Transport Mutual Credit Union Fixed Rate Loan

Features

The Transport Mutual Credit Union Fixed Rate Home Loan offers a fixed rate of interest for a term of one year, though, the rate available is high and there is no 100 per cent offset account offered to help you to reduce the amount of interest you owe.

However, you can work towards paying your loan quicker and, thus, reduce your total interest payable through making additional repayments at any time without penalty.

These extra repayments will be accompanied by a redraw facility, enabling the withdrawal of funds put towards extra repayments so you have the security of knowing that your funds will be accessible. However, the minimum amount you have to redraw is quite high.

Weekly, fortnightly and monthly repayments are accepted and if you need to increase your loan amount, the top up facility allows you to apply for extra funds.

Following the fixed term, your interest rate will revert to Transport Mutual Credit Union’s offered high variable rate.

Added insurance options including building and contents and loan repayment insurance policies are available with the Fixed Rate Loan and each are a separate cost.

Who is the Transport Mutual Credit Union Fixed Rate Loan good for?

The Fixed Rate Loan from Transport Mutual Credit Union is most suited to borrowers who meet the minimum loan amount and are looking for only a short fixed term.

The high upfront cost and interest rate might not make this the best option for refinancers and first home buyers, although the top up facility and ability to make early repayments could be appealing options.

Review - What RateCity says

The Fixed Rate Home Loan from Transport Mutual Credit Union has a simple set of features that might not make up for the high interest rate and high upfront cost.

However, there are no ongoing fees associated with this loan and the stability of having a fixed rate could still make this an attractive offer.

It’s worthwhile to research the options available to you since there are fixed loans with more features and lower rates available depending on what you’re looking for.

Transport Mutual Credit Union Fixed Rate Loan Options

Find out more below about the Transport Mutual Credit Union Fixed Rate Loan.

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More details

Fixed Rates from

5.26%

Advertised rate

5.34%

Comparison rate
Pros
  • Early repayments and redraws allowed.
  • Top up facility.
  • No ongoing fees.
Cons
  • High fixed interest rate.
  • High upfront cost.
  • No 100 per cent offset account.
Eligibility

Must meet minimum borrowing amount.

Must be a Transport Mutual Credit Union member.

Must be able to provide proof of identification.

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 Fixed Rate Loan has a pretty high upfront cost in establishment fees, legal fees and valuation fees, though there are no ongoing or discharge fees.

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

Transport Mutual Credit Union provides a range of financial services to its members, and was founded in 1964 to provide these services to the staff of the NSW Department of Main Roads and now welcomes members who pursue other forms of work. Though branch locations are limited, members have the option to bank at an ATM network across Australia and through phone and internet banking access.

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