The Transport Mutual Credit Union Standard Variable Home Loan features ways for you to repay your home loan faster through making additional and lump sum repayments without penalty, which could take years off your loan and, therefore, years’ worth of having to pay interest. This could be even more attractive since the variable interest rate on this loan is high. And, use of the 100 per cent offset account could also help you lower the amount you’ll have to pay in interest by depositing extra funds into this account which directly offsets your interest against your loan balance.
Your loan repayments can be made weekly, fortnightly and monthly and any additional repayments you make can be redrawn from the available redraw facility. And if you need access to more funds, the top up facility gives you the opportunity to increase your loan amount.
As separate added costs, you have the option to add loan repayment insurance and landlord insurance to your Standard Variable Home Loan, which also have separate terms and conditions you must meet.
The Transport Mutual Credit Union Standard Variable Home Loan is available to first home buyers, new home and investment property purchasers and refinancers. Though, the high upfront cost, high variable rate and lack of interest-only option might rule out some refinancers and investors.
The Transport Mutual Credit Union Standard Variable Home Loan is a fairly straightforward variable loan with a level of freedom in how and when you repay your mortgage. However, the features might not be enough to outweigh the high variable rate and high upfront cost if you’re not able to take full advantage of the offered features to help you repay your loan early.
It’s a good idea to think about your finances in the long term and how you want to handle your home loan account then compare them to the pros and cons of this loan in order to see if the Standard Variable Home Loan is your most suitable option.
The Transport Mutual Credit Union Standard Variable Home Loan is a variable rate loan offered to owner-occupiers and investors.
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