Borrowing - Terms and Conditions

Mortgage Loans Significant Terms & Conditions Base loan establishment fee is $595 and does not apply to package loans. Maximum loan term is 30 years, except interest only loans (maximum loan term of 5 years). Redraw is not available on interest only loans. Variable interest rates apply to mortgage loan products other than fixed rate loans. Full terms, conditions, fees and charges are available upon request. The Comparison Rate is based on a loan of $150,000 for 25 years. Fees and charges may be applicable. 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.

First Home Buyer Loans Significant Terms & Conditions - The mortgage offset account is available on all First Home Buyers Loans. Fixed loan rates are indicative only. The actual rate will be set at the time of funding. Fixed rate will revert to the First Home Buyers Loan rate at the conclusion of the fixed period unless bankmecu is advised to re-fix. To qualify for First Home Buyers Loans the loan applicant/s must qualify for the First Home Owners Grant, or be able to demonstrate that they are purchasing their first home. The First Home Loan Buyers Special applies to applications received prior to 31 December 2013 and must be funded prior to 31/05/2014.

Premium Loans Significant Terms and Conditions – Premium loans are available with principal and interest reducing payments or interest only repayments. The mortgage offset account is available on all premium home loans and packages.

Fixed Rate Loans Significant Terms & Conditions - Fixed rate loans are available with principal and interest reducing payments or interest only repayments. The mortgage offset account is available on all fixed rate loans and packages. Fixed loan rates are indicative only. The actual rate will be set at the time of funding. Fixed rate will revert to the applicable premium variable rate tier rate at the conclusion of the fixed period unless bankmecu is advised to re-fix. Redraw is available on fixed rate loans. Up to $20,000 additional payments per year not subject to a break fee.

Sustainable Loans Significant Terms & Conditions – The mortgage offset account is available on the Construction Loan, Energy Smart Home Loan and the goGreen Home Loan. To qualify for the construction loan the purpose must be for the construction of a residential property. 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. Qualification criteria applies to the Energy Smart Home Loan. Please contact bankmecu for details.

Other Mortgage Loans Significant Terms & Conditions – The mortgage offset is not available on the Basic Home Loan range, Bridging Loan & Equity Overdraft. Redraw is available on the basic loan and is limited to a minimum redraw amount of $500 and a $25 fee applies per redraw. Maximum loan term for bridging loans is one year.

Premium Package Benefits

  • 10 point discount on premium variable and fixed rate home loans
  • one free top-up or variation per annum
  • unlimited customer rewards transactions
  • 10% discount on car insurance
  • 10% discount on home & contents insurance
  • 10% discount on landlords insurance
  • no annual fee on credit cards

Premium Package Significant Terms & Conditions - Annual package fee of $350 is applicable to all package loans and is payable in advance and is non-refundable. The fee is debited to the loan balance on funding and then annually on the anniversary date of funding. Package benefits cease to apply once the loan is repaid in full.

borrowing rate schedules
Loan Rates Schedule v145 (PDF 77.4 KB)
Loan Fee Schedule V06 (PDF 79.9 KB)