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Am
I Eligible?
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As a member of hmcstaff you are eligible to apply for an
Options Mortgage
loan.
With a Options Mortgage you are also eligible for a Mini Mortgage.
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How
much can I borrow?
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With
a Mini Mortgage loan you can apply for up to 95% of the value of your
property (providing that if the value is more than amount above 80% is covered by Lenders
Mortgage Insurance), subject to other normal lending criteria.
Borrowings over $260,000
in total have to be sourced from the wholesale market ("off balance sheet") under the provisions of the Integris
Mortgage (L50).
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What
can I use my Mini Mortgage for?
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Mini Mortgage
loans are provided so that members with mortgages can access funds for
consumer purchases at mortgage rates. The loan can be paid out over a
period that better reflects the life of the asset.
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What
type of security is required for my Mini Mortgage loan?
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A
mortgage over real estate property that is registered in the name of the
borrower can be used to secure your Mini Mortgage
loan.
Other
forms of security, including Motor Vehicle Bills of Sale, Personal
Guarantees, Third Party Property Guarantees and Script will not be
considered.
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How
do I repay my Mini Mortgage loan?
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Offering
flexible term from 1 to 7 years your Mini Mortgage can be repaid in any
of the following ways:
- Direct - have part, or all, of your pay deposited directly into your
account,
- Direct Credit - interest payments, dividends, rental income and
pensions,
- using
QuickDebit
to draw on your account at another financial institution.
- Cash or Cheque lodged
using Giropost,
- Transfers from existing accounts.
With a Mini Mortgage loan account you are not penalised for
making extra or lump sum repayments putting you in control of how
quickly you will own your home.
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Can
I redraw advance payments?
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No, the facility to redraw
advance payments is available on the Options Mortgage
loan. |
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Can
I receive Savings Interest Offset?
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No, the facility to offset
savings for interest calculation purposes is available on the Options Mortgage loan. |
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How
will my Mini Mortgage loan
be funded?
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Once
the loan is approved and loan/mortgage documentation has been completed
your loan funds will be transferred electronically to your nominated
transaction account.
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How
do I apply?
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Application
Form to print.
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What
is the current interest rate?
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The current rate is 7.15% pa and the rate will fluctuate from time to time depending upon
prevailing interest rate trends.
A penalty rate of
interest will be applied to the balance of the facility in the event
that a payment is not received by the due date.
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How
is interest calculated?
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Interest
is calculated on the daily balance and will be debited to your account
on the last day of each month.
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What
is the Comparison Rate?
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The comparison rate is
identical to the annual percentage rate because your
Credit Union absorbs both the establishment fee and establishment costs
(other than insurance premiums, if applicable).
Special waiver provisions
apply for this concession.
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Can
I split my loan using other loans?
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Yes, members with a mortgage can split their options over the accounts
L7, L10, L25 and/or L12. You will only pay one establishment fee ($300
subject to special waiver provisions) and
you can change the split at any time in the future for a fee of $100.
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What
fees and charges apply to my Mini Mortgage loan?
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An
establishment fee of $100 applies assuming that the Mortgage Loan is
already established.
Other
legal fees payable for property valuation, mortgage preparation and
state government stamp duty can be obtained by phoning one of your
Credit Union’s Member Relationship Officers or by email contact@hmcstaff.com.au
A
fee of $100 applies for an application to increase the loan amount
during the term of the loan or to alter the balances split between other
loans.
A ‘discharge
administration’ fee of $200 applies at the time the loan is to be
discharged assuming that this will also discharge the Mortgage Loan
(only one fee is charged).
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Fee waiver Option |
The establishment fee is waived and
will only be charged if the loan is paid out for any reason within one (1) year
of funding if the loan is for less than $10,000 or within two (2) years of
funding if the loan is for more than $10,000. The discharge administration fee
is waived and will only be charged if the main mortgage loan and this loan is
paid out for any reason within five (5) years of funding. |
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How
often will I receive information on my Mini Mortgage loan?
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Account statements will
be sent to you monthly.
You
can check the details of your Mini Mortgage loan account at
any time using Online or Phone Banking facility.
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