Represents our commitment to supporting first time buyers purchase a property available to members who qualify for the First Home Owners Grant. With a low ongoing loan 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 loan 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 first home buyers 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 01/07/2010)
Click to view mortgage loans significant terms and conditions
† Allianz Australia Insurance Limited (Allianz) AFS Licence No: 234708, ABN 15 000 122 850 of 2 Market St, Sydney NSW, 2000 is the insurer of this insurance. In referring you to this insurance, mecu acts as an agent for Allianz, not as your agent. If you buy Allianz products, mecu may be paid up to 21% commission. It is a share of the premium Allianz charges you and can vary based on the extent of their role and the product portfolio. To decide if the products are appropriate for you, please carefully read the relevant Product Disclosure Statements, which are available by calling 132 888, between 8:00am and 6:00pm AEST, Monday to Friday. * Free Building Insurance Offer Terms and Conditions. This insurance is subject to normal underwriting terms and is offered subject to your eligibility for insurance cover. Please note that this offer does not provide automatic insurance cover. Your free building insurance cover begins when the insurance policy is activated and terminates on the date shown in the policy schedule. For full terms and conditions on the Free Building Insurance Offer please click here. If you are eligible for two or more discounts, the second and any subsequent discounts may be applied to the premium (excluding applicable taxes and government charges) after it has been reduced by previous discounts. If your premium is below the Allianz minimum premium, then the minimum premium will apply.
