|
The decision of which type of interest rate suits you can
be one of the most difficult choices to make when financing
your new home or investment. Here are some tips that may assist
with your choice of selecting a fixed or variable loan.
Fixed interest rate loans are generally more inflexible.
The common feature of these products is the ability to lock
in an interest rate, and therefore the repayment commitment
for a fixed term.
These are very useful when financing property investment
ventures and during times of interest rate uncertainty.
Some lenders impose severe penalties for early payout or
lump sum repayments.
When considering a fixed rate loan, ask yourself these questions:
- Are interest rates expected to increase, decrease or
stay the same?
- How long are you likely to own the property being financed?
- Would you like the option of being able to add to your
loan for renovations or improvements?
- Do you want to make additional repayments on the loan?
LTU Credit Union’s fixed rate loan products are simple
to understand, with competitive fixed rates out to three year
terms.
Our fixed rates are set on Monday of each week and apply
to contracts being drafted that week. Please contact our Bundoora
Office for current rates.
Rate Lock allows you to lock-in the fixed
rate at any time after lodging your application. We guarantee
to hold that rate for up to 90 days before the contract is
drafted. Protect yourself from future interest rate rises
for a small fee equivalent to 0.10% of the application amount.
The repayment commitment on a variable rate loan can change
during the term of your loan in line with movements in interest
rates.
However, if you need to add to your variable rate loan for
any reason in the future, you will have the flexibility of
doing so without penalty.
Look for the “professional packages” for example
our Value Plus loan product. These offer relationship interest
rate discounts. Transaction account fee waivers and credit
card annual fee waivers are commonly offered.
We like to make sure that we are looking after you, our valued
member, and that we are providing options that work for you.
We want you to be well informed about the product you choose
- that it meets your needs and expectations now and in the
future. Call our Lending Office staff to discuss your options.
View Interest rates
Apply here
Download a Comparison Rate Schedule
|
