Terms, conditions, fees and charges apply and are available on application. Loans subject to normal lending criteria and approval. Full terms and conditions, fees and charges are available on request and on application.
The Mortgage Offset account is available on all Package Loans, 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 bankmecu 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 First Home Buyers Loan Package the loan applicant/s must qualify for the First Home Owners Grant.
To qualify for the Renovators Loan Package the minimum loan amount is $100,000 of new funds (excludes existing loan amounts that may be held) and the renovations must be to a residential dwelling.
To qualify for the Construction Loan Package the loan must be for construction of a new residential dwelling or purchase of residential dwelling off the plan.
To qualify for the goGreen Home Loan the home financed must have an energy rating of 7 stars or more under the Nationwide House Energy Rating scheme.
Loans must be established for a full 12 months and a maximum loan to value ratio of 90% (Family-Pause) or 80% (Eco-Pause) applies. Full conditions available from bankmecu. Pausing repayments will result in interest continuing to accrue on the loan, potentially increasing the term of your loan. Full conditions available from bankmecu.
Variable interest rates apply to mortgage loan products other than fixed rate loans.
Loan Establishment Fee is $595 except Package loans where there is no Loan Establishment fee.
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 Fixed Rate Mortgage Loans, if the loan is repaid during its fixed rate period.
The Comparison Rate is based on a secured loan of $150,000 for 25 years. 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. Interest rates expressed as annual percentage rates.
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 bankmecu 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. bankmecu 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 redraw, 100% mortgage offset and ability to make extra repayments are not included in the Comparison Rate calculation.
Full terms and conditions, fees and charges are available on request and on application.
back to borrowing terms and conditions page