Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of .

Illawarra Credit Union is a member-owned credit union that has been serving the Illawarra region since 1972. Its purpose is to help members and their families achieve life-long financial success. Its vision is to be a valued and respected part of its members’ lives while its mission is to support members, their families and communities by providing banking with a conscience. Meanwhile, its values are as follows: loyalty & integrity, family & community, and personal service & excellence.

Customers of the credit union must also become a member of the union and therefore have a say in how it is run. One of the main points of difference here is that Illawarra’s profits are reinvested into the business, unlike the major banks where the profits go to the shareholders.

Illawarra Credit Union has a limited branch network in the Illawarra region of NSW, south of Sydney. You can call the credit union from Monday to Friday, as well as Saturday, or email them directly. You also have the option of online banking to have 24/7 access to your money.

Illawarra Credit Union offers a full range of financial products and services, including home loans, personal loans, savings accounts, everyday transaction accounts, term deposits, and business banking solutions. Some of its home loan products received Canstar awards from 2014 to 2016.

As a way of giving back to the community, the credit union continuously strives to assist local organisations, charities and businesses achieve financial success. It has even developed a unique Partner Benefits Program to assist local schools, charities and sporting organisations into the future. Aside from this program, it also provides sponsorship opportunities and supports initiatives such as Legacy Illawarra, Wildlife Saver Program and The Salvation Army.

To apply for an Illawarra Credit Union home loan, you will need to become a member first. To do this, you will need to submit an application form (you will need a photo ID) and buy a $2 membership share. Once done, you are all set to apply for your mortgage.

You can apply for a home loan online, over the phone or at a local branch. Before starting your application, it is a good idea to have these things handy:

  • A mobile phone number
  • An email address (especially if you are applying online)
  • Details about your income and expenses

To qualify for a home loan with this lender, you must:

  • Be over 18 years old
  • Never have been declared bankrupt
  • Have never committed a financial crime
  • Be an Australian permanent resident
  • Have an Australian residential address
  • Have a regular source of income