loans

low variable interest rate

A low variable interest rate for those that need to borrow $500k plus to secure the keys to their dream home. Interest on mecu loans is calculated on the daily balance to ensure that you gain immediate benefit from loan repayments and you can pay your loan off sooner rather than later.

free redraw facility

Reduce the term of your home loan and interest charges by contributing additional repayments towards it, on top of your normal scheduled repayments. You can redraw your additional repayments at any stage too!

mortgage offset available

Reduce the amount of interest you pay and pay off your home loan sooner! A Mortgage Offset account offsets 100% of your savings against the balance of your loan when the loan interest is calculated. For example, if you have a loan balance of $100,000 and a Mortgage Offset account with a $20,000 balance, interest will be calculated on the difference between your loan amount and your Mortgage Offset balance. i.e. interest will be calculated on $80,000 rather than the full $100,000 owing.

The Mortgage Offset account also reduces the amount of tax you pay on your income. As the account is non-interest earning, there is no savings interest to be taxed.

There is no minimum balance requirement and you have the added convenience of being able to access your money by VISA, Redicard PLUS or chequebook.

rates

Click to view mecu 's premium home loan $500K+ rates, fees and charges .

* The comparison rate is based on a loan of $150,000 for 25 years. Fees and charges may be applicable. Click on Comparison Rate  to read more.

IMPORTANT: The Comparison Rate applies only to the example given. Different amounts and terms will result in different Comparison Rates. Cost such as redraw fees, early repayment fees, and cost savings such as fee waivers, are not included in the Comparison Rate but may influence the cost of the loan.

Mortgage Loans Significant Terms and Conditions

• New loans come with free Loan Protection Insurance up to $120,000 for eligible borrowers (excluding Basic, Fixed and $500k+ Home Loans).
• To qualify for the goGreen Home Loan, the home financed must have an energy rating of 6 stars or more under the Nationwide House Energy Rating scheme . If you are borrowing more than $500k or are a first home buyer you qualify for those product's lower interest rates.
• To qualify for the Premium Home Loan $250k+ or Premium Investment Loan $250K+, the loan amount borrowed must be a minimum of $250,000.
• To qualify for the Premium Home Loan $500k+ or Premium Investment Loan $500K+, the loan amount borrowed must be a minimum of $500,000.
• To qualify for the First Home Buyers Loan, members must be eligible for the First Homeowners Grant.
• Variable interest rates apply to mortgage loan products other than fixed rate loans.
• Loan Establishment Fee $595.
• Maximum Loan Term is 30 years, except for Bridging Loans where the term is 1 year and Interest Only Loans which are 5 year terms.
• A break fee may apply on the Premium First Home Buyers Loan, $250k+ and $500k+ Loan Products (Home & Investment), goGreen Home Loan, Fixed Rate Mortgage Loans and the Basic Home Loan, if the loan is repaid within 3 years.
• Full terms, conditions, fees and charges are available on request and on application. Contact mecu for further detail.