BCU is a member-owned bank that offers a range of home loans for Australian borrowers. Check out the full table of BCU products below or read more about the lender.
Review by our senior home loans writer Richard Whitten
BCU's Fixed Rate Home Loan - 1 Year (Investor, IO) is the winner of the 2024 Finder Award for the Best Investor Fixed IO Home Loan - 1 year. BCU wins with a combination of a low fixed interest rate and low loan fees. It also took the gong in the Best Owner Occupier Fixed Home Loan - 1 Year category for it’s Fixed Rate Home Loan - 1 Year (Owner Occupier, P&I). The fact that you can also get the loan with just a 5% deposit is very useful for many borrowers, especially first home buyers.
Full list of 2024 winners
BCU’s 3 year fixed rate home loan was highly commended in Finder’s 2024 Home Loan Awards. It was recognised in the category of Best Owner Occupier Refinance Fixed, as well as Best Investor Fixed IO Home Loan - 2 Year. BCU’s low interest rates and no fees are what made it stand out in the awards this year.
Full list of 2024 winnersHere are the key features and details you need to know about BCU's mortgage products.
| Feature | Details |
|---|---|
| Minimum deposit | It is possible to get a home loan from BCU with a deposit as low as 5%. |
| Offset account? | You can get an offset account with several BCU loans. |
| Repayment options | Several BCU home loans allow you to make interest-only repayments for a limited period. The lender also offers the standard principal-and-interest repayments on its loans. |
📄 Property details. You can start a loan enquiry before you've bought a property. But to complete an application you need the address of the property and a signed contract of sale.
📄 Identification documents. You will need identification such as a driver's licence, passport or birth certificate.
📄 Proof of income documents. Recent payslips can establish your income.
📄 Asset and liability documents. You need to provide documents showing your current assets (savings accounts, investments) and liabilities (your outstanding debt).
Check out finder's review of the BCU Fixed Rate Home Loan and find out if it's right for you.
The BCU OMG Home Loan combines a competitive variable rate with your choice of repayments, a flexible redraw facility and an easy online application process.
The bcu Fixed Rate Home Loan offers a competitive fixed rate for up to five years the security of consistent repayment amounts, and a Visa credit card with no annual fee.
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Shopping for a home loan.
Have read mixed reviews about BCU and RESI
not sure which will give the best service as well as interest rate. That being the case is it better to go with a broker and which brokers deal with Credit Unions?
What are the pitfalls with borrowing from a credit union?
What happens to my home loan if the Credit Union goes bankrupt or into Administration?
Thank you,
Gill
Hi Gill,
Thanks for your comment.
Using a mortgage broker can potentially save you a lot of time and money. Most mortgage brokers deal with a range of credit unions. You may refer to our comparison of mortgage brokers that can help you understand your financial position and they can leverage their panel of networks to find a lender that is more inclined to review your application.
You can see that Loan Market compares the highest number of lenders. Be mindful that mortgage brokers work on a commission basis.
A mortgage broker will be able to inform you about what happens if your credit union goes bankrupt and their security – if a financial institution does collapse then the receivers/liquidators generally look to sell the assets to another party.
I hope this helps.
Cheers,
Shirley