Credit Union SA XL Interest Only Home Loan Package
Variable rateOffsetRedraw
Our Variable Home Loan Package is designed for those wanting an extended home loan term. XL Interest Only Home Loan Package products are available for terms 31 to 40 years, for construction purposes, for properties located in South Australia. Lending criteria applies and a suitability assessment will be completed as part of the application process. The Credit Union SA Variable Home Loan Package offers a fantastic collection of benefits across our Home Loans, Visa Credit Card, Personal Loans, Term Deposits and more. You pay an annual fee of $395.
- Interest rate a year, from
- 6.29%
- Comparison rate
- 6.65%
- Upfront fees
- $950
- Annual fee
- Not published
- Monthly fee
- Not published
Monthly repayment
$600,000 over 30 years
What it would cost
At the lowest rate of 6.29% (variable, live in, interest only). The rate you are offered depends on your deposit and the loan you choose, and upfront fees are not included.
- Monthly repayment
- $3,145
- Total repayments
- $1,732,200
- Interest
- $1,132,200
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 |
|---|---|---|---|---|---|
| Variable | Live in | Interest only | 1% to 60% | 6.29% | 6.65% |
| Variable | Live in | Interest only | 60.01% to 80% | 6.34% | 6.70% |
| Variable | Live in | Interest only | 80.01% to 97% | 7.24% | 7.59% |
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
- $950
- Annual fee
- Not published
- Monthly fee
- Not published
Features
- Offset account
- Yes
- 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
$950
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.
- An offset account. Money in it is taken off your balance when interest is worked out, so your savings and pay cut the interest while staying easy to reach.
- 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.
- Interest only available. Some investors use it to keep repayments down for a few years, though the balance doesn't fall in that time.
Cons
Nothing stands out.