Hunter United is a customer-owned institution, which means it is owned by its members rather than by shareholders.
Hunted United has six branches in Newcastle and the lower Hunter region of New South Wales. The credit union has been operating for more than 50 years and has about 9,000 members.
Hunter United offers an array of home loans, including ‘standard’ home loans, investor mortgages, interest-only home loans and green home loans.
Hunter United home loan repayment calculator
Your estimated repayments
at interest rate 3.27 %
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Pros and cons
- Flexible payment options.
- Specialised and package loans available.
- Discounted rates available.
- High standard variable rate.
- Monthly or annual fees on most loans.
Hunter United home loans rates
Total estimated upfront fees
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Fixed - 2 years
Fixed - 3 years
Fixed - 2 years
Fixed - 1 year
Hunter United customer service
Potential Hunter United loan customers can contact the bank in a number of different ways, including a general customer phone line and a line for mobile lenders. The credit union can also be contacted via an online enquiry form on the Hunter United website and by email. Customers can also meet with a Hunter United staff member in person at one of their local branches.
- Customer service (phone, email, branch)
- Online banking
- Mobile banking staff
How to Apply
Hunter United customers can apply for a home loan in a variety of ways. These include an online registration form, after which a Hunter United staff member or lender will contact you. Customers can also visit a local branch or contact a mobile lender to schedule a loan appointment. Before applying for a home loan it is advisable to think about given your financial situation and income. You will also need to provide documentation when applying for a home loan. This will include:
- Personal identification material.
- Proof of employment.
- Proof of income, assets and earnings.
- Details on current debts, liabilities and loans.
- Personal insurance documents.
About Hunter United home loans
Hunter United is a home loan lender that offers borrowers an array of mortgage options:
- Owner-occupier mortgages
- Investment mortgages
- First home buyer mortgages
- Package home loans
- Principal-and-interest home loans
- Interest-only home loans
- Variable-rate home loans
- Fixed-rate home loans
- Split loans
- Low-deposit / high-LVR home loans
- Green home loans
- Line of credit home loans
The credit union also offers 100 per cent offset accounts and redraw facilities and gives borrowers the option of making extra repayments on their home loan.
Hunter United’s home loan interest rates vary from product to product. Its owner-occupier rates range from moderately low to moderately high, while its investor rates are moderately low.
Hunter United’s application fees range from very low to moderate, while its monthly account-keeping fees range from very low to moderately low.
Maximum LVRs (loan-to-value ratios) are 95 per cent for owner-occupiers and 80 per cent for investors.
Hunter United home loan rates
Hunter United’s home loan interest rates are best described as competitive - not market leaders, but not market laggards either.
Interest rates vary from product to product and from borrower to borrower. Investors can expect to pay higher interest rates than owner-occupiers, while interest-only customers can expect to pay more than principal-and-interest customers.
For owner-occupiers, Hunter United mortgage rates range from moderately low to moderately high. For investors, mortgage rates are moderately low.
One point of difference with Hunter United home loans is that it offers green home loans. Borrowers are entitled to a discount if their property has at least three of these eight environmental features:
- Solar hot water
- Solar power
- Double glazing to eastern, western and southern windows
- Wall insulation
- PV panels or wind turbine (minimum 1.5kw)
- Water tank (minimum 2,000 litres)
- External shadings to windows facing north, east and west
- AAA-rated water efficient fittings
Hunter United home loans review
Hunter United is a customer-owned credit union that positions itself as a “welcome alternative to the big banks”.
It offers a broad, though not comprehensive, list of mortgage options, from standard owner-occupied and investment home loans to interest-only home loans, low-deposit home loans and green home loans.
One notable element of Hunter United’s home loan offering is that owner-occupiers can borrow up to 95 per cent of the value of their property (although mortgages above 80 per cent require LMI, or lender’s mortgage insurance).
That gives first home buyers the chance to enter the market sooner than if they took out their mortgage with many of the other home loan lenders in Australia.
Hunter United home loans have a maximum term of 30 years. Repayments can be made weekly, fortnightly or monthly.
How can I get a home loan with bad credit?
If you want to get a home loan with bad credit, you need to convince a lender that your problems are behind you and that you will, indeed, be able to repay a mortgage.
One step you might want to take is to visit a mortgage broker who specialises in bad credit home loans (also known as ‘non-conforming home loans’ or ‘sub-prime home loans’). An experienced broker will know which lenders to approach, and how to plead your case with each of them.
Two points to bear in mind are:
- Many home loan lenders don’t provide bad credit mortgages
- Each lender has its own policies, and therefore favours different things
If you’d prefer to directly approach the lender yourself, you’re more likely to find success with smaller non-bank lenders that specialise in bad credit home loans (as opposed to bigger banks that prefer ‘vanilla’ mortgages). That’s because these smaller lenders are more likely to treat you as a unique individual rather than judge you according to a one-size-fits-all policy.
