Transport Mutual Credit Union Basic Loan

Features

The Transport Mutual Credit Union Basic Loan is a basic home loan with flexible repayment options, starting with a choice of weekly, fortnightly or monthly instalments as well as the choice to make early and lump sum repayments without being charged any penalty fees. Making additional repayments could save you a lot on interest since you can take months and even years off the life of your loan – which is a handy feature considering the variable rate on this loan is high.

Any money deposited toward extra repayments will remain accessible through the redraw facility, however there is a large minimum amount you must redraw each time. And, you will have access to an offset account that will give you the opportunity to offset your interest with the balance of this offset savings account, however check with Transport Mutual Credit Union to see if you’ll be able to access this as a 100 per cent or partial offset account.

You will also have access to a top up facility, allowing you to ask for an increase in your loan for purposes of renovation or construction. Loan repayment insurance and building and contents insurance is also available with your Basic Loan as separate added costs.

Who is the Transport Mutual Credit Union Basic Loan good for?

The Basic Loan could suit borrowers looking for a simple and straightforward loan with some flexibility in terms of repayments. Borrowers hoping to pay off their loan sooner rather than later will be able to use the additional repayments and offset account available or top up if more funds are needed.

Review - What RateCity says

The Transport Mutual Credit Union Basic Loan offers a set of useful features that could help you to close your loan sooner as well as versatility such as a redraw and top up facility should you need more funds. However, the high upfront cost and high variable interest rate could outweigh the benefits of this loan so it’s worthwhile to compare other basic loan options with similar features to see if the Basic Loan is the one for you.

Transport Mutual Credit Union Basic Loan Options

The Basic Variable Home Loan from Transport Mutual Credit Union can be researched further at the provided link.

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More details

Variable Rates from

4.93%

Advertised rate

4.99%

Comparison rate
Pros
  • Early repayments, lump sum repayments and redraws allowed.
  • No ongoing fees.
  • Top up facility.
Cons
  • High variable interest rate.
  • High upfront cost.
  • Large minimum redraw requirement.
Eligibility

Must be a Transport Mutual Credit Union member.

Must be able to provide proof of identification.

Must meet serviceability criteria.

Suitable For
  • First Home Buyers
  • Investors
  • Owner-Occupiers
  • Refinancers
Fees
  • Estimated upfront fees: $375.00
  • Discharge fees: $0
  • Ongoing fees: $0

The Transport Mutual Credit Union Basic Loan won’t charge you any ongoing fees during your loan term or a discharge fee following the completion of your loan. However, the Basic Loan has quite a high upfront cost consisting of establishment, legal and valuation fees.

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
About Transport Mutual Credit Union

Founded to give financial help to NSW Department of Main Roads employees in 1964, the Transport Mutual Credit Union now offers financial services to a wide range of customer in different industries, while still providing many services to a variety of transport workers.

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