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Housing Loans

Home Loans

For most of us, borrowing for a home will be the biggest purchase we will ever make. Most people will spend weeks or even months making sure that they have chosen the right property to purchase or build. Unfortunately, most spend very little time on choosing the right home loan for them. That’s why at CMCU we take the opportunity to sit down with you to discuss your options before you make a decision. Unlike some lenders where you are just a number, at CMCU you are a member. We take pride and care in looking after your interests.

Established Property

Before looking at buying a new (to you) home or investment property, you should get a pre-approval from CMCU. This way, you know exactly how much you can afford to borrow and the price range in which you can afford to buy. Pre-approval can be obtained in as little as 48 hours.

You can borrow up to 80% of the purchase price of the property or 95% with Lenders Mortgage Insurance for owner occupiers or 90% for investors. Lenders mortgage insurance is a once off premium that allows us to lend you more than 80% of the purchase price.

You have the choice of a Variable Interest Rate, a Fixed Interest Rate, a Home Equity Account or a combination of these.

Account Features:

• No Monthly Account Keeping Fees
• Flexible Repayments – pay either Weekly, Fortnightly or Monthly
• Borrow up to $750,000.00
• Maximum Term 30 years
• Borrow up to 80% of property value without Mortgage Insurance
• Borrow up to 95% of property value with Mortgage Insurance
• Redraw Facility Available during Variable Rate
• No Penalties for Extra or Early Payments during Variable Rate
• Variable Interest or Fixed Interest for 1 – 5 years

Construction Loans

CMCU can provide finance for the construction of your owner occupied dwelling or investment property.

You can borrow up to 80% of the land & construction price of the property or 95% with Lenders Mortgage Insurance for owner occupiers or 90% for investors. Lenders mortgage insurance is a once off premium that allows us to lend you more than 80% of the purchase price.

During the period of construction, your loan will be at our Standard Variable Interest rate. At the completion of the construction, you may elect to remain at the variable rate or transfer to a Fixed Rate Interest loan or a Home Equity Account.

Account Features:

• No Monthly Account Keeping Fees
• Flexible Repayments – pay either Weekly, Fortnightly or Monthly
• Borrow up to $750,000.00
• Maximum Term 30 years
• Borrow up to 80% of completed property value without Mortgage Insurance
• Borrow up to 95% of completed property value with Mortgage Insurance
• Redraw Facility Available during Variable Rate
• No Penalties for Extra or Early Payments during Variable Rate
• Variable Interest or Fixed Interest for 1 – 5 years

Home Equity

The Home Equity Account is basically a giant overdraft attached to your EveryDay Access Account where you access the equity you have in your home. This then gives you funds not only for your everyday living, but also for those larger purchases such as home improvements, holidays or vehicles. With the Home Equity account, you pay all of your income into the Home Equity Account and then use either the account or a credit card to live from. You then pay the credit card in full every month ensuring that no interest is paid on the credit card. You have an overall limit to which you can withdraw. All going well, not only will this account save you interest but it will also save you years off your mortgage. This account is ideally suited to those people who can budget well and stick to the budget. One of the drawbacks of this account is that you can still owe as much in 20 years as you owe today. This account is not for everyone.

Account Features:

• No Monthly Account Keeping Fees
• Direct Credit of Income to account
• Borrow up to $600,000.00
• Maximum Term 10 years then Principal & Interest Loan maximum 20 years
• Borrow up to 80% of property value without Mortgage Insurance
• Borrow up to 90% of completed property value with Mortgage Insurance
• No Penalties for Extra or Early Payments during Variable Rate

Land Only

If you find the right block of land but are not ready to build your dream home, you can still purchase the land with a CMCU Land Loan.

You can borrow up to 80% of the purchase price of the property or 90% with Lenders Mortgage Insurance provided the land is no more than 5 acres in size.

Once you ready to build your home, you can use the equity you have in the land as your deposit.

Refinancing

Whether you are unhappy with your current lender or are looking for a better rate or service, CMCU offers hassle free refinance from your current lender. Our staff will handle all the necessary documents and dealings with your current provider so you won’t have to lift a finger.

Can I get approval before I find a home? We can arrange for a conditional approval to be obtained before you go looking for that new home. Conditional approvals can be subject to a property valuation being conducted by our authorised licensed valuer.

Conditional approvals can be obtained in as little as 24 hours from the time a completed application is received.

What do I do now?

To find out more, view our current

Loan Rates

or

Comparison Rate

or to see if you qualify, contact one of our lenders at Yarrawonga or Cobram.

What costs are there?

There are always costs involved in purchasing a new property. Our lenders will go through all the associated credit union, legal and state government costs with you. All you need to know is in which state you are purchasing, the purchase price and how much you need to borrow.

 

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