Illawarra Credit Union

Bare Essentials Home Loan

First home buyer
Variable
95% LVR

6.14%

Interest rate

6.19%

Comparison rate


Ratings

LVR options

LVR is an acronym for Loan-To-Value Ratio. The LVR is the amount you are borrowing against the property value being used as security, represented as a percentage.

Illawarra Credit Union Bare Essentials Home Loan does not offer tier pricing for lower LVR. With Bare Essentials Home Loan, you can borrow upto $95% LVR.

Variable

95%

LVR
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Illawarra Credit Union

Repayment options

Interest only loans have traditionally been tailored to investors so they can reduce their mortgage repayments and maximise their tax benefits and overall return on investment (ROI). However, getting home loan with interest only (IO) has its place and some lenders are willing to consider your application if you can provide valid reasons.

Interest only repayment option is not available with Illawarra Credit Union Bare Essentials Home Loan for first home buyer.

Variable
Paying pricinpal and interest
Illawarra Credit Union logo

Illawarra Credit Union

Q&As

Does Illawarra Credit Union Bare Essentials Home Loan comes with an offset account?

No, Bare Essentials Home Loan does not come with an offset account.

Generally speaking, variable home loans without offset accounts are often called basic or 'no-frills' loans, you get lower account-keeping fees and lower interest rate for your home loan. In some cases a basic home loan can actually be cost efficient than a 100% offset account.

What are the costs to apply for Illawarra Credit Union Bare Essentials Home Loan?

There is upfront costs of $690 to apply for Bare Essentials Home Loan.

  • Valuation fee: $250
  • Legal fee: $440

Bare Essentials Home Loan also comes with ongoing account fees of $72 per year.

  • Monthly fee: $6 per month

Are there costs when I exit or refinance to another lender?

Illawarra Credit Union charge a discharge fee of $350, which covers the cost for removing the mortgage that has been registered on the title of your property.

IMPORTANT: Lenders change their policy from time to time so this information is current only accurate at the time that it was written. You should always check with Illawarra Credit Union or a mortgage broker just to be sure. This information should be used as a guide only.

Contact a mortgage broker

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