Represents our commitment to supporting first time buyers purchase a property.
With a low ongoing interest rate, and our other socially responsible home loan features, we’re determined to assist our members move into their first home as quickly and as easily as possible.
low variable interest rate
With Australian property prices soaring, most first home buyers need all the financial assistance they can get. mecu offers a helping hand with our extra low ongoing interest rate. The same rate of interest and features as our $500k+ loan for loans of anything over $10k! 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 loan protection insurance paid out to $120,000
This is one home loan feature we hope you never need. Offering free Loan Protection Insurance is the socially responsible way to lend. In the event of a borrower dying, mecu will pay up to $120,000 off a member’s outstanding loan balance.
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 first home 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.
rates
Click to view mecu 's premium first home buyers loan 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 details.
