A home loan with the Works

Packed with value and the peace of mind of a low rate.

what's included.

Transaction Account

Make easy home loan repayments from your Everyday Transaction Account, with no monthly account fees^ and a Visa Debit Card so you can make purchases.

Credit Card

Pay no annual credit card fee on our no bull low rate credit card provided you satisfy The Works Package conditions.

Choose Your Term and Lock In your rate

Choose what works for you with 1,2,3 and 5 year fixed term options. Your interest rate will remain the same for the chosen term of your fixed rate home loan.

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 interest rate and the flexibility of a variable.

Speak with a home loan Lender

book an appointment

Things you need to know

A home loan that offers the works is available to borrowers who meet the Credit Union's standard lending criteria.

Interest & Fees:
Interest is calculated daily on the outstanding balance, and charged monthly in arrears on the last day of each month. Refer to our rates and fees for more information.

Fees applicable to this product include:

  • Package fee: $395 annual fee up to five loans
  • Application fee: $600
  • Valuation fee: estimated at $242
  • Legal fees: estimated at $440
  • Other fees may apply
The Works Package owner occupied fixed  
Interest Rate Comparison Rate*
2 year fixed special1(P&I) 1.99% p.a. 2.93% p.a.
1 year (P&I) 2.79% p.a. 3.04% p.a.
2 year (P&I) 2.29% p.a. 2.98% p.a.
3 year (P&I) 2.35% p.a. 2.98% p.a.
5 year (P&I) 2.99% p.a. 3.20% p.a.
1 year (IO) 2.79% p.a. 3.04% p.a.

After your fixed term expires, it will revert to The Works Package principal & interest variable owner occupied interest rate.

1For new home loans >$150K.

The Works Package investment fixed   
Interest Rate Comparison Rate*
1 year (P&I) 2.85% p.a. 3.75% p.a.
1 year (IO) 2.85% p.a. 3.75% p.a.
2 year (P&I) 2.70% p.a. 3.69% p.a.
2 year (IO) 2.70% p.a. 3.69% p.a.
3 year (P&I) 2.55% p.a. 3.60% p.a.
3 year (IO) 2.55% p.a. 3.60% p.a.
5 year (P&I) 3.49% p.a. 3.87% p.a.
5 year (IO) 3.49% p.a. 3.87% p.a.

After your fixed term expires, it will revert to The Works Package 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

^Home loan repayments must be direct debited from an Illawarra Credit Union transaction account.
Annual package fee payable yearly.
The Works Package owner occupied Fixed principal & interest (P&I) and interest only (IO) rate reverts to The Works Package owner occupied principal & interest rate after 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.

For our complete package conditions review The Works Package Conditions of Use.

#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.

View our The Works Package Variable home loan

Not sure what's best for you?