The Bare Essentials Fixed Home Loan
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, and 3 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.
Rates & Fees
The Bare Essentials Owner Occupied
| Loan Type | Interest Rate | Comparison Rate* |
| 1 year fixed Principal & Interest |
5.89% p.a. | 6.17% p.a. |
| 1 year fixed Interest Only |
6.34% p.a. | 6.21% p.a. |
| 2 year fixed Principal & Interest |
5.69% p.a. | 6.11% p.a. |
| 3 year fixed Principal & Interest |
5.79% p.a. | 6.10% p.a. |
After your fixed term expires, it will revert to the Bare Essentials principal & interest variable owner occupied interest rate.
The Bare Essentials Residential Investment
| Loan Type | Interest Rate | Comparison Rate* |
| 1 year fixed Principal & Interest |
6.04% p.a. | 6.36% p.a. |
| 1 year fixed Interest Only |
6.24% p.a. | 6.38% p.a. |
| 2 year fixed Principal & Interest |
5.84% p.a. | 6.30% p.a. |
| 2 year fixed Interest Only |
6.04% p.a. | 6.34% p.a. |
| 3 year fixed Principal & Interest |
5.94% p.a. | 6.29% p.a. |
| 3 year fixed Interest Only |
6.14% p.a. | 6.35% p.a. |
After your fixed term expires, it will revert to the Bare Essentials principal & interest variable investment interest rate.
Interest & Fees
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: $600
- Valuation fee: At cost (minimum $149) payable at funding for costs incurred in obtaining a valuation
- Legal fees: At cost (minimum $440) payable
- 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.
It’s easy to apply online.
Here’s what you’ll need to apply online
- Be at least 18 years of age or older
- Be an Australian citizen, permanent resident, or have a valid visa
- Receive a regular income
- Have your membership number if you already bank with us
What you’ll need .
- An email address and contact number
- Member number (If you’re already a customer)
- Australian driver’s licence, Medicare or passport details
- Employment and income details
- Details of your assets, expenses and liabilities
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.
Learn moreLenders 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
Learn moreImportant 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 Fees and Charges.
Grandfathered Fees & Transactions
