Kick-Start Home Loan
Start your home loan with a kick-start!
Our new home loan has been designed to ease you into the home loan journey.
Our Kick-Start Home Loan is a home loan with a 1-year fixed honeymoon rate of 6.14% p.a* and a comparison rate of 6.61%p.a.~~.
At the end of the honeymoon period, the rate reverts to the then-current Woolworths Team Bank owner-occupied Flexible Variable Interest Rate (up to 80% LVR).
This product will be available from the 25th of January 2024, and is available to Woolworths Team Bank members applying for a new home loan or Woolworths Team Bank members that have a fixed home loan that is coming to maturity.
Kick-Start Home Loan Key Features
Frequently asked questions
We are a mutual financial services organisation and, as such, are owned by our members – each one of whom is a shareholder. Therefore, you must be a Woolworths Team Bank member to have a loan. 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.
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.
If you fill out an application form, send it to loans@woolworthsteambank.com.au.
Credit eligibility criteria, terms and conditions, fees and charges apply.
* At the end of the fixed honeymoon rate period, the rate reverts to the then-current Woolworths Team Bank owner-occupied Flexible Variable Interest Rate (up to 80% LVR). Product may be withdrawn at any time without prior notice. This home loan rate is available to Woolworths Team Bank members applying for a new home loan or members with a fixed home loan that has come to maturity.
~~ The comparison rate displayed is calculated based on a loan amount of $150,000 over a 25 year term. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Product available from 25 January 2024.
All interest rates quoted are per annum and interest is calculated daily on the outstanding balance and debited to the loan account at the end of each month.
Woolworths Team Bank Limited ABN 67 087 651 803 AFSL/Australian Credit Licence 240720.