Home loan refinance.

$4000 online cashback1 when you move your home loan to us.

Book appointment apply online

Why refinance to Illawarra Credit Union?

your home loan, your way.

choose from a range of home loan options to meet  your own financial needs

refinance to a lower rate.

refinancing could help you secure a lower interest rate, to help you pay off your home loan sooner.

better features.

enjoy additional features like flexible payment options, redraw facilities and 100% offset accounts.

The Works Home Loan

variable rate (P&I) home loan

Variable interest rate

2.85% p.a.

Comparison rate*

3.17% p.a.

For new owner-occupied P&I home loans $150k and over

more information


Things you need to know

A home loan that offers the works, with a minimum loan amount of $150K.  Available to borrowers who meet the Credit Unions standard lending criteria. Click here to view the Home Loan Key Facts Sheets.

To find out how to reduce your credit limit, contact us.

interest & fees

Interest is calculated daily on the outstanding balance and charged monthly in arrears on the last day of each month. Refer to our rates and fees for more information.

  • Annual fee of $250
  • Application fee: $600
  • Valuation fee: at cost
  • Legal fees: at cost
  • Other fees may apply.

Interest rate Comparison rate*
Variable Principal & Interest 2.85% p.a. 3.17% p.a.
Variable Interest Only (1 year) 3.25% p.a. 3.56% p.a.

Refer to the Credit Fees and Charges brochure and Fees, Charges and Transaction Limits brochure for more information.

Fixed Rate Home Loan - Special

2 year fixed rate (P&I) home loan

Fixed interest rate

2.89% p.a.

Comparison rate*

3.25% p.a.

For new owner-occupied fixed home loans $150k and over

more information


Things you need to know

The Works Fixed rate home loan for a limited time only, a rate so low you can fix and forget. Repayments are to be made monthly.

For anyone looking to borrow $150K and over, available to borrowers who meet the Credit Union standard lending criteria. Click here to view the Home Loan Key Facts Sheets.


Interest is calculated daily on the outstanding balance and charged monthly in arrears on the last day of each month. Refer to our rates and fees for more information.

To find out how to reduce your credit limit, contact us.

Fees applicable to this product include:

  • Annual fee of $250
  • Application fee: $600
  • Valuation fee: at cost
  • Legal fees: at cost
  • Other fees may apply.

Refer to the Credit Fees and Charges brochure and Fees, Charges and Transaction Limits brochure for more information.

To reduce or cancel your credit limit, click here.


Fixed Term Interest rate Comparison rate*
The Works 1 year fixed (P&I) 2.79% p.a. 3.24% p.a.
The Works 1 year fixed (IO) 2.79% p.a. 3.24% p.a.
The Works 2 year fixed (P&I) 2.89% p.a. 3.25% p.a.
The Works 3 year fixed (P&I) 2.89% p.a. 3.24% p.a.

The Works Invest Home Loan

variable rate (P&I) home loan

Variable interest rate

3.30% p.a.

Comparison rate*

3.61% p.a.

For new investment P&I home loans $150k and over

more information


Things you need to know

A home loan that offers the works, with a minimum loan amount of $150K. Available to borrowers who meet the Credit Unions standard lending criteria. Click here to view the the home loan Key Facts Sheets.

To reduce or cancel your credit limit, click here.

interest & fees

Interest is calculated daily on the outstanding balance and charged monthly in arrears on the last day of each month. Refer to our rates and fees for more information.

For a limited time:

  • Annual fee of $250
  • Application fee: $600
  • Valuation fee: at cost
  • Legal fees: at cost
  • Other fees may apply.

Refer to the Credit Fees and Charges brochure and Fees, Charges and Transaction Limits brochure for more information.


Interest Rate Comparison Rate*
Variable Principal & Interest 3.30% p.a. 3.61% p.a.
Variable Interest Only (1 year) 3.60% p.a. 3.90% p.a.
Variable Interest Only (2 year) 3.60% p.a. 3.90% p.a.
Variable Interest Only (3 year) 3.60% p.a. 3.90% p.a.
Variable Interest Only (4 year)
3.60% p.a. 3.90% p.a.
Variable Interest Only (5 year)
3.60% p.a. 3.90% p.a.

 

 

 

 

 

Fixed Rate Investment Home loan

3 year fixed rate (P&I) home loan

Fixed interest rate

3.39% p.a.

Comparison rate*

3.92% p.a.

For new investment fixed home loans $150k and over

more information


Things you need to know

The Works fixed rate home loan, a rate so low you can fix and forget.

