My Credit Union Special 3 Year Fixed Rate Home Loan

Rates and Fees verified correct on December 9th, 2016

With no ongoing fees and a competitive rate, the My Credit Union Special 3-Year Fixed Rate Home Loan is well worth a look.

With the ability to lock in a competitive fixed rate for three years, the My Credit Union Special 3-Year Fixed Rate Home Loan offers the security of consistent repayment amounts. The loan also includes a range of features to help you own your home as quickly as possible, including no ongoing fees and the option of making additional repayments towards your debt. A free redraw facility is also available if you need access to your extra repayments at any time.

Product NameMy Credit Union My Fixed Rate Home Loan - 3 Years Special Offer
Interest Rate TypeFixed
Interest Rate (p.a.)3.49%
Comp Rate^ (p.a.)4.17%
Minimum Loan Amount$250,000
Maximum Loan Amount$3,000,000
Maximum Loan Term30 years
Maximum LVR80%
Maximum Insured LVR95%
Mortgage Offset AccountNo
Mortgage 100% OffsetNo
Loan Redraw FacilityYes
Split Loan FacilityYes
Fixed Interest OptionYes
Loan PortableNo
Suitable for InvestmentYes
Extra RepaymentYes
Available as equity loan/line of creditYes
Repayment TypePrincipal & Interest and Interest Only Options
Application Fee$100
Lender's Legal Fee$335
Valuation Fee$275
Ongoing Fees$0 p.a.
Settlement Fee$0
Discharge Fee$260

Pros

  • There is $0 ongoing service fee.
  • Redraw facility.

Cons

  • No offset account.
  • A discharge fee of $260 applies when you close your home loan account.

Factors to consider about the My Credit Union Special 3 Year Fixed Rate Home Loan

The My Credit Union Special 3 Year Fixed Rate Home Loan is available for loans of $250,000 or more and is suited to both owner-occupier and investor borrowers. This full-doc loan has a maximum loan to valuation ratio (LVR) of 80% and can be used to purchase property or refinance an existing loan.

To help you pay off your mortgage as quickly as possible, My Credit Union allows you to make additional lump sum loan repayments at any time. If you pay off your loan ahead of schedule, no early payout fee applies.

Features of the My Credit Union Special 3 Year Fixed Rate Home Loan

The My Credit Union Special 3 Year Fixed Rate Home Loan offers a wide range of key features to borrowers, including:

  • Flexibility. The My Credit Union Special 3 Year Fixed Rate Home Loan can be used by both owner-occupiers and investors to purchase a new property or refinance an existing loan.
  • Loan amount. The My Credit Union Special 3-Year Fixed Rate Home Loan is available on loans of $250,000 or more.
  • Maximum LVR. The maximum LVR on this loan is 80%, which means you’ll need to have a deposit of at least 20% of the purchase price saved if you want to qualify for financing.
  • Repayment options. You can choose the loan repayment schedule that best suits your budget: weekly, fortnightly or monthly.
  • Additional repayments. You can make additional lump sum repayments on your loan at any time to pay the off balance ahead of schedule. There is no fee for early payouts.
  • Free redraw. If you ever need access to the additional funds you have paid towards your loan, you can use the loan’s free redraw facility. The minimum redraw amount is $100.
  • Portability. For added flexibility, the My Credit Union Special 3 Year Fixed Rate Home Loan is portable and can be taken with you when you purchase a new home.

Fees

There are no ongoing fees with this home loan, but below are the fees you will be asked to pay:

  • Application fee: $100. This fee covers the administrative costs associated with assessing and approving your loan.
  • Discharge fee: $260. This fee is payable when your loan is discharged.
  • Legal fee: $335. This fee covers the third-party legal costs the lender incurs when approving and establishing your loan.
  • Valuation fee: $275. This fee covers the cost of having your property’s value appraised.

How to apply for the My Credit Union Special 3 Year Fixed Rate Home Loan

If the My Credit Union Special 3 Year Fixed Rate Home Loan sounds like the ideal loan for you, click one of the “Apply Now” links on this page. You will be securely redirected to the My Credit Union website where you can browse the details of the loan’s features and also submit an online application. You’ll need to be at least 18 years of age and an Australian resident in order to apply for a loan.

You will also need to provide:

  • The full name and contact details of everyone applying for the loan
  • Proof of income and employment details
  • Details of your existing loans, credit cards and other expenses
  • Information about any assets you own, such as property, shares or savings

Applications take around 10 minutes to complete and you will usually receive conditional approval within 24 hours.

The My Credit Union Special 3 Year Fixed Rate Home Loan is well worth a look for any borrower who wants a fixed rate, no ongoing fees and other competitive mortgage features. Compare this loan with other fixed rate loans to find the right mortgage to help you purchase your next home.

My Credit Union Special 3 Year Fixed Rate Home Loan Interest Rate History vs RBA Cash Rate Graph

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This page was last modified on 27 October 2016 at 16:01.

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My Credit Union My Fixed Rate Home Loan - 3 Years Special Offer

  • Interest Rate

    3.49% p.a.

  • Comparison Rate

    4.17% p.a.

  • App Fee / Annual Service Fee

    $100 / $0

  • Max LVR

    80%

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