Transcomm Credit Union is one of Victoria’s leading providers of financial services - here’s a guide on their home loans.
Founded in 1971, Transcomm Credit Union focuses on providing affordable loans to its customers in Victoria. In order to be eligible to receive a loan from Transcomm, you must buy five refundable shares in the credit union. Once the shares have been bought you are officially a member of the credit union, giving you access to the financial services that Transcomm provides. Besides home loans, Transcomm offers car, personal and accommodation bond loans.
Who is Transcomm Credit Union?
Transcomm has a varied selection of lending options. You can find basic home loans, investment loans, as well as reverse mortgages and equity loans. Transcomm makes applying for a loan easy, as customers can contact the credit union by email or phone to make a loan enquiry.
Flexible repayments and no penalty for paying out a loan early are two features included into Transcomm home loans. There is also the ability to have your repayments deducted right from your lifestyle account or payroll. The loans offered by Transcomm Credit Union are suitable for first-time buyers or those looking to refinance.
Compare Transcomm Home Loans
Home loans offered by Transcomm Credit Union
Basic home loans
The amount you can borrow under this loan depends on your income and current obligations, as well as the valuation of the property you are offering up as security. You can make additional repayments whenever you like, and payroll deduction is an available option. Full mortgage loan offset facilities are available with all of Transcomm’s home loans, while there is an establishment fee to pay when signing up for this loan.
Equity home loan
An Equity home loan from Transcomm allows you to utilise the equity that you have in your home for things such as renovations, extensions, car purchases, land purchases or even holidays. You can make repayments on the Equity Loan in a fashion that suits you and, as with Transcomm’s home loans, the Equity Loan can be set up to have its payments deducted from your payroll or lifestyle account.
Investment home loan
This type of loan allows you to use your investment property as security. Repayments can be made along a schedule that suits your preferred timescale, while extra repayments are also allowed. In fact, if you pay out the loan early, you will not be subjected to a penalty.
If you are facing retirement in the near future it is a good idea to look at reverse mortgages as a borrowing option. A reverse mortgage allows you to use the equity in your property to receive payments from Transcomm. This can help you to live a better lifestyle and have less worries about cash flow. The reverse mortgage comes with an establishment fee and a monthly administration fee.
Pros and cons of Transcomm Credit Union home loans
- 100% offset account. Transcomm’s investment and home loan lines come with a 100% offset facility, which is handy for lowering your interest rate.
- Reverse mortgage available. Transcomm has a reverse mortgage option available to its customers. This mortgage type is great for customers who want an easier retirement.
- Repayment freedom. Repayments can be made as quickly as you like, as there is no penalty associated with paying out the loan early. This allows you to save money, as paying off the loan faster means you will be burdened with less interest payments.
- Fees. Mortgages from Transcomm have an establishment fee that is calculated depending on how much you are borrowing.
How to apply for a Transcomm Credit Union home loan
If you would like to apply for a home loan from Transcomm, please speak to a mortgage broker.
Documents needed to apply for a Transcomm home loan
Transcomm will need to see some documentation to properly identify you in order to process your loan application. Here is what you will need:
- 100 points of identification. In compliance with Australian law, Transcomm will require you to submit 100 points of valid identification. One of these pieces of ID must be photographic, such as a passport or driver’s licence.
- Other forms of ID. Bank statements, citizenship papers and a birth certificate are all valid forms of ID you can use.
Documentation on the property you are buying is required in order to have your loan processed.
- Contract of sale. The contract of sale outlines the details of the property sale, including how much is being paid for the property.
- Certificate of title. The certificate of title proves to Transcomm that the person selling the house has ownership rights to it.
- Transfer of land. This document outlines the fact that the land itself will be transferred into your name after the completion of the sale.
You will be required to submit financial documents to Transcomm so they can assess how much of a lending risk you pose. Documentation regarding the following will have to be provided;
- Assets. Assets include things such as vehicles, real estate, savings or shares that you own.
- Expenses and liabilities. Expenses and liabilities include credit card debt, loan debt, child support payments, utility bills and other outstanding bills that you owe.
- Proof of income. If you earn a wage or salary you need to provide two consecutive pay slips, a letter from your employer stating your income, and information on wage deposits into a transaction account over a three-month period. If you are self-employed you need to provide personal tax returns.
Make sure to compare your loans and seek expert advice to ensure you end up with the right loan for you.