MCU Sustainable Banking :: Advantages Plus Loan

Home Loans Home Loans Advantages Plus Loan

Advantages Plus Loan

This loan is a multi purpose home loan incorporating a combination of the features from Introductory Rate loans, Professional Package loans and Line of Credit loans.

This loan starts with an introductory 6 month rate and then reverts to the products basic variable rate (not our Residential Loan Rate), which also incorporates an optional split revolving line of credit facility.

This credit facility provides both split loan and split revolving lines of credit capability, providing members with the option to separate personal & business portions within the credit facility.

In addition to satisfying normal MCU credit guidelines, borrowers need to meet the following criteria:

The property must be zoned "Residential" in some way, by their local authority (e.g. Rural Residential, Res A, Res B, Park Residential, etc)

Features

Interest Rate 6.80% p.a. Variable, Introductory 6.40% p.a. Fixed for first 6 months
Comparison Rate 7.01% p.a.
RLOC Rate 6.80% p.a. Variable
Maximum Term 30 years
Minimum Amount $200000
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 $299
Redraw Facility Free
Loan Split Unlimited
Split RLOC Maximum 2

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.