Credit Union SA 1-Year Fixed Home Loan Principal and Interest
Fixed rateRedraw
Our 1 year Fixed Rate Home Loan is perfect if you have a strict budget as you’ll know exactly what your repayments will be. Plus you pay no monthly.
- Interest rate a year, from
- 7.59%
- Comparison rate
- 7.55%
- Upfront fees
- $2,000
- Annual fee
- Not published
- Monthly fee
- Not published
Monthly repayment
$600,000 over 30 years
What it would cost
At the lowest rate of 7.59% (1 year fixed, live in, principal and interest). The rate you are offered depends on your deposit and the loan you choose, and upfront fees are not included.
- Monthly repayment
- $4,232
- Total repayments
- $1,523,637
- Interest
- $923,637
Rates
Every rate Credit Union SA publishes for this loan. LVR is the loan as a share of the property's value: 80% for a 20% deposit.
| Rate | Property | Repayments | LVR | Interest rate | Comparison rate |
|---|---|---|---|---|---|
| 1 year fixed | Live in | Principal and interest | Any | 7.59% | 7.55% |
| 1 year fixed | Investment | Principal and interest | Any | 7.84% | 7.80% |
Comparison rates are for an example loan of $150,000 over 25 years. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
Fees and features
Fees
- Upfront fees
- $2,000
- Annual fee
- Not published
- Monthly fee
- Not published
Features
- Offset account
- No
- Redraw
- Yes
- Highest LVR
- 97%
- Loan amount
- Not published
How it compares
Against the other home loans we compare, for a home you live in with a 20% deposit. Typical means the middle half of them.
Upfront fees
$2,000
Typical upfront fees are $600.
Smallest deposit
3%
Most loans need at least 10% of the price.
Pros and cons
Pros
- A smaller deposit. You can borrow with 3% down, so you may buy sooner. Under 20%, lenders mortgage insurance usually applies.
- Extra repayments. Paying more than the minimum pays the loan off sooner and cuts the interest you pay.
- Redraw. You can take back extra repayments later if you need the money.
- No early repayment fee listed. You can pay the loan off early, or refinance, without a penalty. Check the terms to be sure.
- Fixed rates on offer. You can fix for 1 year if you'd like repayments that don't change for a while.
Cons
- Higher upfront fees. $2,000, above the typical $600, which adds to the cash you need at settlement.
- No offset account. Your savings can't reduce the interest unless you pay them into the loan.