Bare Essentials Special.

New money only | $250k minimum | Owner occupied P&I home loan

The Bare Essentials Special variable rate (P&I) home loan New money only | $250k minimum | Owner occupied P&I home loan
5.79%p.a. Variable interest rate
5.89%p.a. Comparison rate*

Rates & Fees

The Bare Essentials Variable Owner Occupied Special

Loan Type Interest Rate Comparison Rate*
Variable
Principal & Interest
5.79% p.a. 5.89% p.a..

The Bare Essentials Fixed Owner Occupied 

Loan Type Interest Rate Comparison Rate*
1 year fixed
Principal & Interest
6.00% p.a. 6.85% p.a.
2 year fixed
Principal & Interest
5.89% p.a. 6.75% p.a.
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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 these products include:

  • Application fee: $600
  • Valuation fee: at cost (minimum $250) payable at funding for costs incurred in obtaining a valuation
  • Legal fees: at cost (minimum $440) payable
  • 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.

Rates & Fees

The Bare Essentials Variable Investment Special

Loan Type Interest Rate Comparison Rate*
Variable
Principal & Interest
6.29% p.a. 6.39% p.a.
Variable
Interest Only
6.29% p.a. 6.39% p.a.

The Bare Essentials Fixed Investment 

Loan Type Interest Rate Comparison Rate*
1 year fixed
Interest Only
6.35% p.a. 7.42% p.a.
2 year fixed
Interest Only
6.09% p.a. 7.26% p.a.
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After your Interest Only (IO) term expires, it will revert to the Bare Essentials Variable Investment P&I 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 these products include:

  • Application fee: $600
  • Valuation fee: at cost (minimum $250) payable at funding for costs incurred in obtaining a valuation
  • Legal fees: at cost (minimum $440) payable
  • 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.

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 (Variable Rate Only)

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.

Choose Your Term (Fixed Rate Only)

We’ve got you covered with a choice of 1 & 2 year fixed loan terms.

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
  • Customer 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

We're here for you.

Sometimes you just need to reach out to find what's the best fit for you. No worries! We're here to support you with whatever you need.

Our opening hours

Our contact centre is open Monday-Friday 9am-5pm (AEDT)

Give us a call

Ways to bank

Looking for ways you can bank with the Illawarra Credit Union?

Ways to bank

Are you a First Home Buyer?

With as little as 5% deposit, eligible first home buyers have the opportunity to purchase a property through the First Home Guarantee (FHBG).

Find out more

Important notes

New money only, $250k minimum loan amount. Owner occupied fixed rates revert to our Bare Essentials P&I variable owner occupied interest rate after the fixed period. Investment fixed rates reverts to our Bare Essentials P&I variable investment interest rate after the fixed period.

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

*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

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Already a customer?

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New customer?

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