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Am
I Eligible?
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As a member of hmcstaff
and if you have your transaction account at another financial
institution you are eligible to apply for an hmcdirect Options Mortgage
loan.
During
the term of your loan you will not be able to hold or operate a
transaction account, VISA Card, Redicard or cheque book at H.M.C. Staff
Credit Union.
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How
much can I borrow?
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With
a hmcdirect Options 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 hmcdirect Integris
Mortgage (L3).
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What
can I use my hmcdirect Options Mortgage for?
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hmcdirect Options Mortgage
loans are provided for the purchase of owner occupied dwellings,
residential investments and land purchased with the intention of
building.
hmcdirect Options Mortgage
loans may be used to pay out existing mortgage loan facilities.
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What
type of security is required for my hmcdirect Options 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 hmcdirect Options 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 hmcdirect Options Mortgage loan?
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Offering
flexible term from 5 to 30 years your hmcdirect Options Mortgage can be repaid using
QuickDebit
to draw on your account at the other financial institution or by direct
salary credit.
Dividends and
rental income may also be arranged to be deposited to your hmcdirect
Options Mortgage loan loan account.
With a hmcdirect Options 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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Yes, the hmcdirect
Options Mortgage loan allows redraw of advance payments. The minimum
amount available for redraw is $1,000. |
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Can
I receive Savings Interest Offset?
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Yes, the facility to offset
savings for interest calculation purposes is available using the hmcdirect
Options Mortgage loan and the hmcdirect Options Account (S27).
100% of the balance of
your hmcdirect Options Account (S27) will be taken into account for interest
calculation purposes. |
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How
will my hmcdirect Options 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 with another financial institution.
If
you are purchasing property or consolidating other
loans your Credit Union will transfer the funds on your behalf making
your hmcdirect Options Mortgage loan an easy way for you to finalise
these accounts.
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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 8.90%
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.
Where a hmcdirect Options Account (S27) is used for savings interest offset,
interest
is calculated on the daily balance of you hmcdirect Options Mortgage loan less the daily balance of your hmcdirect Options Account (S27).
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What
is the Comparison Rate?
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The comparison rate is
identical to the annual percentage rate (i.e. 8.90% pa) 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 have any other accounts in conjunction with my hmcdirect
Options Mortgage
loan?
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Yes, members with a hmcdirect
Options Mortgage loan account may hold Christmas Club, Targeted Savers,
other hmcdirect accounts, a Personal, Car or Basic Mortgage Loan or Term
Deposits with hmcstaff.
The
only preclusion is to holding a transaction account with hmcstaff and
you will not be able to hold or operate a transaction account, VISA
Card, Redicard or cheque book at H.M.C. Staff Credit Union whilst you
have your hmcdirect Options Mortgage loan.
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Can
I split my loan using other hmcdirect loans?
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Yes, members with a mortgage can split their options over the accounts L6,
S79, L27 and/or L8. 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 hmcdirect Options Mortgage loan?
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An
establishment fee or $300 applies subject to special waiver provisions.
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
hmcdirect loans.
A fee of $20 applies for
each redraw.
A ‘discharge
administration’ fee of $200 applies at the time the loan is to be
discharged.
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Fee waiver Option |
The establishment fee and discharge
administration fee are waived and
will only be charged if the 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 hmcdirect Options Mortgage loan?
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Account statements will
be sent to you quarterly.
You
can check the details of your hmcdirect Options Mortgage loan account at
any time using Online or Phone Banking facility.
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