Green Home Loans : Sustainable, Environmentally Friendly and Ethical Home Loans : MCU Sustainable Banking

Cool Home Loan

MCU's Cool Home Loan was developed in conjunction with the Australian Greenhouse Office program called Cool Communities. The Cool Communities programs aim was to educate people in ways of reducing greenhouse gas emissions.

The Cool Home Loan does this by offering borrowing members a reduced interest rate if their house meets certain energy efficiency criteria. So if you are looking to purchase an existing dwelling or refinance a current loan make sure it meets these criteria and you will receive our discounted Cool Home Loan rate.

In addition to satisfying normal MCU credit guidelines, borrowers must meet at least 4 of the following energy saving criteria:

Solar, Gas or Heat Pump hot water system
Water efficient fittings (dual flush toilets, AAA rated shower roses)
Eaves not < 600mm on eastern and western walls
Roof insulated (Minimum Australian Standards)
Ceiling insulated (Minimum Australian Standards)
Connected to Cleangreen Electricity
Windows tinted on eastern and western walls
External awnings or shadings over windows on eastern and western walls
Solar PV panels

Features

Interest Rate 6.80% p.a. Variable
Comparison Rate 6.84% p.a.
Maximum Term 30 years
Minimum Amount $20000
Maximum Amount 95% of the valuation of the security property
Mortgage Insurance Required if the amount borrowed is more than 80% of the valuation of the security property
Application Fee $550
Annual Fee $0
Redraw Facility Free for amounts over $2000, otherwise $25 fee per redraw

Note: This comparison rate is calculated on the amount of $200,000 over a term of 25 years. This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or 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.

View full Schedule of Comparison Rates (pdf).

View Loan Fees and Charges (pdf).

Terms, conditions, fees and charges apply and are available on request. This offer is subject to change without notice.