Bare essentials first home owners offer

what's included.

Transaction Account

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

The choice is yours

We give you the option to make additional repayments.


The flexibility to choose from weekly, fortnightly or monthly payment options.


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

Speak with a home loan Lender

book an appointment

Who’s eligible?

To be eligible for the offer, you and your partner (if you are applying with another person) must be eligible for the First Home Buyers Assistance Scheme and or the First Home Owners Grant.

  • You need to be an Australian citizen, at least 18 years old, and buying your first home
  • You’ll only need a 5% deposit saved for the property you wish to buy (with LMI approval or parental guarantee); and
  • You must also move into your property within 12 months and live there for at least six continuous months.

For full conditions for your state, visit 

plus $2,000 cashback in your pocket!

If you qualify for the offer and apply by 20 November 2020 and settle by 21 December 2020, we’ll give you $2,000 cashback2.

With an unbelievable offer and a personalised experience, we’ll be there every step of the way.  Why go anywhere else?


Things you need to know

Let us help you get into your home sooner, an exclusive offer for our Bare Essentials home loan that's open only to eligible first home owners grant recipients.

Fees applicable to this product include:

  • Application fee: waived (usually $600)
  • Valuation fee: estimated at $242
  • Legal fees: estimated at $440
  • Staff assisted redraw fee: $50
  • Other fees may apply
  • 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 first home owners offer. Amazing rate.

Variable Rate 2.45% p.a.
Comparison Rate* 2.50% p.a.


For new owner occupied home loans (P&I).

The application process.

Check your eligibility

Check your eligibility

The first step in applying for this amazing offer is to check your eligibility. Unsure what you need to do? Give us a call on 13 22 49 and one of our home loan specialists will help you through every step.

Apply for the first home owners loan

Apply for the first home owners loan

Eligible for the grant? Start the process now for this sensational rate and cashback offer. Apply by 20 November 2020 and settle by 21 December 2020, we’ll give you $2,000 cashback2.


Find your first home.

Find your first home.

Just started your search, or found your dream home? Let us take the hard work out of the loan process. Our specialist lenders will support you every step of the way. Simply select the ‘apply now’ button or call us 13 22 49 to book an appointment.




Move in.

Move in.

Getting a home loan with Illawarra Credit Union means we’re here to support you from the beginning to the end. And look forward to continually helping you reach your goals.

important notes

1. All loan repayments must be made from the Everyday account. The $6 monthly account keeping fee is waived while the home loan is held. ^$50 staff assisted fee applies.

Cashback Offer

$2,000 Cashback available for first home owners with an eligible Illawarra Credit Union home loan, approved between 17th February 2020 and 30th November 2020, with the loan settled by 21st December 2020. Offer may be varied or withdrawn at any time.

Eligible Illawarra Credit Union home loan only includes the First Home Owners Bare Essentials home loan (Owner Occupied, P&I) with application amounts $150k and over.

Must qualify for the First Home Buyers Assistance Scheme or First Home Owner Grant (New Home). See for more information regarding state eligibility.

Eligibility Criteria:

To be eligible for the cashback offer, customers must be approved for the First Home Owners Bare Essentials home loan by the 30th November 2020 and settled by the 21st December 2020. 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 loan must not be in arrears at the time the cashback is provided. 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.

Variable rate shown is for new owner-occupied loans $150,000 and over.

Eligibility criteria, T&C’s, fees and charges apply for loan products for more information refer to

*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. 



get in touch

Not sure what's the best fit for your needs? No worries. Get in touch with one of our banking specialists today.

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