bank mecu - responsible banking

Borrowing frequently asked questions

• What is the difference between a bankmecu corporate cheque and a bank cheque?

  A bankmecu corporate cheque is issued by bankmecu and is regarded by most merchants as the equivalent of a bank cheque.

  A bank cheque can be organised through bankmecu, however the bank cheque will be sourced on your behalf from the National Australia Bank.

  A mecu corporate cheque fee is significantly less than the bank cheque fee. Please refer to bankmecu fees and charges schedule.

• How do I re-draw from my Home Loan?

  If you wish to re-draw from your loan. Please contact bankmecu on 132 888 to arrange this over the phone or log on to Internet Banking to re-draw online.

• How do I find out my pay-out figure on my loan?

  To find out your current payout figure. Please contact bankmecu 's lending department on 132 888 for further information.

• What is bankmecu's current interest rates on Credit Cards, Personal, Car & Home Loans?

  Please refer to bankmecu's interest rate's on our website or contact bankmecu for further information.

• How much can I borrow?

  Please refer to bankmecu 's "How much can I borrow calculator" located under calculators.

• What are the repayments for $5,000 over 5 years for a Personal Loan?

  Please refer to bankmecu 's "What will my repayment be calculator" Located under calculators.

• How do I re-draw from my Home Loan?
  If you wish to re-draw from your loan. Please contact bankmecu on 132 888 to arrange this over the phone or log on to your internet banking to re-draw online.
• What is involved in paying out and discharging my mortgage?

  bankmecu requires your request in writing via fax or mail with your signature. This process may take approx 3 - 5 weeks.

• What is bankmecu's current interest rates on Credit Cards, Personal, Car & Home Loans?
  Please refer to bankmecu 's interest rate's on our website or contact bankmecu for further information.
• How long will it take to get an answer for my loan?

  Once you have submitted your application bankmecu will generally have an answer for you within 24-48 hours.

• How do I apply for a loan?

  If you wish to apply for a loan with bankmecu you can submit your application either by telephone, online via our website, mail or fax or you can make an appointment at one of bankmecu 's services centres.

• What is bankmecu's current interest rates on Credit Cards, Personal, Car & Home Loans?

  Please refer to bankmecu 's interest rate's on our website or contact bankmecu for further information.

• With the interest rate rise, what are my new repayments and when do they begin?

  You will be advised of your new repayments via a letter in the mail and your new repayments will take effect approx 28 days later.

• Can you tell me how the 55 day interest free credit card works?

  The card has up to 55 days interest free. This means that if you pay the balance owing at the end of the month on the 24th of the following month, you can use the card without paying any interest on VISA and BPay transactions.