Lock in our back to basic home loan

A simple, low rate home loan you can lock in and manage online.

what's included.

No Ongoing Fees

Set and forget with no ongoing or annual fees on your home loan.

Transaction Account

Make easy loan repayments from your Everyday Transaction Account, with no monthly fees and a Visa Debit Card1.

Choose Your Term

We've got you covered with a choice of 1, 2, 3 and 5 year fixed loan terms.

Split Loan Option

Slice and dice your home loan, with fixed and variable options. By combining the two, you can enjoy the security of a fixed rate and the flexibility of a variable.

Speak with a home loan Lender

book an appointment

Things you need to know

Interest is calculated daily on the outstanding balance, and charged monthly in arrears on the last day of each month. Repayments are to be made monthly.

Fees applicable to this product include:

  • Application fee: waived (usually $600)
  • Valuation fee: estimated at $242
  • Legal fees: estimated at $440
  • Other fees may apply
  • We’re also waiving the $6 monthly account keeping fee on the Everyday transaction account while the Bare Essentials home loan is held (other fees and charges may apply).

Important documents:

To reduce or cancel your credit limit, click here.

The Bare Essentials owner occupied fixed  
Interest Rate Comparison Rate*
1 year (P&I) 2.65% p.a. 2.65% p.a.
1 year (IO) 2.80% p.a. 2.66% p.a.
2 year (P&I) 2.65% p.a. 2.65% p.a.
3 year (P&I) 2.40% p.a. 2.60% p.a.
5 year (P&I) 3.04% p.a. 2.82% p.a.

After your fixed term expires, it will revert to the Bare Essentials principal & interest variable owner occupied interest rate.

The Bare Essentials investment fixed  
Interest Rate Comparison Rate*
1 year (P&I) 2.85% p.a. 3.21% p.a.
1 year (IO) 2.85% p.a. 3.21% p.a.
2 year (P&I) 2.75% p.a. 3.17% p.a.
2 year (IO) 2.75% p.a. 3.17% p.a.
3 year (P&I) 2.65% p.a. 3.12% p.a.
3 year (IO) 2.65% p.a. 3.12% p.a.
5 year (P&I) 3.55% p.a. 3.39% p.a.
5 year (IO) 3.55% p.a. 3.39% p.a.

After your fixed term expires, it will revert to the Bare Essentials principal & interest variable investment interest rate.

Extra tools and benefits

Borrowing power calculator

Learn how much you can borrow and see what your repayments could be by using our online borrowing power calculator. Simply enter your income and expenses to receive an estimate. Determine your borrowing power.

Lenders Mortgage Insurance

Are you interested in entering the property market but not sure if you have the right deposit? Consider taking out Lender Mortgage Insurance (LMI).

Tips for refinancing

Learn more about how to refinance your home loan to Illawarra Credit Union, so you can enjoy the mutual difference. Great Value. Great Service. #MakeTheMove

QBE home & contents

Take out QBE insurance with us and you’ll get a 20% rebate on your first annual home and contents insurance premium#. Request a quote.

important notes

1. All loan repayments must be made from the Everyday Transaction account. The $6 monthly account keeping fee is waived while the home loan is held.

Owner occupied fixed rates revert to our Bare Essentials P&I variable owner occupied interest rate after the the fixed period. Investment fixed rates reverts to our Bare Essentials P&I variable investment interest rate after the the fixed period. *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.

#Insurance issued by QBE Insurance (Australia) Limited ABN 78 003 191 035 AFS Licence 239545. Terms, conditions and acceptance criteria apply. Cover limits apply as set out in the policy wording. This material does not take into account your personal needs, objectives and financial circumstances and you should consider whether it is appropriate for you. Please read the Product Disclosure Statement to decide if a product is right for you. # Multi-policy discount is available on your first policy after renewal and is only available for Home, Landlords and Motor Vehicle policies that are purchased through the same financial institution. Insurance issued by QBE Insurance (Australia) Limited ABN 78 003 191 035 AFS Licence 239545 Illawarra Credit Union will not be held responsible for the information contained within a site accessed via this site. Should you enter another site through such links, the content will not have been produced, checked for accuracy, or reviewed by the Credit Union. Any endorsements or any opinions offered are not necessarily those of the Credit Union.

Prefer to split your loan? We’ve got you covered.

If you like the certainty of fixed repayments but also want the flexibility that a variable product provides, then chat to us about splitting your home loan. You decide what’s right for you.

Our Bare Essentials Variable rate home loan

Not sure what's best for you?