| Basic Home Loan Administration Fee |
$8.00 per month |
| Secured Overdraft Fee |
$12.50 per month |
| Offset Service Fee |
$8.00 per month |
Portability Fee – new mortgage
When you request that a property securing a loan is replaced with a property that is a new security to bankmecu. |
$500.00 |
Portability Fee – existing mortgage
Payable when a property securing a loan is replaced with a property that is already registered with a bankmecu mortgage. |
$150.00 |
Production of Title
Payable when you request access to your title prior to the loan being repaid. |
$300.00 |
Production of Title – new mortgage
Payable if bankmecu needs a new mortgage in addition to producing the title. For example, bankmecu may need to take security over new land as part of a subdivision or consolidation request. |
$400.00 |
Second Mortgage Consent
If bankmecu consents to a second mortgage by another financial institution this fee covers our costs of presenting the title for the second mortgage to be registered. |
$350.00 |
Valuation Administration Fee
If you request a loan variation, bankmecu may need to revalue your property before approving the request. |
$250.00 |
Loan Variation Fee
Payable when transferring from a home loan product to a different home loan product. For example, transferring a variable rate product to a fixed rate product. |
$150.00 |
Fixed Rate Switch Fee
Payable when varying an annual percentage rate from fixed to variable before the fixed annual percentage rate period has ended. |
The Fixed Rate Switch Fee is calculated using the formula below:
Let n = the remaining number of months for which the rate is fixed
Let A = current loan balance plus any loan payments paid in advance
Let P = contracted repayments converted to a monthly repayment amount
Let z = annual fixed interest rate payable
Let y = annual reinvestment rate payable*
Let b = (1 + y/12)n
Let d = (1 + z/12)n
The Fixed Rate Switch Fee is: (A/b) x (d – b) + 12P/(byz) x (z(b – 1) – y(d – 1))
* The ‘annual reinvestment rate’ is calculated as the fixed rate available for a loan with a fixed rate period that corresponds with n as calculated above.
The minimum fee is zero. bankmecu Limited will not refund the Borrower for any advantage gained as a result of an increase in the fixed interest rate in the period from the date the loan was funded and the date of early repayment.
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