Our home loans

Yes, Woolworths Team Bank is a mutual financial services organisation and is owned by our members. In fact, each one is a shareholder.

Eligibility to join is exclusive to Woolworths and Endeavour Group team members, their immediate family members and those with an affinity to Woolworths Group. Learn more about becoming a member.

Would you like to calculate how much you may be able to borrow? Use our Loan Calculator.

Deposit
The biggest initial cost is the deposit. This could range from 5% and above of the value of the property.

Registration fees
Registration fees are payable on a property purchase and on a mortgage.

Whenever a property changes hands, the change of ownership must be recorded with the appropriate State Titles Office. A document known as a Transfer of Land must be lodged, the cost of which varies in each State/Territory. Please contact your solicitor/conveyancer who should perform this task on your behalf.

There is also a government charge to register your mortgage document. We will pay the applicable state authority on your behalf. You will be charged at cost.

Legal Fees
Legal expenses for the average home purchase include:

• Solicitors fees (between $500-$2000)
• Survey and building certificate ($450)
• Building inspection and pest report ($400-$500)

Contracts should never be exchanged until the necessary searches and inspections have been completed. Searches and inspections may include the following:

Title search
A Certificate of Title obtained from the Titles Office by your solicitor/conveyancer provides details of who owns the property and who else has an interest in it. This is a good way to research if there are any mortgages, caveats, restrictive covenants etc on the property which would affect the transfer of title.

Building inspection and pest report
The report completed by your building inspector will detail any building flaws, e.g. structural issues with the building or roof, damp etc. The pest report should detail any evidence of pest infestation. It will enable you to assess the cost of any required treatment.

You can arrange to make your loan repayments either by payroll deduction, direct debit from your savings or transaction account, internet banking transfer, at any of our branches or using Bank@Post. Learn more about these repayment methods.

Statements are produced six monthly or more frequently on request. Account information is also available through our internet banking services.

Duplicate statements can be requested at any time from our office, although fees and charges may apply. Fees and charges can be found here.

Your home loan must be secured by a registered mortgage over a residential owner occupied property.^

Building insurance is required to be taken out equal to the amount stated in the recommendation on the property valuation.

We give you the option of making extra repayments on your loan and then having the flexibility of being able to redraw on these extra repayments. Terms and conditions are available on application.

Lenders mortgage insurance if applicable, covers the Credit Union against a loss in the unlikely event that we have to exercise our right to sell the property due to ongoing default of loan repayments. It must not be confused with Insurance designed to cover your lending obligations in the case of sickness, accident or involuntary unemployment.