loans

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. 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 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.

bio-diversity offset

For new owner occupied home construction loans mecu will offset an equivalent amount of land into its Conservation Landbank located in the western region of Victoria. For example if you build a new home on a 650sq/m block, 650sq/m will be allocated into mecu's Conservation Landbank in order to offset any loss of bio-diversity at no cost to you.

eco-pause

Borrowers can take a break from repayments to assist with the purchase of energy and /or water saving devices such as rainwater tanks, solar or grey water system. Take a 3 month pause from full repayments or a 6 month pause at half repayments. Two eco-pause breaks are available for the life of the loan and your payments will be adjusted to ensure you do not exceed the maximum term of the loan.

family repayment pause

When one income earner is on maternity leave, it can be tough on the home finances. Our family repayment pause enables people to take a breather from repaying their loan while starting a family. Take a 3 month pause from full repayments or a 6 month pause at half repayments.

rates (effective 01/05/2009)

Click to view mecu 's premium first home buyers loan rates, fees and charges .

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