Our back to basic home loan that meets your needs

Easy to 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 banking account, with no monthly fees and a Visa Debit Card1.

Redraw Facility

Enjoy the flexibility of making extra payments and you can redraw your funds when you need them^.

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

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
  • Staff assisted redraw fee: $50
  • We’re also waiving the $6 monthly account keeping fee on the Everyday 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 variable  
Interest Rate Comparison Rate*
Variable (P&I) 2.59% p.a. 2.64% p.a.
Variable (IO) 3.85% p.a. 3.90% p.a.
First Home Owners Variable P&I special2 2.45% p.a. 2.50% p.a.

The Bare Essentials investment variable  
Interest Rate Comparison Rate*
Variable (P&I) 3.19% p.a. 3.24% p.a.
Variable (IO) 3.39% p.a. 3.44% p.a.

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

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.
^$50 staff assisted fee applies

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.

*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 cashback offer Terms & Conditions 2021_HomeInsurance_Campaign


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 Fixed rate home loan

Not sure what's best for you?