We help home buyers who are looking to build a new dwelling or buy one off the plan with a fully featured home loan package. For a low annual fee of $350(2) we offer a low ongoing loan interest rate, 10% off your general insurance premiums(8), unlimited customers rewards(7) (transactions) and no monthly or additional repayment fees. We also waive the annual fees on our Visa credit cards. This package will get you up and running.
annual package fee - simple
A low annual fee of $350 which is debited to your loan on funding and then annually on the anniversary date of funding(2).
unlimited customer rewards
Customer rewards provide you with an amount each month which you use to offset the cost of transactions(7). However with this loan package, the amount is unlimited which means more free transactions and no surprises at the end of the month.
low variable interest rate
bankmecu offers a helping hand with our extra low ongoing loan interest rate. Interest on bankmecu loans is calculated on the daily balance at the end of the day to ensure that you gain immediate benefit from loan repayments and you can pay your first home buyers loan off sooner rather than later.
10% general insurance discount
We understand the cost of setting up house can put pressure on your finances so with our insurance partner Allianz, we have teamed up to offer you an ongoing 10% discount on general insurance premiums(8). With great features and pay by the month, your finances won’t be stretched and you’ll have peace of mind knowing you are covered.
In addition, we provide 3 months free building insurance during the settlement period to ensure your property is protected before you take possession and move in(8).
free of annual credit card fees
We offer a choice of two great value cards: Low Rate Visa with one of the lowest ongoing interest rates around or the Visa Credit Card with up to 55 days interest free. As part of the loan package both attract no annual fee (saving you $59 a year on the Low Rate Visa).
free unlimited redraw facility
You can reduce the term of your home loan and interest charges by contributing additional repayments, on top of your normal scheduled repayments. However you can redraw your additional repayments for free at any stage too, with no minimum amount and the transaction is instant so it’s in your savings account ready to be spent.
mortgage offset available
Reduce the amount of interest you pay and pay off your first home sooner! A Mortgage Offset account offsets 100% of your savings against the balance of your loan when the loan interest is calculated. For example, if you have a loan balance of $100,000 and a Mortgage Offset account with a $20,000 balance, interest will be calculated on the difference between your loan amount and your Mortgage Offset balance. i.e. interest will be calculated on $80,000 rather than the full $100,000 owing. But please note a monthly fee of $8 applies for this account.
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(10).
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(4).
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(4).
terms & conditions
1. Terms, conditions, fees and charges apply and are available on application. Loans subject to normal lending criteria and approval.
2. Package Fee. Annual package fee of $350 is payable in advance and is nonrefundable. The fee is debited to the loan on funding, and then annually on the anniversary date of funding. Package benefits cease to apply once the loan is repaid in full. Other fees and charges may be payable. Refer to the Loan Fees schedule available from bankmecu.com.au or by calling 132 888 for more details.
3. Construction Loan Package. For construction of a new dwelling or purchase of dwelling off the plan. bankmecu requires a registered 1st mortgage over residential real estate. Maximum Loan to Valuation Ratio (LVR) – 90% (plus capitalised Lenders Mortgage Insurance (LMI) premium) or 80% LVR without LMI.
4. 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.
5. 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.
6. 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.
7. Unlimited Customer Rewards. Includes transactions covered under customer rewards, and excludes direct charges as a result of using non-rediATMs for withdrawals. Some transaction fees do not qualify for customer rewards. Full details are available on our website or by contacting bankmecu on 132 888.
8. Insurance. This insurance is issued by Allianz Australia Insurance Limited ABN 15 000 122 850 AFSL 234708. mecu Limited ABN 21 087 651 607 AFSL/Australian Credit Licence No. 238431 acts as an agent of Allianz and not as your agent. Before making a decision about this insurance, please refer to the relevant Product Disclosure Statement available on 132 888 or visit bankmecu.com.au. 10% discount applies to building, contents and motor combined, and/or standalone building insurance, when you sign up for this home loan package. Minimum premiums apply. Any discounts/entitlements only apply to the extent that any minimum premium is not reached. If you are eligible for more than one, we also apply each of them in a predetermined order to the premium (excluding applicable taxes and government charges) as reduced by any prior applied discounts/ entitlements.
9. 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 email@example.com
10. 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.