
n/a
2 Year Fixed rate (Min Deposit 10%)
5.14% p.a.
4.65% p.a. Comparison rate
n/a
4 Year Fixed rate (Min Deposit 40%)
5.34% p.a.
4.74% p.a. Comparison rate
n/a
3 Year Fixed rate (Min Deposit 10%)
5.54% p.a.
4.83% p.a. Comparison rate
n/a
4 Year Fixed rate (Min Deposit 20%)
5.64% p.a.
4.84% p.a. Comparison rate
n/a
5 Year Fixed rate (Min Deposit 40%)
5.54% p.a.
4.89% p.a. Comparison rate
n/a
5 Year Fixed rate (Min Deposit 20%)
5.84% p.a.
5.02% p.a. Comparison rate
n/a
4 Year Fixed rate (Min Deposit 10%)
6.14% p.a.
5.13% p.a. Comparison rate
n/a
5 Year Fixed rate (Min Deposit 10%)
6.34% p.a.
5.36% p.a. Comparison rate
n/a

Summerland Credit Union home loan 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 2.79%

Total interest payable

$0

Total loan repayments

$0

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.

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. 

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.

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 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.

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.

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 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.

 

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 to apply for a home loan pre-approval from St. George?

By applying for a home loan pre-approval, you can establish how much you can afford to borrow and look for houses within that pre-approved budget. Getting home loan pre-approval from St. George is a fairly simple process that can be completed within 15 minutes. 

The first step in this process is completing a home loan application. Once that application is submitted, a home loan expert from St. George will contact you to understand your requirements and your current financial position. You could also directly contact a home loan expert at the bank by calling 13 33 30 or by visiting your nearest branch. 

Once the application has been processed, the home loan expert will ask for some basic documentation to confirm your borrowing capacity. After this, you should be issued a home loan pre-approval, subject to certain conditions. 

Based on your home loan pre-approval from St. George, you can then find a property and make an offer. Your home loan expert will arrange to have the property valued and may request for more documentation, taking your home loan application to the next step. 

 

 

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 long does ANZ take to approve a home loan?

The process of applying for a home loan usually stays the same across all lenders. On the other hand, the time it takes for a lender to approve the home loan differs from lender to lender. When it comes to ANZ, it takes anywhere between 15 to 18 business days to approve a home loan from the day of the application to approval. This timeframe is highly dependent on the credibility and availability of your documentation. You can apply for an ANZ home loan in two ways; a Quick Start home loan application or a full online application.

If you opt for the Quick Start home loan option, you’ll need to fill out a form with basic details. During this stage, you don’t need to add any supporting information. An ANZ representative will then call you within 48 hours. The representative will help take your application forward, including assessing all relevant information, documentation and conducting a credit check.

You can also submit your entire home loan application with ANZ online by filling out a comprehensive form with all the information and documentation needed.

Once ANZ has conducted the preliminary checks, you’ll be informed of the pre-approved amount they’re willing to offer. Based on this amount, you can set a budget for your property search and make sure you stay inside your budget. Pre-approval will last for three months but can be extended by applying with ANZ if you don’t find a property. But it’s best to find a property as soon as possible as ANZ may decide to change the amount if your financial situation changes.

After you find a property and have your offer accepted, ANZ may send an assessor to the property to verify it’s value. If everything is per their terms and conditions, ANZ will finalise your home loan’s approval and release the funds.