Central Murray Credit Union Home Loan Review
Last updated on August 17th, 2022
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Central Murray Credit Union (CMCU) started in 1972. It caters to residents of New South Wales and communities near Murray River and Victoria. It focuses particularly on low-income families. It also offers savings accounts, financial planning and insurance products.
Applying for Central Murray Credit Union Mortgage
The qualifications needed for a home loan application are the following:
- Age: You must be at least 18 years old.
- Residency: You must be an Australian resident.
- Employment: Applicant must have a stable source of income.
They will also require the submission of documents to verify information that they will collect from you:
- Proof of identity
Identification documents such as birth certificate, passport or driver’s license are accepted.
- Proof of assets and liabilities
You need to show your current assets, such as investments and savings accounts. Liabilities include your outstanding debt.
- Proof of income
You can submit your latest payslips to prove your source of income.
CMCU needs to issue a pre-approval first before you can purchase your new home. This will let you know the amount you’re allowed to borrow and the budget for your new home. Pre-approval is released as early as 48 hours.
Central Murray Credit Union Home Loan main features
- Monthly account keeping fees are not required
- Repayment options are: fortnightly, weekly, or monthly
- You can borrow up to AUD 750,000
- 30 years maximum term
- Mortgage insurance is not required for loan amounts of up to 80% of the property value
- You can borrow up to 95% of the property value if you have mortgage insurance
- Mortgage offset
- There are no penalties available for early or extra payments during variable rate
- Redraw facility is available during variable rate
Types of CMCU Home Loans
You can choose between fixed interest rate, variable rate, home equity account or a combination of these.
- Basic or Fixed Interest Rate
A fixed-rate of 2.80% is offered for 12 months. This will then return to the basic variable loan rate.
CMCU offers a special introductory basic rate of 3.55% for home loans. This is variable for one (1) year. After this, it will return to the basic variable loan rate. This is offered for a limited period only and can be withdrawn anytime.
- Variable Rate Home Loans
The variable rate is 4.45% versus the usual rate of 4.50%.
- Home Equity
The Home Equity Account is simply a huge overdraft account connected to your EveryDay Access Account. You will have access to the equity you have for your home. You will be able to save for your daily expenses, home improvements, vehicles, and holidays.
This option is ideal for those who can discipline themselves to stick to their budget. You need to pay all of your income to the Home Equity Account. You will use your credit card or the account to live from. Then, you will pay the credit card in full each month to make sure that no interest is incurred. A limit is set on the maximum amount you can withdraw.
If all goes well, you’ll be able to save years off your mortgage.
Refinancing home loans with CMCU
CMCU can assist you if you’re not satisfied with your present lender or searching for better rates. They provide convenient refinancing. Conveniently, their team will be the ones to process the needed documents and discuss things with your current lender. You don’t have to lift a finger.
Find Ideal Home Loan Deals with Makes Cents
Getting your own home is one of the biggest decisions you’ll ever make in your life. You need to spend some time to make sure you choose the perfect property.
You should exert the same effort in getting the right type of home loan to finance your dream. Use a comparison website like Makes Cents to find the best home loan deals.
Our Central Murray Credit Union Home Loan Review is just one of many. You can also read reviews on many more Home Loan Reviews at MakesCents.
