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low variable interest rates
A low variable interest rate for those that need to borrow $500k plus to secure the keys to their dream home. 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.
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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.
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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.
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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.
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free redraw facility
Reduce the term of your home loan and interest charges by contributing additional repayments towards it, on top of your normal scheduled repayments. You can redraw your additional repayments at any stage too!
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mortgage offset available
Reduce the amount of interest you pay and pay off your home loan 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.
The Mortgage Offset account also reduces the amount of tax you pay on your income. As the account is non-interest earning, there is no savings interest to be taxed.
There is no minimum balance requirement and you have the added convenience of being able to access your money by VISA, rediCARD PLUS or chequebook.
* The comparison rate is based on a loan of $150,000 for 25 years. Fees and charges may be applicable.
IMPORTANT: The Comparison Rate applies only to the example given. Different amounts and terms will result in different Comparison Rates. Cost such as redraw fees, early repayment fees, and cost savings such as fee waivers, are not included in the Comparison Rate but may influence the cost of the loan.