Credit Union SA Home Loans: The 2026 Review

Credit Union SA was established in 2009 through the merger of two longstanding institutions, Satisfac and Powerstate, both of which had roots dating back to the 1950s. This merger was driven by a shared vision to better serve the South Australian community by pooling resources and expertise. Since its inception, Credit Union SA has been committed to supporting local initiatives, particularly in the education sector, and has maintained a strong community focus.

Today, Credit Union SA operates as an independent, community-owned credit union with its headquarters located at 400 King William Street, Adelaide. It differentiates itself from the Big 4 banks by offering competitive rates and a robust digital banking experience. The credit union has been recognised as Australia’s Best Small Credit Union and Best Digital Bank, reflecting its excellence in service and technological innovation.

Credit Union SA primarily serves the South Australian community, with a particular emphasis on the education sector. Its product offerings include home loan packages with features such as waived fees for eligible loans, special interest rates for low LVR loans, and a Family Guarantee program to assist first home buyers. The credit union's commitment to community involvement and personalised service makes it a trusted financial partner for South Australians.

• Legal Name: Credit Union SA Ltd
• ABN: 36087651232
• Established: 2009
• Headquarters: 400 King William Street, Adelaide, South Australia
• Type: Credit Union
• Ownership: Independent

• Website: https://www.creditunionsa.com.au
• Phone: 13 8777
• Address: 400 King William Street, Adelaide, SA 5000

Credit Union SA offers a comprehensive home loan package with features designed to provide flexibility and cost savings, catering to both first-time buyers and seasoned borrowers.

• Loan Structure with Multiple Portions: This feature allows borrowers to divide their loan into multiple portions, each with different interest rates or features. It offers flexibility to manage varying financial needs and optimise interest savings.
• No Loan Application or Monthly Fee: Borrowers benefit from waived application and monthly fees, reducing the overall cost of the loan. This makes Credit Union SA's home loans more affordable compared to other lenders.
• Offset Account: An offset account can be linked to the home loan, enabling borrowers to reduce the interest payable by offsetting the loan balance with their savings. This can significantly decrease the total interest paid over the life of the loan.
• Unlimited Fee-Free Additional Repayments: Borrowers can make unlimited extra repayments without incurring fees, allowing them to pay off their loan faster and reduce interest costs. This feature offers great flexibility for those looking to manage their finances actively.
• Redraw Facility: The redraw facility allows borrowers to access additional repayments made on their loan, providing financial flexibility in times of need. There are no fees for redraws over $500, adding convenience and cost savings.
• Family Guarantee Program: This program assists first home buyers by allowing them to leverage family equity, making it easier to enter the property market. It reduces the need for a large deposit, easing the path to home ownership.
• Special Interest Rates for Low LVR: Loans with a Loan-to-Value Ratio (LVR) of 60% or less can access special interest rates starting at 5.29% p.a. This offers significant cost savings for borrowers with substantial equity.
• Digital Banking Features: Credit Union SA provides robust online banking and mobile app services, offering borrowers convenience in managing their loans. Features include automated valuations and easy access to account information.

Credit Union SA offers a transparent fee structure with several waived fees for eligible home loans, complemented by an annual package fee and other variable charges depending on the product and borrower profile.

• Application Fee: $0 - Waived for eligible home loans, providing an initial cost-saving benefit to borrowers.
• Settlement Fee: $0 - No charge for settlement on eligible home loans, enhancing affordability for borrowers.
• Valuation Fee: Varies by product - Covers the cost of property valuation, which may vary depending on the loan product and property type.
• Annual Package Fee: $395 (Annual) - Applies to home loan packages, offering benefits such as offset accounts and redraw facilities.
• Discharge Fee: $200-$300 - Charged upon loan closure, with variations depending on the specific loan product.
• Redraw Fee: $0 - No fee for redraws over $500, providing flexibility in accessing additional funds.
• Interest-Only Repayment Restriction: N/A - Interest-only repayments are limited to loans with an LVR of 80% or less.
• Rate Lock Fee: Variable - Optional fee to secure an interest rate prior to settlement, varying by loan terms.

Credit Union SA offers home loans to Australian citizens and permanent residents aged 18 and over, providing accessible options for both first-time buyers and existing homeowners.

• Must be at least 18 years old.
• Must be an Australian citizen or permanent resident.
• Demonstrate sufficient income and stable employment to support loan repayments.
• Maintain a good credit history with no significant defaults.
• Loan-to-Value Ratio (LVR) must be 60% or less for special interest rates.
• Interest-only repayments are available only for loans with an LVR of 80% or less.
• Participation in the Family Guarantee program requires a guarantor with sufficient equity.
• Offset accounts and redraw facilities are available on selected variable rate home loans.

• Lenders Mortgage Insurance (LMI) may be required for loans with an LVR above 80%.
• The Family Guarantee program can assist first home buyers with a guarantor's equity, reducing the need for a large deposit.
• An annual package fee of $395 applies to eligible home loan packages, offering benefits like waived application fees.