credit card, personal and car loans significant terms and conditions

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. 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 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.

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