Hi, I am new here.
Just bought a home, need some suggestions regarding fiance.
What do you guys think of MECU? Any good or bad experience?
Its first Home Buyers Loan seems pretty tempting, 7.84%, CR 7.87%.
Any advice will be much appreciated.
mecu traditionally very conservative with high loan interest rates. Sometimes they do weird things like with their car loans, they will require many conditions on your ownership of the car. like the insurance must be up to their satisfaction whereas every other bank would simply lend based on your income. – so watch out for pain in the ass fine print.
However, I've been watching them the last year or so and they are coming up with some competitive products- basically a regional area type of lender.
PLUS – because they have traditionally been so conservative they are less likely to ramp up rates above and beyond the reserve bank rate increases (UNLIKE BANKWEST WHO SIGNED UP ANYONE AND WHO ARE SCUM)
p.s. Bankwest are slimy scumbuckets.
Good information lifeX. Thanks a lot.
I have contacted them and found out they will put up 0.33% this time corresponding to the latest official rate rise.
Before you commit to one lender you should do comparisons and find out what other lenders are offering. Some lenders may be better suited because they have more branches and easier access, or because they have loans with redraw and no fees. Many people use this facility to reduce the interest they pay and even though the rates you have mentioned may be lower, the structure of another loan could ensure the borrower pays much less.
Cheers,
Dean Lynch
Principle Mortgage Consultant
Australian Mortgage Brokers
E: [email protected]
W: http://www.deanlynch.com.auXpine
As this was before yesterday decision by SG
Today French giant Societe General have pulled the plug on funding many smaller lenders in Australia including:
Members Equity / AMP / Resimac / and a host of smaller mortgage managers.
Guess the lending market is getting smaller by the day.
Richard Taylor | Australia's leading private lender
Thanks guys. I will think twice.
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