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Mortgage Loans have been recieveing a lot of publicity lately due largely to the increasing interest rate. It is a good time to do a health check on your mortgage loan, take a look at the comparisons below and see how your mortgage loan measures up.

^{*Standard Variable Mortgage Loan of $250,000 over 30 years}

Interest Saving = $53,333

AWA Credit Union is committed to providing quality price competitive products and we continue to achieve a margin of 0.75% below the average Standard Variable Mortgage Loan Rate of the Major Banks.

Take a look at how our Home Loan interest rates compare:

_{*Rates as at 13 May 2010}

What is a Comparison Rate ?

What is a Comparison Rate? The Comparison Rate is an interest rate that is designed to help the consumer identify the 'true cost' of a loan. The Comparison Rate takes into account the interest rate and fees and charges that are payable during the life of the loan, such as application fees, monthly or annual fees, cost of valuations and legal fees. It is an excellent tool to assist you in determining what is in fact the best deal financially.

More reasons to choose an AWA Mortgage Loan

• Free Loan Redraw - AWA gives you the option of making extra repayments on your loan and then having the flexibility of being able to redraw these extra repayments. The minimum redraw is $500. 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. You can redraw on-line through Internet Banking.
• No monthly or annual account keeping/service fees -Unlike some other institutions, we do not charge any account keeping or service fees on our mortgage accounts, saving you money.
• Extra repayment without penalty - The earlier you pay off your loan the more money you save in interest charges. You can arrange to make automatic repayments either by payroll deduction, direct debit from your savings or transaction account with the Credit Union as well as Internet or Phone Banking. Setting up automatic repayments saves you time and ensures payments are made on time.

It is very difficult to compare one home loan product with another. Honeymoon rates and monthly or annual fees make this a very difficult task. At AWA we keep it simple – our Home Loan or Investment Loan rate is 6.63% pa with no on-going fees. (Comparison rate 6.67%) We know that this product delivers substantial savings over the life of the loan when compared to most other products available in the market (even when compared to loans with honeymoon rates).

Contact our office and one of our friendly staff will be able to conduct a health check on your mortgage or visit our website for more details about mortgage loans.


_{WARNING: These comparison rates apply only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Fees and charges apply.
# All AWA Credit Union Mortgage Loans currently receive a 0.75% pa interest rebate (credited to the loan at the end of each calendar month). This reduces your effective rate to the rates shown above (eg. Standard Variable – 6.63% pa).}