Standard Home Loan
To
safeguard you against interest rate increases, you can fix your
interest rate for a period of time on our easy to manage Standard
Home Loan. This gives you the certainty of knowing what your
repayments will be for a fixed period of time and the flexibility
of repaying your loan without any penalty after the fixed interest
rate period.
Main Features
| Establishment
Fees |
$600 |
| Administration Fees |
$0 |
| Repayment
Frequency |
W, F, M 1
|
| Additional Repayments Accepted
|
Yes 2 |
| Interest Only Available |
Yes3 |
| Fixed Interest Rate Option |
1, 3 or 5 years |
| Redraw Available |
Yes |
| Redraw Fees |
$0 |
| Minimum Redraw Amount
|
$500 |
| Early Repayment Penalty |
Yes4 |
| Minimum Loan Amount |
$50,000 |
| Maximum Loan Amount |
No maximum |
| Maximum Loan Term |
30 Years |
Interest
Calculated
daily and charged monthly in arrears.
The
interest rate can be fixed for periods of 1, 3 or 5 years
and will automatically convert to a variable interest rate
at the end of the fixed period5.
Repayments
Principal & interest repayments.
Interest
only repayments are also available for 1, 3 or 5 year terms
(must match fixed period).
Loan to Value Ratio
(LVR)
Maximum 95% of
the value of the property (Lenders Mortgage Insurance
is required for loans of more than 80% of the value of the
property).
Security
First mortgage over owner-occupied
or investment property.
Splitting
Your Loan
Victoria Teachers Credit Union offers the flexibility of splitting
your loan into variable and fixed interest rate portions or
into two or more different loan products.
Direct
Salary Crediting
You can have your salary directly paid into your Home Loan
or a nominated Savings Account.
Further Information
How Do I Apply?
Applying for your
Loan is easy:
| • |
Download a Home
Loan application. Complete the application and return
it to the Credit Union by mail, fax or take it to one
of our Member Service Centres in Camberwell or Moonee
Ponds. |
For a list of the documents required to apply for your Loan,
download a Loan
Documentation Checklist.
To book an appointment with one of our friendly Lending Consultants,
or request an application form, call 1300 654 822.
|
