mortgage loans significant terms and conditions
New loans (except for Basic Home Loan, Premium $500k+ Loans, and Fixed Rate Mortgage Loans) come with free Loan Protection Insurance up to $120,000 for eligible borrowers. The Mortgage Offset account is available on all Premium Home Loans and the goGreen Home Loan. Fixed Home Loan fixed rates are indicative only. The actual rate will be set at the time of funding. Fixed rate will revert to the Basic Home Loan rate at the conclusion of the fixed period unless mecu is advised to re-fix. To qualify for the Premium $250k+ Loan products the loan amount borrowed must be a minimum of $250,000. To qualify for the Premium $500k+ Loan products the loan amount borrowed must be a minimum of 500,000. To qualify for the Premium First Home Buyers Loan the loan applicant/s must qualify for the First Home Owners Grant. 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. Variable interest rates apply to mortgage loan products other than fixed rate loans. Loan Establishment Fee $595. Maximum loan term is 30 years, except Bridging Loans (maximum loan term of 1 year), and Interest Only Loans (maximum loan term of 5 years).
A break fee may apply on the Premium Introductory, 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 and conditions, fees and charges ar available on request and on application.
The Comparison Rate is based on a loan of $150,000 for 25 years. Fees and charges may be applicable. Click here to view latest rate schedules or by calling a member service consultant on 132 888. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
personal loans significant terms and conditions
New loans come with free Loan Protection Insurance up to $120,000 for eligible borrowers. Variable interest rates apply to personal loan products. The Green Vehicle Guide (www.greenvehicleguide.gov.au) provides ratings on the environmental performance of new vehicles sold in Australia. You can use this site to see how vehicles compare on greenhouse emissions. When buying a new car, use the site to identify the vehicle with the highest rating which meets your needs. Maximum term of 10 years. Minimum amount $1,000. Revolving credit facilities require a minimum monthly payment, as per various contractual arrangements. Full terms, conditions, fees and charges are available on request and on application.
The Comparison Rate for all car loans is based on a secured loan of $30,000 for 5 years. The Comparison Rate for the goGreen Home Improvement Loan, Share Loan and Personal Loan is based on a unsecured loan of $10,000 for 3 years. Fees and charges may be applicable. Click here to view the latest rate schedules or by calling a member service consultant on 132 888. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
comparison rate
The Comparison Rate provides an indicative interest rate that takes into account certain costs associated with setting up and maintaining a loan, including the annual percentage rate/s, loan establishment fees and any other up front or ongoing fees. It does not include any government and statutory fees, as these fees are standard for all lenders and for certain types of loans. It also does not include fees and charges that are 'event based' and which may or may not apply throughout the term of your loan (for example, redraw fees or early termination costs).
The Comparison Rate will allow you to compare different loans with varying interest rates and fee structures and also allow you to compare mecu loans with those provided by other lending institutions. All lenders are required to provide a Comparison Rate when advertising interest rates for lending products.
The Comparison Rate is calculated by lenders based on average loan amounts and loan terms relevant to the loan product. mecu calculates the Comparison Rate for home and investment loans on a $150,000 loan for 25 years. The Comparison Rate for all car loans is based on a secured loan of $30,000 for 5 years. The Comparison Rate for the goGreen Home Improvement Loan, Share Loan and Personal Loan is based on a unsecured loan of $10,000 for 3 years.
When comparing the Comparison Rates of loans, it is recommended that you compare not only the interest rate, but also the features and attributes of each loan. Features and attributes such as free MemberCare Loan Protection Insurance, redraw, 100% mortgage offset and ability to make extra repayments are not included in the Comparison Rate calculation.
The Home and Investment Comparison Rate Schedule and Car and Personal Loan Comparison Rate Schedule provides Comparison Rates for a wider range of loan amounts and loan terms for each of mecu ’s loans. This allows you to establish the Comparison Rate based on a loan term and loan amount that may be more specific to your personal requirements than the average amount.
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