Your Mortgage Gold AwardHorizon Credit Union wins top honours in this year’s Best 3-Year Fixed Loan category for building societies and credit unions with its fixed rate product offering. Horizon’s 3-Year fixed rate offering is up from second place in last year’s awards.

This product impressed with its absence of ongoing fees and a healthy LVR of 95% with LMI- or 80% without. The minimum loan amount is $50,000 with a maximum loan term of 30 years.

Flexibility is built in with unlimited extra repayments (provided you don’t pay the full amount of the loan back within the fixed period) and redraws, as well as loan splitting being allowed. Redraws must be a minimum of $500 and there is a $45 redraw fee, but this is reduced to $0 as a customer loyalty reward.

Adding to the loan’s high score is the IO/PI repayment option, and the ability for borrowers to reduce the overall interest payable by parking money in a 100% offset account.  The loan also has flexible repayments to suit your income cycle and multiple accessibility options including mail, phone, fax and internet as well over the counter.

The loan can be made portable for a $360 fee, and likewise split for $350. It can be used to purchase vacant land, but not for construction. After the specified term the interest rate reverts to the Horizon Basic Home Loan standard variable rate.

The silver award in this category goes to Community CPS Australia for its 3-Year Fixed Home Loan. Unlimited additional repayments can be made up to a total of $25,000 per year without penalty.  Interest Only repayments are allowed for up to five years.

Repayments are flexible with the Community CPS 3-Year Fixed Home Loan, as weekly, fortnightly and monthly options are available. Redraws are allowed, but with a minimum amount of $500 and charges of $10 online and $35 self-assisted.

This loan has a very low total start-up fee of $350 and no ongoing charges, but it is important to note the minimum loan amount is $200,000. Other attractive features include a maximum LVR of 95% with LMI, plus portability and split facility options at no extra charge. Conveniently, this loan can also be used for construction and vacant land purchases.

Rounding out our top three for the second year in a row is the Greater Building Society’s Ultimate Fixed Rate Home Loan.

With a total start-up cost of $500 and no monthly account fees, free and unlimited additional repayments and redraws are allowed.  The maximum LVR on offer is 95% with LMI and a split loan facility is offered. The minimum loan term is rather high at 10 years, with the maximum being 30 years.