Loan Product Guide
You can find a downloadable version here.
| Redidraw Home Loan | Steady Rate Home Loan | First Home Buyer Pack | Sustainable Home Loan | 100% Mortgage Offset | Owner Builder Home Loan | |
|---|---|---|---|---|---|---|
| General Details | ||||||
| Description | Our general purpose, variable rate home loan | Fix your interest rate for a term of 1,2,3 or 5 years | A home loan pack designed especially for first home buyers | Offers an interest rate discount for energy efficient properties | Interest paid on your loan is offset by funds held in a linked transaction account | Specially designed for Owners Builders |
| Purpose | Owner occupied / investment | Owner occupied / investment | Owner occupied | Owner occupied | Owner occupied / investment | Owner occupied |
| Rates and Fees | ||||||
| Interest rate (%) | 6.15%p.a. | Rate varies depending on term. See current Loan Interest Rates brochure | 5.15%pa for the first year, then reverting to the Redidraw Home Loan |
5.90%p.a. | 6.15%p.a. | 7.15%pa until property is occupied, then reverting to the Redidraw Home Loan |
| Interest rate type | Variable | Fixed | Variable | Variable | Variable | Variable |
| Approval Fee | $150 | $150 | $150 | $150 | $150 | $150 |
| Application Fee | Nil | Nil | Nil | Nil | Nil | $500 |
| Break Costs | Not applicable | May apply if loan repaid during fixed rate period. See Credit Fees & Charges for details | Not applicable | Not applicable | Not applicable | Not applicable |
| Deferred Establishment Fee | Nil | Nil | Nil | Nil | Nil | Nil |
| Early Payout Fee | Nil | Nil | Nil | Nil | Nil | Nil |
| Mortgage Documentation Fee | $250 | $250 | $250 | $250 | $250 | $250 |
| Redraw / Drawdown Fee | Free | Not available | Free | Free | Free | Free |
| Features | ||||||
| Additional repayments | Allowed | Not allowed | Allowed | Allowed | Allowed | Allowed |
| Maximum loan term | 30 years | 30 years | 30 years | 30 years | 30 years | 30 years |
| Maximum loan amount (%) | 80% of property value or 95% with Lenders Mortgage Insurance* |
80% of property value or 95% with Lenders Mortgage Insurance* |
80% of property value or 95% with Lenders Mortgage Insurance* |
80% of property value or 95% with Lenders Mortgage Insurance* |
80% of property value or 95% with Lenders Mortgage Insurance* |
80% of property value |
| Redraw available | Yes | No | Yes | Yes | Yes | Yes |
| Repayment frequency | Choice of weekly, fortnightly or monthly | Choice of weekly, fortnightly or monthly | Choice of weekly, fortnightly or monthly | Choice of weekly, fortnightly or monthly | Choice of weekly, fortnightly or monthly | Choice of weekly, fortnightly or monthly |
| Transaction fees waived on linked transaction account | Whenever loan balance exceeds $5,000 | Whenever loan balance exceeds $5,000 | Whenever loan balance exceeds $5,000 | Whenever loan balance exceeds $5,000 | Whenever loan balance exceeds $5,000 | Whenever loan balance exceeds $5,000 |
| Interest rate discount on linked credit card | 3.00%p.a. | 3.00%p.a. | 3.00%p.a. | 3.00%p.a. | 3.00%p.a. | 3.00%p.a. |
| Waived annual fee on linked credit card | Not available | Not available | Yes, $40 fee waived | Not available | Not available | Not available |
| 100% offset available | Not available | Not available | Not available | Not available | Yes | Not available |
| Application | Online, in-branch or by calling our Service Support Team on 132 067 | Online, in-branch or by calling our Service Support Team on 132 067 | Online, in-branch or by calling our Service Support Team on 132 067 | Online, in-branch or by calling our Service Support Team on 132 067 | Online, in-branch or by calling our Service Support Team on 132 067 | Online, in-branch or by calling our Service Support Team on 132 067 |
The prior information does not take into account your financial situation and personal needs. This Loan Product Guide should be read in conjunction with CMG's Loan Interest Rates; Fees, Charges and Transaction Limits and Credit Fees & Charges.
Terms and conditions, fees and charges and lending criteria applies.
* Subject to approval. Lenders Mortgage Insurance (LMI) is issued by QBE Mortgage Insurance ABN 70 000 511 071 or Genworth Financial Mortgage Insurance Pty Limited ABN 60 106 974 305. LMI approval is subject to the total risk assessment of the individual application. Community Mutual Ltd do not have any influence over the decision of LMI to approve your application. The approach to risk assessment is not based on location alone, but is also reflective of the quality of the borrower and the individual property. Factors that are assessed in the application process include, but are not limited to, the salability of the Security Property, the level of real estate activity, local economic and market conditions, the condition of the property and other factors such as land size and zoning.
