Southern Cross Credit Union is committed to assisting members to purchase homes. We believe we have a most competitive package that can be tailored to suit your budget regardless of whether the loan is for a new home, existing home, unit, holiday home or residential investment property. Even if you want to consolidate an existing home loan or extend onto your home, we may be able to help.

Benefits to you

• Repayments to Suit Your Budget.
• Redraw Facility Available.
• Competitive Packages.
• Fast Approval.
• Fixed or Variable Interest Rate.

How much deposit will you need to get a Home Loan?
Southern Cross will lend up to 80% of either the valuation or purchase price whichever is the lower. It's up to you to find the other 20% for the deposit. However, if you are prepared to take out Mortgage Insurance through one of our approved companies it may be possible for you to obtain a mortgage loan on a 5% deposit.

What term can you take the loan over?
All our loans are structured to suit your budget but the maximum term for a home loan or investment home loan is 30 years (360 months) on a principal and interest basis.

How is interest charged?
Your loan interest is calculated daily, so your repayment or any additional repayments, are deducted from your principal amount that day. This will immediately reduce the interest calculation and save you money. Interest is charged to your account on the last day of each month.

When is your first repayment due?
Your first loan repayment is normally due one month from the date your loan is funded. However you may wish to commence weekly or fortnightly payments, and you are encouraged to do so as this will help reduce your interest charges.

Can you make extra repayments?
Yes, by all means do so. Southern Cross encourages its members to make additional payments on their loan at any time. There are normally no penalties for repaying your loan quickly. (However penalties may apply to special offers and fixed rate loans).

Where can you buy or build your home?
Properties can be purchased in New South Wales or Queensland and are subject to the Credit Union's Bond restrictions.

What Credit Union costs are normally incurred when borrowing to buy/build a home?

• The Credit Union will need to have the property valued. Any fee incurred for this work is payable by you.
• The preparation of mortgage documents and the registration of same along with identification searches by CUSCAL Mortgage Services on behalf of the Credit Union are payable by you.

What State Government charges are payable when purchasing a home or property?

• Stamp Duty on the mortgage and loan contract.
• Fees to register transfers of title, mortgages and discharges of any existing mortgages listed on the title.
• Stamp Duty on the purchase contract between yourself and the owner/vendor of the property you're buying.

What about legal fees?
For your own security and peace of mind it is advisable to use a solicitor when purchasing property. Legal fees vary from firm to firm and are likely to include conveyancing and advice on council rates, land tax and checking mortgage documents. It's a good idea to ring your solicitor for an estimate of costs.

What about insurance?
You must have insurance on your home from the date of signing the contract. If you like we can arrange this for you. We deal with reputable insurance companies and offer monthly or annual premiums which are automatically deducted from your savings account.

We can also arrange contents insurance at very competitive rates (Pay by the month).

We offer Consumer Credit Insurance as an optional benefit to you. You can choose whether to protect yourself from sickness, accident or even unemployment. Our Loans Officers can easily give you a quote.

How to apply!
Applying for a loan is easy, contact us today by phone on 1300 360 744 or email us. Or call into your nearest Southern Cross branch where our staff can assist you with your loan application or just provide helpful advice.

To assist with the processing of your application we would need the following information:

Self Employed

• Financial statements which include your personal and business tax returns, profit and loss statements and balance sheets.*
• Cash flow forecast and/or business activity statements may be required.*
• Your current bank statements. (loans, savings, credit cards etc)
  *May be waived if applying for Low Doc Loan .

Salary or Wage Earner

• 3 recent pay slips
• Evidence of rental income
  (if applicable)
• Your current bank statements. (loans, savings, credit cards etc)

Terms and conditions, fees and charges are available on application.

Our all-in-one home loan package facility, the Home Plus package replaces all other accounts, and combines your home loan, and savings accounts with a choice of credit / access card, with the added advantage of potentially saving you thousands of dollars in interest.

Some of the features of the Home Plus package are:

• Continuous line of credit facility.
• Up to 55 days interest free with Mycard.
• Cheque book access.
• Visa Card access.
• Payroll directly credited.
• Access to your facility through NetBanking (internet banking), Accessline (phone banking) and BPay (bill paying facility).

How can this facility potentially save you money?
Your loan interest is calculated daily and your repayments or any additional deposits, are deducted from your outstanding balance that day. This will immediately reduce the interest calculation and save you money. Remember it is you who determines the level of savings! So if you wish to own your home sooner this may be the facility for you.

Terms and conditions, fees and charges available on application.

Five Star Plus

Our all-in-one loan package facility
the Five Star Plus package replaces all of your other accounts. It provides a home loan, line of credit facility and savings account as part of the package. The savings account provides Visa Card access, a chequebook, as well as NetBanking and Accessline facilities. This package has the potential to save you thousands of dollars in interest, because it includes a reduced interest rate, and no monthly transaction fees.

Some of the features of the Five Star Plus package are:

• Fixed and variable rates are available with repayments covering either principal and interest or interest only.
• Continuous line of credit facility at a discounted variable rate at 0.20% below standard rates.
• Introductory 1 year fixed rate, then on expiry discounted variable rate at 0.50% below standard rates or fixed rate at 0.10% below standard fixed rates.
• Minimum package amount of $200,000 comprising a combination of Home Loan/Line of Credit.
• No membership, monthly line/facility or transaction fees, however annual package fee does apply.
• Up to 55 days interest free with MyCard.
• Cheque book access.
• Visa Card access.
• Payroll directly credited to the all-in-one package.
• Access to your facility through NetBanking (internet banking), Accessline (phone banking) and BPay (bill paying facility).

How can this facility potentially save you money?
Your loan interest is calculated daily and your repayments or any additional deposits, are deducted from your outstanding balance that day. This will immediately reduce the interest calculation and save you money. Remember it is you who determines the level of savings!

So if you wish to own your home sooner this may be the facility for you.

Terms and conditions, fees and charges available on application.