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Mortgage Loan Repayment Do I have to be a credit union member to take out a loan? How much can I borrow? What costs do I need to consider? How do I make repayments on the loan? How often will I receive information on my account? What security is required? Do I need to take out insurance? Is a redraw facility available? What is Lenders Mortgage Insurance?

Home Loans Options Key Features Benefits FAQs

Mortgage Loan Repayment
The amount you are required to pay on your mortgage loan can be accessed by referring to the Repayment showing on your Statement or Internet Banking.

Your Interest Rebate is treated as an additional payment and can be accessed as a Redraw when the total in advance amount exceeds $500. If you do not access these additional repayments your loan will be repaid in a shorter term. ^

Do I have to be a credit union member to take out a loan?
The credit union is a mutual financial services organisation and as such is owned by its members, each one of whom is a shareholder. Therefore you must be a member of the credit union to be approved for a loan.

Eligibility to join is exclusive to employees and members of their families, of Alcoa of Australia, Portland Aluminium, Alcoa ARP or their subsidiaries or of a contractor to one of these companies. Learn more about membership.^

How much can I borrow?
You can borrow up to 95% of the valuation of the property with mortgage insurance for a Principal and Interest loan and 90% of the valuation with mortgage insurance for Interest Only and Line of Credit products or 80% without mortgage insurance. The actual amount you can borrow is determined by your ability to meet the repayments of the loan. If you wish to calculate how much you can could borrow? Use our Loan Calculator. ^

What costs do I need to consider?

• Deposit
• Stamp duty & registration fees
• Legal fees
• Search fees

Deposit
The biggest initial cost is the deposit. This will be 5% of the value of the property for a Principal and Interest Loan or 10% for Interest Only and Line of Credit products if you have mortgage insurance or 20% if you do not.

Stamp duty & registration fees
Stamp duty and registration fees are payable on a property purchase and on a mortgage.

Property purchase stamp duty & registration fees
Property purchase stamp duty is a form of government tax and is calculated on the market value of the property or the purchase price, whichever is greater. You may be exempted or eligible for a concession, please contact your solicitor/conveyancer.

In addition, whenever a property changes hands, the change of ownership must be recorded with the appropriate State Titles Office. A document known as a Transfer of Land must be lodged, the cost of which varies in each State/Territory. Please contact your solicitor/conveyancer who should perform this task on your behalf.

Mortgage stamp duty and registration fees
Stamp duty is incurred to make mortgage documents legal (not applicable in Victoria). The fee is determined by the amount you are borrowing. We will calculate your loan security stamp duty .

There is also a government charge to register your mortgage document. We will pay the applicable state authority on your behalf. You will be charged at cost.

Legal fees
Legal expenses are applicable on Mortgage Loans and property purchases and are available on request.

Search fees
Search fees including title and council searches may apply and are available on request. ^

How do I make repayments on the loan?
You can arrange to make your loan repayments either by payroll deduction, direct debit from your savings or transaction account, Internet or Phone Banking transfer, over the counter at our branches or using giroPost.^

How often will I receive information on my account?
Statements are issued quarterley. Duplicate statements can be requested at any time from our branches $5 per statement.

Account Balances and Statements are also available through our Internet and phone Banking services. ^

What security is required to take out a Mortgage Loan?
Your mortgage loan must be secured by a registered mortgage over a residential property. ^

Do I need to take out insurance?
Lenders Mortgage Insurance will be required if the amount of your loan exceeds 80% of the valuation or purchase price, whichever the lesser. Building insurance is also required to be taken out equal to the amount stated in the recommendation on the property valuation as advised to you. ^

Is a redraw facility available?
The Credit Union gives you the option of making extra repayments on your loan and then having the flexibility of being able to redraw on these extra repayments. The minimum redraw is $500. You can redraw on-line through Internet banking. This facility is free of charge and allows you to pay extra funds off your loan, thus saving you interest and providing the flexibility to redraw if required. ^

What is Lenders Mortgage Insurance?
Mortgage insurance covers the credit union against a loss in the unlikely event that we have to exercise our right to sell the property due to ongoing default of loan repayments. It must not be confused with Insurance designed to cover your lending obligations in the case of sickness, accident or involuntary unemployment. ^

Decided on the loan that is right for you?

Apply using our simple online Mortgage Loan application form.

Want to learn more?

Get in touch with one our friendly staff - we'd be happy to answer any questions you may have.

Use our Loan Calculator.