Home Loans FAQs
- Do I have to be a credit union member to take out a loan?
- How much can I borrow?
- What costs do I need to consider?
- How do I make repayments on the loan?
- How often will I receive information on my account?
- What security is required?
- What happens if I get sick, have an accident or lose my job?
- Do I need to take out Home Insurance?
- Do I need to take out Loan Repayment Insurance?
- Is there free re-draw available?
- What is Lenders Mortgage Insurance?
- What is Loan Repayment Insurance?
Do I have to be a credit union member to take out a loan?
BDCU is a 'mutual' credit union, which means it is owned by its members. Each member is a shareholder. You don't have to be a member to apply for a loan, however, you do need to become a member to have your loan funded. Becoming a member is very easy and can be organised by your lender. ^
How much can I borrow?
This Loan Calculator will help you work out your borrowing power. ^
What costs do I need to consider?
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 an average home purchase include:
Searches and inspections
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. ^How do I make repayments on the loan?
You can arrange to make your loan repayments a number of ways. These include: payroll deduction (the amount automatically comes out of your wage or salary), direct debit from your savings or transaction account, Internet or Phone Banking transfer, or at any of our advice centres. Learn more about these repayment methods. ^
How often will I receive information on my account?
Statements are produced six monthly or more frequently on request. Duplicate statements can be requested at any time from our office.
Account information is also available through our Internet and Phone banking services. ^What security is required to take out a Home Loan?
Your home loan must be secured by a registered mortgage over a residential owner occupied property. ^
What happens if I get sick, have an accident or lose my job?
The best way to obtain peace of mind that your repayment obligations will be met in the case of accident, illness or involuntary unemployment is to take out insurance. Learn more about our Loan Repayment Insurance. ^
Do I need to take out Home insurance?
Home Building Insurance is required to be taken out equal to the amount stated in the recommendation on the property valuation. ^
Do I need to take out Loan Repayment Insurance?
It is recommended that you take out insurance on your loan, but it isn't compulsory. This insurance is designed to cover your lending obligations in the case of sickness, accident or involuntary unemployment. Although you do not have to purchase your insurance through us, we do offer a range of insurance policies. Learn more about our Loan Repayment Insurance. ^
Is a re-draw facility available?
BDCU gives you the option of making extra repayments on your loan with the flexibility of being able to re-draw on these extra repayments, free of charge. Terms and conditions are available on application. ^
What is Lenders Mortgage Insurance?
Lenders Mortgage Insurance if applicable, covers BDCU 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 shouldn't be confused with Loan Repayment Insurance designed to cover your lending obligations in the case of sickness, accident or involuntary unemployment. ^
What is Loan Repayment Insurance?
Loan Repayment Insurance provides you with the peace of mind that if an unfortunate event, such as your death, disability, involuntary unemployment or trauma occurs, your assets will be safe and your loan repayments will be taken care of. ^
More Information
- Review our home loan options
- Use one of our Loan Calculators to work out which loan is right for you
- Learn how to move your home loan to BDCU
Apply
Apply for a Home Loan 
Questions?
If you have any questions, please contact us 