For investors looking to borrow $150K and over, available to borrowers who meet the Credit Union standard lending criteria. Repayments are to be made monthly.

Click here to view the Home Loan Key Facts Sheets.


Interest is calculated daily on the outstanding balance and charged monthly in arrears on the last day of each month. Refer to our rates and fees for more information.

Fees applicable to this product include:

  • Annual fee of $250
  • Application fee: $600
  • Valuation fee: at cost
  • Legal fees: at cost
  • Other fees may apply.

Refer to the Credit Fees and Charges brochure and Fees, Charges and Transaction Limits brochure for more information.

To reduce or cancel your credit limit, click here.


Interest Rate Comparison Rate*
The Works Fixed Investment 3 year P&I 3.39% p.a. 3.92% p.a.
The Works Fixed Investment 3 year IO 3.39% p.a. 3.92% p.a.

FAQ's

Which home loans are eligible for the cashback offer?

For our cashback cashback offer:

Only ‘The Works’ home loans over $250k are eligible for the cashback offer, and include:

  • The Works Variable Home Loan.
  • The Works Invest Variable Home Loan.
  • The Works Fixed Home Loan.
  • The Works Fixed Invest Home Loan.

How do I get the $4,000 cashback?

There’s two parts:

  • $2,000 Cashback available on refinances and new Eligible Illawarra Credit Union Home Loan approved between 20th January 2020 and 30th November 2020, with loan settled by 21st December 2020.
  • Plus Bonus $2,000 Cashback available on refinance and new Eligible Illawarra Credit Union Home loan applications~ completed in full online and submitted from 20 January 2020 and approved between 20 January 2020 and 30 November 2020, with loan settled by 21 December 2020.

Of course, this is also subject to eligibility criteria and terms and conditions.

What is an 'online application'?

An ‘online application’ refers to loan applications completed purely online, via Internet Banking or the online lending portal. All you have to do is select the ‘apply now’ button, and follow the steps.

What happens if I can't complete my application online?

Just give us a call on 13 22 49 and one of our Member Services Consultants will talk you through the process. Just keep in mind that you’ll need to submit the application online to qualify for the bonus cashback offer.

When will I receive the cashback?

The cashback will be paid into your Illawarra Credit Union transaction account where the loan repayments are made from, within 60 days of settlement.

When does the home loan offer end?

You must be approved by 30 November 2020 and loan settled by 21 December 2020, in order to be eligible for the home loan offer.

important notes

1 Cashback Offer

  • $2,000 Cashback available on refinances and new Eligible Illawarra Credit Union Home Loan approved between 20 January 2020 and 30 November 2020, with loan settled by 21 December 2020.
  • Plus Bonus $2,000 Cashback available on refinance and new Eligible Illawarra Credit Union Home loan applications~ completed in full online and submitted from 20 January 2020 and approved between 20 January 2020 and 30 November 2020, with loan settled by 21 December 2020.
  • Only available for new Eligible Illawarra Credit Union Home Loans. Offer may be varied or withdrawn at any time.

Eligibility Criteria:

Eligible Illawarra Credit Union Home Loan only includes The Works home loan (both Owner Occupier and Investment loans) with application amounts 250k and over. Offer excludes top-ups of existing loans, bridging finance, product switches, debt consolidation, commercial, trust, SMSF or personal loans. Home loan repayments must be direct debited from an Illawarra Credit Union transaction account. Read the Account and Access Facility Conditions of Use document to determine if the product is right for you. Fees and charges may apply. The cashback will be paid into an Illawarra Credit Union transaction account where the loan repayments are made from, within 60 days of settlement. The transaction account must be kept open during this time. Only one (1) cashback will be paid regardless of the number of customers, properties or applications involved. If there is more than one (1) borrower, one (1) payment will be made to them jointly. Tax consequences may arise from this promotion for investors and customers should seek independent advice on any taxation matters.

Eligibility criteria, T&C’s, fees and charges apply for loan products for more information refer to illawarracu.com.au/legal-information/important-documents-info.

Cashback offer definitions:

~Online application refers to all loans application completed purely online via internet banking or the online lending portal.

2 Illawarra Credit Union home loans

*Comparison rates are calculated on a loan amount of $150,000 over a term of 25 years.  WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Eligibility criteria, terms & conditions, fees & charges apply. Please refer to the Credit Fees and Charges brochure.

Annual fee payable yearly. Variable rate shown is for new owner-occupied and investment loans $150,000 and over. The Works Fixed P&I and IO rate reverts to The Works Principal & Interest Rate after the fixed period.

We’ve updated our branch hours of operations. Click here for more information.