Members Equity Super Members Home Loan (SMHL) Standard
If you are considering a fixed rate loan you will have to consider whether it is the right time to fix. It is best to fix the interest rates when you expect the interest rates to rise in the future. The Members Equity SMHL Standard fixed rate home loan offers you a great fixed rate loan package. While the package does not offer many additional features it does secure your payments into the future. The main feature of the Members Equity SMHL Standard fixed rate home loan is the discounted interest rate. The interest rates are discounted at around 0.30%p.a when compared to the Members Equity Standard fixed rate home loan. You simply have to be a member of pre-approved superannuation funds or ATCU affiliated unions to be eligible for the discounted interest rate. The reduced interest rate will potentially save you thousands of dollars over the course of the loan. This article will explain the main features of the Members Equity SMHL Standard fixed rate home loan.
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Features of the Members Equity SMHL Standard
The Members Equity SMHL Standard fixed rate home loan does not have many features. The lack of features is however indicative of fixed rate loans and is offset by the security that you receive by know what your payments will be. This section will explain the features and borrowing conditions of the Members Equity SMHL Standard fixed rate home loan. These are:
- Discounted interest rate. The main feature of the Members Equity SMHL Standard fixed rate home loan is the discounted interest rate. The interest rate that you receive depends on the term that you fix the loan for. The interest rates offered with the Members Equity SMHL Standard fixed rate home loan are:
- 1 Year fixed rate at 6.49%.p.a.
- 3 Year fixed rate at 6.35%p.a.
- 5 Year fixed rate at 6.99%p.a.
- Borrowing conditions. You will be required to borrow between $40,000 ($20,000 in Tasmania) and $2,000,000 on the Members Equity SMHL Standard fixed rate home loan. The total amount that you can borrow is 95% of the property valuation. If you cannot provide a large enough deposit and you borrow over 85% of the property value you will have to pay mortgage insurance.
- Flexible repayment options. By having the flexibility to choose the way you pay off the loan you can tailor the repayments to suit the way you receive your income. The Members Equity SMHL Standard fixed rate home loan allows you to choose between weekly, fortnightly and monthly repayments.
- You can split the loan. When you split a loan you are allowing separate parts of the loan to be under different loans. With the Members Equity SMHL Standard fixed rate home loan you can set part of your loan to the fixed rate while having the other part set to the variable rate. This will allow to take advantage of times when interest rates are lowered. The Members Equity SMHL Standard fixed rate home loan split loan facility is offered with no charges attached.
- No fees and charges. There are $0 application fees and $0 account keeping fees that are payable with the Members Equity SMHL Standard fixed rate home loan. The only fee you will pay is an exit fee of $200.
Fixed rate loans, although lacking in features, are a great home loan option because they allow you to know exactly what your payments will be. Furthermore, if interest rates rise you can be sure that your repayments will stay the same. The Members Equity SMHL Standard fixed rate home loan is a great fixed rate loan that offers you a discounted interest rate if you are a member of pre-approved superannuation funds or ATCU affiliated unions. Buy having a reduced interest rate you can save money while receiving one of the best interest rates around.
Related posts:
- Members Equity Super Members Home Loan (SMHL) Standard
- Members Equity Super Members Home Loan (SMHL) Interest Only
- Members Equity Super Members Home Loan (SMHL) Offset (Fixed)
- Members Equity Super Members Home Loan (SMHL) Offset
- Members Equity SMHL Interest Only
- ME Bank Super Members 1 Year Fixed Rate Home Loan
- ME Bank Super Fund Members Package Home Loan
- ME Bank Standard Home Loan
- membersequity.com.au/ Members Equity Online Banking
- Aussie Optimizer Standard Fixed Rate Home Loan
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