Transport Mutual Credit Union Standard Variable Loan

Features

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.

Who is the Transport Mutual Credit Union Standard Variable Loan good for?

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.

Review - What RateCity says

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.

Transport Mutual Credit Union Standard Variable Loan Options

The Transport Mutual Credit Union Standard Variable Home Loan is a variable rate loan offered to owner-occupiers and investors.

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Variable Rates from

4.11%

Advertised rate

4.17%

Comparison rate
Pros
  • 100 per cent offset account.
  • Early repayments, lump sum repayments and redraws allowed.
  • Top up facility.
Cons
  • High variable interest rate.
  • High upfront cost.
  • Limited branch access.
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 Standard Variable Home Loan will cost you a very high amount in fees upfront due to the establishment, valuation and legal fees charged by this lender. Although, you will pay no discharge fee and no ongoing monthly or annual fees for this loan.

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

Transport Mutual Credit Union designs its products and services around the needs of employees in the Australian transport industry. Though branch access is limited, services such as internet banking and telephone banking make accessing your accounts convenient no matter where you are in the country.

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