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Home Loan FAQs
Take a look at our FAQs below:
- Do I have to be a member to take out a loan?
- 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?
- What is Lenders Mortgage Insurance?
- Do I need to take out Home insurance?
- Is a redraw facility available
Do I have to be a member to take out a loan?
Fire Service Credit Union is a mutual financial services organisation and as such is owned by its members, each one of whom is a shareholder. Therefore you must be a member of Fire Service Credit Union to have a loan with us. Learn more about becoming a member. ^
What costs do I need to consider?
Deposit
The biggest initial cost is the deposit. This could range from 5% or more of the value of the property.
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.
Conveyancing fees for the average home purchase currently $350 - $500 (as at August 2011).
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 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.
Valuation
Current council valuation or current valuation from our approved valuer.
How do I make repayments on the loan?
You can arrange to make your regular loan repayments either by payroll deduction, Periodical Payment from your savings or transaction account, Additional repayment can be made via Internet, phone transfer or at our branch. ^
How often will I receive information on my account?
Statements are issued monthly or more frequently if requested.
Account balances and transaction history are available through our Internet Banking and Phone Banking services and statements are available through our Internet banking and/or our eStatement service. ^
What security is required to take out a Home Loan?
Your loan must be secured by a registered mortgage over a residential 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 loan repayment insurance. ^
What is Lenders Mortgage Insurance?
Lenders mortgage insurance if applicable covers us 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. ^
Do I need to take out insurance?
Lenders Mortgage Insurance is generally required if the amount of your loan exceeds 80% of the valuation or purchase price. Building insurance is required to be taken out equal to the amount stated in the recommendation on the property valuation. ^
Is a redraw facility available?
Fire Service Credit Union gives you the option of making extra repayments on your loan and then having the flexibility of being able to redraw on these extra repayments. The amount available to redraw is limited to the additional amount you have paid above your scheduled repayments less your next scheduled repayment. ^
More Information
Questions?
If you have any questions, please contact us 
