Which loan is right for me?

First Home Buyers

15 Nov 2021

| Home Loan

Choosing the right home loan can take time, but the energy you invest now could save you thousands of dollars in repayments, fees, and interest over the lifetime of your loan. 

In order to choose the home loan that best fits your needs you’ll need to think about what features may be important to you. Would you like a home loan that gives you the flexibility to switch products in a few years’ time? Would you like to make smaller repayments at the start of the loan, or pay it off as fast as possible? Do you want the ability to redraw past home loan payments?


A home loan to suit you

In addition to great rates, and low fees, Credit Union SA home loans can include the following features:

Flexible home loan repayment options

Weekly, fortnightly, or monthly

Additional repayments

Make additional repayments to save money in interest and pay off your home sooner

Free Redraw

Take out your extra loan repayments, any time at no cost

Hold your payments

If your circumstances change and you need to take a break for a while

Home loan offset account

Save thousands in reduced interest

Take a look at our home loan comparison page for details on each of our home loan options.

Home Loans Compare Home Loans


Repayment options

Because we know that everyone is different, and has different needs and desires, we have a range of home loan options to choose from, but they are all made up of two components: principal and interest.


Interest only

An interest only home loan means that your repayments will only cover the interest on your loan for a set period of time (up to 5 years). They won’t reduce the balance of your principal, which is the amount of money you borrowed to buy your house.

People typically choose this option if they are looking to reduce other loan commitments at the beginning of their home loan (credit card, personal loan), or take advantage of other wealth-building opportunities.


Principal and interest

This option is the typical choice, and pays off a portion of both the interest and principal (total amount borrowed) over the course of an agreed amount of time, up to 30 years. The more of your principal you pay off, the lower the interest added to your loan, which could save you thousands.


Home loan rates and fees 

When choosing a home loan you should consider the associated costs of having the loan, both upfront, and ongoing. These may include loan service, loan establishment, Lenders’ Mortgage Insurance, settlement, and drawing fees. Remember we also offer our $5,000 First Home Buyers Grant1 for first time home buyers.

You can take a look at all of our different home loan options, and compare them to see which one is right for you. One of our home loan specialists can help you understand all of the different options and choices, so you get the best home loan package to meet your needs. 

$5,000 First Home Buyers Grant Home Loans Compare Home Loans


$5,000 First Home Buyers Grant

We understand how hard it can be for first home buyers to get into the property market.

Find out more


This is general advice only and doesn’t take into account your objectives, financial situation or needs. Conditions, fees and lending criteria apply and are available on request.

Before making an investment decision based on this information, you should assess your own circumstances or consult a financial planner.

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Call us on (08) 8202 7777 or visit us at 400 King William Street, Adelaide

FREQUENTLY ASKED QUESTIONS
View all Loans FAQs

Currently the South Australian Government’s First Home Owners Grant is only available for people who are buying or building a new residential property.

Credit Union SA’s $5,000 First Home Buyer’s Grant is available when you borrow at least $250,000 to purchase or build a first home with a loan to value ratio (LVR) over 80%.


Lending criteria, fees and conditions apply. Offer is current as at 23/04/2018 and is subject to change. Minimum loan $250,000 to purchase or build a first home with a loan to value ratio over 80%. All loans that are eligible for the First Home Buyers Grant will be subject to pay Lenders’ Mortgage Insurance. To be eligible, applicants must not have previously owned residential property in Australia. Available to natural persons only (i.e. not a trustee or a company).

There are two ways you can choose to receive your First Home Buyers Grant from Credit Union SA:

  1. Have it paid into an account of your choice after settlement. Please note the grant cannot be accessed prior to settle for new complete or established homes. If you are constructing, the grant will be paid on confirmation that the foundation has been poured.
  2. Choose to have it applied directly towards the settlement of your property purchase, or when constructing, the grant is paid when the foundation is poured.

Credit Union SA’s $5,000 First Home Buyer’s Grant is available when you borrow at least $250,000 to purchase or build a first home with a loan to value ratio (LVR) over 80%.


Lending criteria, fees and conditions apply. Offer is current as at 23/04/2018 and is subject to change. Minimum loan $250,000 to purchase or build a first home with a loan to value ratio over 80%. All loans that are eligible for the First Home Buyers Grant will be subject to pay Lenders’ Mortgage Insurance. To be eligible, applicants must not have previously owned residential property in Australia. Available to natural persons only (i.e. not a trustee or a company).

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