Maleny Credit Union home loans

Based in a town known for its environmentally friendly culture, Maleny Credit Union promotes sustainable banking among its members by prioritising loans for eco-friendly projects.

What do I need to know about the Maleny Credit Union?

Operational since 1984, Maleny Credit Union (MCU) has its roots in a place where taking care of the environment is a town-wide obligation. The MCU carries this attitude through to its approach to community banking: they put sustainable projects first when considering financing. All members make a minimum, compulsory donation to organisations like the Australian Conservation Foundation or Maleny’s own Sunshine Coast Environmental Council.

Besides home loans, MCU’s products include car loans specifically for environmentally friendly cars, a Solar loan to have solar panels or solar powered water heating systems installed and a Green Appliance loan encouraging the purchase of low-consumption appliances.

Awards that MCU have earned

The Green Appliance loan won Money Magazine’s Best Socially Responsible Product award in 2009.

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Name	Product	Interest Rate (p.a.)	Comp Rate^ (p.a.)	Application Fee	Ongoing Fees	Max LVR	Monthly Payment	Short Description
MCU Advantages Plus Home Loan - (Owner Occupier, IO)		4.40%	4.45%	$0	$299 p.a.	90%			More info	Compare	loading Fetching your data...
MCU Advantages Plus Home Loan - (Owner Occupier, P&I)		4.40%	4.45%	$0	$299 p.a.	90%			More info	Compare	loading Fetching your data...

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What kinds of home loans are offered by MCU?

Cool Home Loan

If you’re willing to meet certain energy-saving criteria for your new home, you benefit from a reduced interest rate for the duration of the loan period. Pledge to install a solar-powered water heater, water tanks or insulated walls and you can be eligible for this loan. The Cool loan concept was developed in conjunction with the Australian Greenhouse Office program, the aim being to educate people about greenhouse gas emissions and what they could do it reduce energy consumption.

Additional criteria include a minimum loan amount of $20,000 for a maximum term of 30 years. Members can borrow up to 95% of the property value (with mortgage insurance) and the loan can be repaid in instalments or in its entirety without penalty fees charged. Additional payments can be accessed via a redraw facility that’s free for withdrawals of $2,000 or more.

Advantages Plus Home Loan

The same green benefits apply here: agree to at least three energy-saving features for your new home and you benefit from a reduced interest rate. This loan is for members who want to borrow a minimum of $200,000. The property held as security must be residential. For amounts equal to more than 80% of the property value, members have to take out mortgage insurance. Members are charged an establishment fee to set up the loan, but there’s no application fee and no fee is charged if the loan is repaid early. This loan is granted with a discounted variable rate and you can apply for split overdraft facilities if you need access to more funds during the loan term. An annual fee is levied if the loan is split.

Advantages and considerations of MCU home loans

Advantages

MCU ensures that members respect the environment with a culture of green banking.

• Commitment to the environment. Every loan product - including the car and personal loans - are geared in some way towards decreasing emissions, saving water or cutting back on energy consumption. Members are rewarded with discounted interest rates for installing solar-powered appliances.
• Small portfolio. MCU only offers two home loans (although the Advantages Plus option allows for an overdraft facility), but considering their features and the MCU membership’s stance on staying green, these products are perfectly suited to their needs.

Considerations

Keep in mind the negative aspects when choosing a loan.

• Steep minimum loan amount (Advantages Plus loan). The Advantages Plus home loan option requires that members borrow a minimum of $200,000, a high starting amount. Most credit unions’ premium products grant loans for a minimum of $150,000.

How to apply for a MCU home loan

To learn more about MCU’s home loans and how to go about applying for one, click on the secure links on this page to be taken to the lender’s website.

Documents required for your loan application

• Personal information. Provide documents to prove your identity. Documents submitted should comply with Australia’s 100-point check. Birth certificates, passports, an identification card and a driver’s licence should be enough.
• Property information. Here you’d include a sale contract signed by both the buyer and seller, a receipt confirming payment of the deposit and all documents confirming that the property had been inspected.
• Financial information. Besides recent payslips and tax returns to confirm your salary and annual income, you’ll also have to make a note of all assets that contribute to your income, like shares or additional property investments. They’ll also need to see a list of your liabilities like other home loan balances, what you owe on credit cards or the outstanding balance on a car loan.

MCU may have a relatively small portfolio of home loan products, but offering discounted interest rates in exchange for energy-conscious renovations is doing huge things for environmental consciousness.