Home Loans

• Options
• Key Features
• Benefits
• FAQs

• Eligibility to apply for a loan.
• How much can I borrow?
• What is Lenders Mortgage Insurance?
• What costs do I need to consider?
• How do I make repayments on the loan?
• How often will I receive information on my account?
• What security is required?
• What happens if I get sick, have an accident or lose my job?
• Do I need to take out insurance on my property?
• Is a redraw facility available?

Eligibility to apply for a loan.
You will need to:

• be over 18 years of age;
• be an Australian resident;
• apply in personal names; and
• have a permanent monthly income and/or a stable job.

Find out about becoming our member. ^

How much can I borrow?
The maximum amount you can borrow is dependent on your ability to meet your repayments.

Lenders Mortgage Insurance will be required it the amount of your loan exceeds 80% of the valuation or purchase price, whichever the lesser.

Want to calculate how much you can could borrow? Use our loan calculator. ^

What is Lenders Mortgage Insurance?
Mortgage insurance covers the credit union against a loss in the unlikely event that we have to exercise our right to sell the property due to ongoing default of loan repayments. It must not be confused with insurance designed to cover your lending obligations in the case of sickness, accident or involuntary unemployment. ^

What costs do I need to consider?
Here are some generation information to guide you:

• Deposit
  The biggest initial cost is the deposit. This will range from 5% to 20% depending on the type of loan you require.
   

• Property purchase stamp duty & registration fees
  Property purchase stamp duty is a form of government tax and is calculated on the market value of the property or the purchase price, whichever is greater. You may be exempted or eligible for a concession, please contact your solicitor/conveyancer.

In addition, whenever a property changes hands, the change of ownership must be recorded with the appropriate State Titles Office. A document known as a Transfer of Land must be lodged, the cost of which varies in each State/Territory. Please contact your solicitor/conveyancer who should perform this task on your behalf.

• Mortgage stamp duty and registration fees
  Stamp duty and registration fees are incurred to make mortgage documents legal. The fee is determined by the amount you are borrowing. We will calculate your loan security stamp duty and will pay the applicable state authority on your behalf.

There is also a government charge to register your mortgage document. We will pay the applicable state authority on your behalf. You will be charged at cost.

• Legal Fees
  Legal expenses for the average home purchase include:

Searches and inspections
Contracts should never be exchanged until the necessary searches and inspections have been completed. Searches and inspections may include a title search of the following:

Title search
A Certificate of Title obtained from the Titles Office by your solicitor/conveyancer provides details of who owns the property and who else has an interest in it. This is a good way to research if there are any mortgages, caveats, restrictive covenants etc on the property which would affect the transfer of title.

Building inspection and pest report
The report completed by your building inspector will detail any building flaws, e.g. structural issues with the building or roof, damp etc. The pest report should detail any evidence of pest infestation. It will enable you to assess the cost of any required treatment. ^

• Solicitors fees (between $500-$2000)
• Survey and building certificate (approximately $450-$500)
• Building inspection and pest report (approximately $400-$500)

How do I make repayments on the loan?
You can arrange to make your loan repayments either by payroll deduction, transfer from your savings or transaction account, Internet or telephone banking transfer, at any one of our branches, or by a direct credit from another financial institution. Learn more about these methods of repayment. ^

How often will I receive information on my account?
Statements on loans are issued monthly or every six months as required. A transaction list can be requested at any time from our branches, however a fee may apply for duplicate statements.

Account Balances and Statements are also available through our Internet and telephone banking services. ^

What security is required to take out a Home Loan?
Your home loan must be secured by a registered mortgage over a property. ^

What happens if I get sick, have an accident or lose my job?
The best way to obtain peace of mind that your repayment obligations will be met in the case of accident, illness or involuntary unemployment is to take out insurance.

It is recommended that you take out insurance on your loan, although not compulsory, it is designed to cover your lending obligations in the case of sickness, accident or involuntary unemployment. Although you do not have to purchase your insurance through us, we do offer a range of insurance policies. Find out more about our Loan Repayment Insurance. ^

Do I need to take out insurance on my property?
If you take out a home loan with SERVICE ONE Members Banking, you will be required to have your property comprehensivley insured. Building insurance is required to be taken out equal to the amount stated in the recommendation on the property valuation. We offer an online quote facility which you can use prior to purchase to make the loan process more efficient. Learn more about our home and contents and landlord insurance. ^

Is a redraw facility available?
Yes, on selected loans. You may make extra repayments on your loan and therefore save money in interest charges and you also have the flexibility of being able to redraw on these extra repayments. The minimum redraw is $500. Please refer to home loan key features. ^

Applying made easy

	Apply using our easy online application form.
Home Loan form	Download form and return to your local branch.

Want to find out more?

Use our Loan Calculator to work out your possible loan repayments.
Find out about our Loan Repayment Insurance.
Learn about Home and Contents Insurance.
 

Why not call and talk to us about your loan solution.

Get in touch by phone, fax, post or online