Compare home loan offers from Transport Mutual Credit Union
Transport Mutual Credit Union was founded in 1964 as Main Roads Staff Credit Union. Transport Mutual specialises in providing financial services to people who work in the transport industry, but also accepts customers from all occupations. Besides home loans, Transport Mutual offers a wide range of personal banking accounts, insurance policies, car and personal loans, insurance packages and internet banking options.
Who is Transport Mutual Credit Union / What does Transport Mutual Credit Union do?
Transport Mutual offers its members a large selection of home loan options. Its portfolio consists of five different loans which provide unique benefits and bonuses to borrowers. You can expect to find competitive interest rate loans in both the fixed and variable rate categories. Some of the benefits of borrowing from Transport Mutual include easy access to equity, flexible repayment options, waived fees, redraw facilities and offset accounts.
When you take out a loan with Transport Mutual you will have the backing of its customer service team and personal finance tools and calculators. Whether you are a first-time home buyer or looking for investment opportunities, Transport Mutual offers viable options for borrowers.
Home loans offered by Transport Mutual Credit Union
Basic Variable Home Loan
This variable rate home loan requires you to pay an interest rate that changes according to the financial markets. You can make variable or lump sum repayments and you can make early repayments without incurring any penalty.
The major benefit of this type of home loan is that there are no account-keeping fees. You are allowed a free redraw facility and an offset account with this loan, while you can also set up auto-repayments which will automatically be withdrawn from your salary. Take note of the establishment fee as well as the valuation fee associated with this account.
One Year Fixed Home Loan
The One Year Fixed Home Loan allows you to lock in the interest rate for a year at a time. After this year-long period it converts into a variable rate of interest.
The rest of the features associated with this loan are similar to the Basic Variable Home Loan. You can make repayments early, and the repayments can be made as a variable or lump sum amount. There are no ongoing account-keeping fees but there is an establishment fee in place. There is no offset account option available with this loan type.
Standard Variable Home Loan
This loan boasts a flexible repayment schedule, and you can make variable and lump sum repayments. There is no early repayment penalty and you can opt into loan repayment insurance.
Customers are offered a redraw facility with this loan, while an offset account is great for borrowers who want to have their savings work towards a lower interest rate. There are no account-keeping fees but an establishment fee does apply.
Home Equity Loan
The Home Equity Loan from Transport Mutual allows you to borrow against the portion of your home that you own. This is great for customers who place access to equity at the top of their wish list.
The interest rate is variable and you can use an offset account feature to lower the amount you pay. Flexible and lump sum repayments are a feature of this loan, and there are no penalties associated with making early repayments. Auto-repayments can be established and there are no ongoing account-keeping fees.
Interest-Only Variable Home Loan
The Interest-Only Variable Home Loan is a variable rate mortgage that allows you to make interest-only payments. Flexible and lump sum repayments are allowed and customers can make fee-free early repayments.
There is a redraw facility available and a top-up facility with no minimum amount. There are no account-keeping fees but there is an establishment fee. Another handy feature is the ability to have the loan linked to your salary and have your payments taken directly out of your paycheque.
Pros and cons of Transport Mutual Credit Union home loans
- No ongoing fees. Transport mutual waives any ongoing account-keeping fees that you might be expecting to have to pay when taking out a mortgage.
- Early loan repayment. If you find yourself with enough financial stability to repay your loan early, you won’t be penalised.
- Equity access. The Home Equity Loan from Transport Mutual allows you to access the equity in the portion of the home that you own. This is a great option for consumers who want to have a fair bit of financial liquidity when taking out a home loan.
- Only two interest-only options. If you are a customer who wants a loan with the dual option to pay in principal and interest or interest-only, you may be disappointed with Transport Mutual’s offerings. Only two loans from Transport Mutual offer an interest-only option.
How to apply for a Transport Mutual home loan
Transport Mutual Credit Union has streamlined the whole process of applying for a home loan:
- Fill out an online application form. This is a secure online application form that takes minutes to complete. You will be required to provide Transport Mutual with information regarding what type of loan you require, how much you need to borrow, and some personal contact details.
- Within 48 hours you will be contacted by a mortgage expert. A customer service representative will contact you via your preferred method.
- Buy building insurance. Before your loan application is processed you will need to make sure that you have a building insurance policy in place.
Documents needed to apply for a Transport Mutual Credit Union home loan
Transport Mutual will require you to provide some identification documents before approving your loan. This is a consumer protection step and is used to prevent fraudulent borrowing. You’ll need to supply 100 points of identification and other forms of ID, including bank statements or citizenship documents.
There are some property-related documents that you need to submit to Transport Mutual in order to be approved for a loan. These include the contract of sale, certificate of title and transfer of land documents.
Transport Mutual will need documentation regarding your financial situation in order to gauge how much of a lending risk you pose. You’ll need to supply details regarding your:
- Assets. This can include other property, savings and other investments.
- Income. You’ll have to provide proof of your income, which may be by supplying payslips or other documentation.
- Debts and liabilities. You’ll have to supply Transport Mutual Credit Union with information about your existing debts and accounts such as credit cards and loans.
When searching for the perfect home loan, make sure to weigh your options based upon your current and future financial expectations. A mortgage broker can also help make the process much easier and assist you with finding the right loan.