basic home loan
Offers standard home loan features (such as a redraw facility and pre-purchase approval) at a low variable rate. So, if you're a budget-conscious borrower, this no-frills option may meet your needs.
- min $10,000
- low variable interest rate
- flexible repayments
- free redraw facility
low variable interest rate
A low variable interest rate for those that need to loan anything from $10,000 upwards to get you stepping onto and up the property ladder. 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.
flexible repayments
Making repayments on your loan is easy. You can select from weekly, fortnightly or monthly contracted repayments. Coinciding your repayments with your salary will ensure your repayments are made by the due date. You can make extra unscheduled payments at any time without penalty too!
rates
Click to view mecu's basic home 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.
