Basic Home Loan

• low variable interest rate

  A low variable interest rate for those that need to borrow anything from $10,000 upwards to get you stepping onto and up the property ladder. Interest on bankmecu loans is calculated on the daily balance to ensure that you gain immediate benefit from loan repayments and you can pay your loan off sooner rather than later.

• flexible repayments

  Making repayments on your loan is easy. You can select from weekly, fortnightly or monthly contracted repayments. Coinciding your repayments with your salary will ensure your repayments are made by the due date. You can make extra unscheduled payments at any time without penalty too!

• bio-diversity offset

  For new owner occupied home construction loans bankmecu will offset an equivalent amount of land into its Conservation Landbank located in the western region of Victoria. For example if you build a new home on a 650sq/m block, 650sq/m will be allocated into bankmecu's Conservation Landbank in order to offset any loss of bio-diversity at no cost to you.

• eco-pause

  Borrowers can take a break from repayments to assist with the purchase of energy and /or water saving devices such as rainwater tanks, solar or grey water system. Take a 3 month pause from full repayments or a 6 month pause at half repayments. Two eco-pause breaks are available for the life of the loan and your payments will be adjusted to ensure you do not exceed the maximum term of the loan.

• family repayment pause

  When one income earner is on maternity leave, it can be tough on the home finances. Our family repayment pause enables people to take a breather from repaying their loan while starting a family. Take a 3 month pause from full repayments or a 6 month pause at half repayments.

terms & conditions

1. Terms, conditions, fees and charges apply and are available on application. Loans subject to normal lending criteria and approval.
2. Repayment Pause. 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.
3. Comparison Rate. 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.
4. Interest rates expressed as annual percentage rates. Variable rates correct as at 7/12/2011, however, are subject to change at any time. Check www.bankmecu.com.au for the latest rates.
5. Redraw. A $25 redraw fee is payable for each redraw transaction. Minimum redraw of $500 applies.
6. The Basic Home Loan product was revised on 15/10/2012. Some bankmecu customers may have a Basic Home Loan with varying features contracted prior to 15/10/2012. Please refer to your loan contract or call bankmecu on 132 888 to speak to a lending consultant regarding the features of your Basic Home Loan.
7. Privacy. bankmecu respects your privacy. You may opt out of receiving further marketing information by calling 132 888 or email the words 'bankmecu unsubscribe' to mail@bankmecu.com.au 
8. bankmecu offsets an equivalent amount of land as is being constructed on into the bankmecu Conservation Landbank in accordance with the land management plan developed and implemented by LandcareAustralia and overseen by Trust for Nature. Carbon sequestered from these trees is monitored and reported by Landcare CarbonSMART. Homes constructed on large lots of land such as hobby farms will be offset according to the amount of land occupied by the dwelling.