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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 Secured
Personal 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 Secured Personal loan you can apply for up to 80% of
the value of the security you have to offer subject to credit assessment and lending criteria.
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What
can I use my hmcdirect Secured Personal for?
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hmcdirect Secured Personal loans are provided
for
any worthwhile purpose. Below
is a full list of the categories that your Credit Union uses to
determine the purpose of the loan:
- Home Improvements
- Motor Vehicle purchase
- Motor Vehicle expenses
- Consolidation of debts
- Education expenses
- Furniture
- Holidays and Recreation
- Hospital Medical Dental
- Rates and taxes
- Other - In case you
think of anything else that would make borrowing worthwhile.
The only restriction is
that it is worthwhile and that you derive a personal benefit from the
loan.
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What
type of security is required for my hmcdirect Secured Personal loan?
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Your hmcdirect Secured
Personal loan is to be secured by way of a Bill of Sale or Goods
Mortgage over a vehicle or real estate. If you are securing by a car it
may be up to five (5) years old.
Other
forms of security, including Personal Guarantees, Third Party Property
Guarantees and Script will not be considered.
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How
do I repay my hmcdirect Secured Personal loan?
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Your hmcdirect
Secured Personal 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
Secured Personal loan loan account.
With a hmcdirect Secured Personal loan account you are not penalised for
making extra or lump sum repayments.
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Can
I redraw advance payments?
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No, the facility to redraw
advance payments is only available on the hmcdirect 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 only available on the hmcdirect
Options Mortgage loan. |
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How
will my hmcdirect Secured
Personal loan
be funded?
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Once
the loan is approved and the loan 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 Secured Personal 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 12.30
% p.a 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 have any other accounts in conjunction with my hmcdirect
Secured Personal loan?
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Yes, members with a hmcdirect
Secured Personal loan account may hold Christmas Club, Targeted Savers,
other hmcdirect accounts, a Car or 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 Secured Personal loan.
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What
fees and charges apply to my hmcdirect Secured
Personal loan?
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An
establishment fee or $100 applies subject to special waiver provisions.
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.
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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. |
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How
often will I receive information on my hmcdirect Secured
Personal loan?
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Account statements will
be sent to you quarterly.
You
can check the details of your hmcdirect Secured Personal loan account at
any time using Online or Phone Banking facility.
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