Unity Bank Home Loans

Rates and fees last updated on

A home loan lender with more than 40 years of experience

The Unity Bank, formerly Maritime, Mining & Power Credit Union (MMPCU), offers members a number of home loan options outside of traditional banks.unity-bank-provider-logo-200x100_360

With 26 branches in three states and territories, Unity Bank is able to serve more than 34,000 members with banking needs. A $10 membership fee allows workers of the maritime, mining and power industries to obtain a share in the financial institution.

Unity Bank's rebranding

Unity Bank was formerly known as the Maritime, Mining & Power Credit Union (MMPCU). It remains a member-owned institution.

Who is Unity Bank?

Unity Bank offers home loans for owner occupants and investors with variable or fixed interest rates, 100% offset accounts and flexible repayment options.

Rates last updated October 23rd, 2017
$
Loan purpose
Offset account
Loan type
Your filter criteria do not match any product
Name Product Interest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment Short Description
3.89%
4.78%
$300
$0 p.a.
95%
3.99%
4.88%
$300
$0 p.a.
95%
4.48%
4.80%
$300
$0 p.a.
95%
3.99%
4.73%
$300
$0 p.a.
95%
4.09%
4.15%
$863
$0 p.a.
95%
5.27%
$300
$0 p.a.
70%
4.29%
4.35%
$863
$450 p.a.
95%
4.34%
4.40%
$863
$450 p.a.
95%
5.05%
5.11%
$863
$0 p.a.
95%
4.39%
5.33%
$300
$0 p.a.
90%
4.48%
5.19%
$300
$0 p.a.
90%

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Home loans provided by Unity Bank

All in One Home Loan Rewards PACKAGE

This loan offers a discounted interest rate which is lower the more you borrow and fee waivers in exchange for an annual fee of $450 and holding or opening a Visa credit card and transaction account with Unity Bank. Available for a purchase, refinance or investment, you may borrow up to 90% loan to value ratio (LVR) for a period of up to 30 years with this loan.

First Rate Home Loan

This is a no frills home loan with no monthly or annual fee, and the ability to borrow up to 90% LVR. This home loan does not include an offset facility but there is a redraw option available for unlimited extra repayments.

All in One Home Loan

The All in One offers a variable rate home loan and no fee Visa credit card. Borrow up to 90% LVR with no monthly fees and get up to 20 free transactions monthly.

Fixed Rate Home Loan

Choose a fixed interest rate for one, two, three or five years and enjoy the security of repayments which won't fluctuate. There is a charge for an early pay off if you don’t complete the terms of the loan. With a fixed rate loan, you are not given the option of an offset account or redraw facility.

Investment Loan

Investors can choose between a fixed or variable interest rate with their home loan and choose an interest-only period. There are no monthly fees, but there is also no offset account.

First Time Home Buyer Home

Unity Bank offers a discounted fixed or variable rate for the first year. After the year concludes, the interest reverts to the First Rate Home Loan interest rate. You can also choose an interest-only option for one year. There is an establishment fee for this loan, which is capped at $450.

Interest Only Home Loan

This is a short term home loan of up to five years where you pay only the variable interest rate. Repayments may only be made monthly, but an early repayment without penalty is allowed.

'Tide You Over' Home Equity Loan

This is a line of credit where your income is added to reduce the balance. There are no monthly fees with this type of loan. Repayments are made monthly and you may borrow up to 70% LVR.

Bridging Loan

The Bridging Loan allows you to move into your new home before the sale of your last. There is a maximum term of 12 months before you must choose a home loan.

Pros and cons of Unity Bank home loans

Pros

  • Introductory rate. A reduced rate is offered on loans for first time home buyers.
  • Offset accounts offered. Some of the loans have a money saving offset account.
  • Flexible repayments. You can find loans that allow for weekly, fortnightly and monthly repayments.
  • Loan package. The loan package can consolidate all of your banking needs into one convenient place.

Cons

  • Availability. These home loans are only available for members of the credit union.
  • Fees. There are some loans that come with monthly and annual fees.

How to apply for Unity Bank home loans

You can request to speak with a loan specialist by filling out a form online. When doing so, you will be asked to provide:

  • Member number. Your number provided by Unity Bank.
  • Postal code. To determine which branch will best serve you.
  • Contact information. Your phone number and email address.

Documents needed to apply for an Unity Bank home loan

Personal information

Proving your identity is one of the first steps in applying for a home loan. This is done with one of the following documents.

  • Driver’s licence. A current licence with photo ID satisfies the requirements.
  • Passport. A passport with your picture is also acceptable.
Property information

The property serves as security for the loan, making it important for the bank to see certain documentation:

  • Sale agreement. The contract of sale is a signed agreement between you and the seller.
  • Title. This shows that the seller is the rightful owner of the property.
  • Transfer of land. A land transfer puts the property into your name.
Financial information

There is an obligation for lenders to ensure that you are able to meet the terms of the loan. This is done by looking at:

  • Your income. Pay slips showing your name, salary and frequency of payments.
  • Your debts. Copies of current credit card and other loan obligations.
  • Your assets. A listing of personal property you own of value, including savings accounts.
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This page was last modified on 12 September 2017 at 1:57pm.

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