Transport Mutual Credit Union Interest Only Loan

Features

The Transport Mutual Credit Union Interest Only Home Loan has a minimum borrowing amount that you must meet in order to take out this loan and only charges you interest – which is at a high variable rate. Repayments can be made on a weekly, fortnightly or monthly schedule as interest-only repayments, which allows you to free up some funds so you can make home improvements or save on repayments if you plan to sell your investment property.

To make repaying easier, you can select to have your repayments credited directly from your salary or as a direct debit from your account. Additional repayments and lump sum repayments are also permitted so you can pay off this loan early without penalty and the free redraw facility gives you access these payments should you later decide you need the funds.

The offered top up facility gives you the option to increase your loan amount if you need more funds.

Who is the Transport Mutual Credit Union Interest Only Loan good for?

The Transport Mutual Credit Union Interest Only Home Loan could be good for investors wanting to make interest-only repayments while waiting to sell an investment property or for home owners looking to reduce their repayments in order to fund things such as making home renovations.

Review - What RateCity says

The Transport Mutual Credit Union Interest Only Home Loan could be a great option to reduce your repayments while putting your funds towards other uses and even towards making extra repayments to pay off your loan early – saving you interest along the way. However, other variable rate loans may offer the ability to make interest-only repayments at a more competitive interest rate than the high variable rate offered with the Interest Only Home Loan.

Though, this loan’s suitability depends on whether or not the loan and the lender meets all of your needs and it would be worth your time to weigh the pros and cons of your options to make this conclusion.

Transport Mutual Credit Union Interest Only Loan Options

Read more about the Transport Mutual Credit Union Interest Only Home Loan at the link provided.

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More details

Variable Rates from

5.18%

Advertised rate

5.23%

Comparison rate
Pros
  • Interest-only option.
  • Early repayments, lump sum repayments and redraws allowed.
  • No ongoing or discharge fees.
Cons
  • High variable 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 Interest Only Home Loan has a high cost to establish – which consists of establishment, valuation and legal fees – but there is no discharge fee and no ongoing fees charged throughout your loan term.

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

The Transport Mutual Credit Union is a member-owned credit union based in Sydney, NSW, formerly known as the RTA Staff Credit Union started to meet the needs of road and traffic authority workers. The credit union has expanded its services to meet the broader needs of workers in the transport industry with a suite of banking and financial products and services.

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