Lenders try to minimise their risk, so if you want to get a home loan with bad credit, you need to do everything you can to convince lenders that you’re safer than your credit history might suggest. If possible, provide paperwork that shows:
- You have a secure job
- You have a steady income
- You’ve been reducing your debts
- You’ve been increasing your savings
What are the pros and cons of no-deposit home loans?
It’s no longer possible to get a no-deposit home loan in Australia. In some circumstances, you might be able to take out a mortgage with a 5 per cent deposit – but before you do so, it’s important to weigh up the pros and cons.
The big advantage of borrowing 95 per cent (also known as a 95 per cent home loan) is that you get to buy your property sooner. That may be particularly important if you plan to purchase in a rising market, where prices are increasing faster than you can accumulate savings.
But 95 per cent home loans also have disadvantages. First, the 95 per cent home loan market is relatively small, so you’ll have fewer options to choose from. Second, you’ll probably have to pay LMI (lender’s mortgage insurance). Third, you’ll probably be charged a higher interest rate. Fourth, the more you borrow, the more you’ll ultimately have to pay in interest. Fifth, if your property declines in value, your mortgage might end up being worth more than your home.
What is a bad credit home loan?
A bad credit home loan is a mortgage for people with a low credit score. Lenders regard bad credit borrowers as riskier than ‘vanilla’ borrowers, so they tend to charge higher interest rates for bad credit home loans.
If you want a bad credit home loan, you’re more likely to get approved by a small non-bank lender than by a big four bank or another mainstream lender.
How do I take out a low-deposit home loan?
If you want to take out a low-deposit home loan, it might be a good idea to consult a mortgage broker who can give you professional financial advice and organise the mortgage for you.
Another way to take out a low-deposit home loan is to do your own research with a comparison website like RateCity. Once you’ve identified your preferred mortgage, you can apply through RateCity or go direct to the lender.
Are bad credit home loans dangerous?
Bad credit home loans can be dangerous if the borrower signs up for a loan they’ll struggle to repay. This might occur if the borrower takes out a mortgage at the limit of their financial capacity, especially if they have some combination of a low income, an insecure job and poor savings habits.
Bad credit home loans can also be dangerous if the borrower buys a home in a stagnant or falling market – because if the home has to be sold, they might be left with ‘negative equity’ (where the home is worth less than the mortgage).
That said, bad credit home loans can work out well if the borrower is able to repay the mortgage – for example, if they borrow conservatively, have a decent income, a secure job and good savings habits. Another good sign is if the borrower buys a property in a market that is likely to rise over the long term.
Can I check my rates more than once? Can I go back to view loans from a different device (e.g. my phone) or at another time without having to enter details in again?
You can only check your rates once. However we will send you, via email, the link to the result page so that you may return to it.
Mortgage Calculator, Loan Purpose
This is what you will use the loan for – i.e. investment.
Who chooses the winner?
The winner will be chosen randomly from our entries on 21 May 2020 by Loyalty.com.au, in the presence of an independent scrutineer.
Are you REALLY giving away a million bucks?
We are giving away, for one lucky entrant, the chance to win $1 million. Here’s how it will work:
On 21 May 2020, one winner will be drawn from all the entries. This winner will then get a one in 200 shot at winning one million dollars. Even if they’re unlucky and don’t win the one million, they’ll still leave $5000 richer.
How does RateCity make money?
Does the Rate Guarantee apply to discounted interest rate offers, such as honeymoon rates?
No. Temporary discounts to home loan interest rates will expire after a limited time, so they aren’t valid for comparing home loans as part of the Rate Guarantee.
However, if your home loan has been discounted from the lender’s standard rate on a permanent basis, you can check if we can find an even lower rate that could apply to you.
Am I guaranteed to be approved for all the loans I’m shown?
No. While we will do our best to show a list of loans that may suit your needs, if you choose to apply to refinance, it is up to the lender to approve or disapprove your loan based on your individual circumstances, after you have submitted all your paperwork.
This can sometimes take up to 30 days, so it is important to find out exactly what the criteria is for the loan, and what you need in terms of paperwork. RateCity does not make any suggestions taking into account your personal and individual needs.
Your current home loan interest rate. To accurately calculate how much you could save, an accurate interest figure is required. If you are not certain, check your bank statement or log into your mortgage account.
What is a variable home loan?
A variable rate home loan is one where the interest rate can and will change over the course of your loan. The rate is determined by your lender, not the Reserve Bank of Australia, so while the cash rate might go down, your bank may decide not to follow suit, although they do broadly follow market conditions. One of the upsides of variable rates is that they are typically more flexible than their fixed rate counterparts which means that a lot of these products will let you make extra repayments and offer features such as offset accounts.
The fine print – what are the eligibility criteria?
This competition is only available to Australian residents who are over 18 and check their home loan interest rate at RateCity. However, you are not required to refinance your home loan or apply for any financial products.
You can still enter if you don’t have a home loan yet – enter how much you plan to borrow and the details of the property you’re considering, and we’ll compare mortgage offers that may suit your needs and estimate how much you could save compared to a loan with an average interest rate.