MCU Sustainable Banking :: Residential Loan

Residential Loan

For those properties that don't meet our environmental criteria we have a loan called Residential Loan. This loan is for properties zoned "Residential" in some way by their local authority (e.g. Rural Residential, Res A, Res B, etc). The MCU Residential Loan offers a competitive interest rate, with no ongoing fees.

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 7.30% p.a. Variable
Comparison Rate 7.34% 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.