HOME LOANS
AND LINES
OF CREDIT
PR OD U CT I N F OR MATI ON B R OCH U R E
G E N U I N E LOAN S F OR R EAL PE OPLE
Effective from 1 October 2016
CONTENTS
INTRODUCTION.............................................................................................................................................................. 5
THINGS YOU SHOULD KNOW ..............................................................................................................................6
OVERVIEW OF LENDING PRODUCTS ............................................................................................................... 8
HOME LOANS ..................................................................................................................................................................11
INVESTMENT HOME LOANS ..................................................................................................................................17
LINE OF CREDIT ............................................................................................................................................................22
ULTIMATE HOME LOAN PACKAGE ......................................................................................................................24
HOME LOAN PRE-APPROVALS .............................................................................................................................28
OTHER OPTIONS FOR BORROWERS................................................................................................................30
UNDERSTANDING INTEREST RATES ...............................................................................................................33
PAY LESS INTEREST WITH A MORTGAGE OFFSET ACCOUNT .........................................................34
HOW TO APPLY FOR A HOME LOAN WITH QUEENSLAND COUNTRY ..........................................36
HOME LOAN KEY FACT SHEETS .........................................................................................................................37
WHAT ELSE CAN WE HELP YOU WITH?...........................................................................................................37
FREQUENTLY ASKED QUESTIONS ...................................................................................................................38
At Queensland Country we
offer genuine home loans for
real people.
We understand that taking out a home loan can be
one of the most important financial decisions you
will ever have to make and that’s why it’s our goal to
make it as simple and easy as possible for you.
2
3
If you want to deal with genuine people who understand home
loans, then speak to us about lending solutions packed with
features and benefits.
INTRODUCTION
We encourage you to speak to one of our local home
loan experts who will discuss your needs and talk to you
about how Queensland Country can help you achieve
your goals even sooner.
I F YO U A R E LO O K I N G TO :
BUY A NEW HOME .
OR SIMPLY UPGRADE .
YOUR OLD ONE
BUILD YOUR
DREAM HOME
RENOVATE OR CARRY OUT .
HOME IMPROVEMENTS
BUY A BLOCK OF LAND
INVEST IN THE .
PROPERTY MARKET .
OR BUY SHARES
REFINANCE FROM YOUR .
CURRENT HOME LENDER
Our loan experts will help you choose the right loan
and ensure it has all the options and features that are
important to you.
We have a range of flexible and competitively priced
home loan solutions for you to choose from.
Our dedicated lenders will answer all of your
questions and assist you through the whole
process – from start to finish.
This brochure provides information about our range of home loans, investment
home loans and our Line of Credit and will act as a guide to help you decide
on the loan product that best suits your needs.
It also provides you with other information such as:
The difference between fixed and variable rates
CONSOLIDATE YOUR .
FINANCES TO IMPROVE .
YOUR BUDGET .
AND MAKE THINGS A .
LITTLE MORE AFFORDABLE
4
USE EQUITY IN .
YOUR HOME TO FUND .
THAT WELL EARNED HOLIDAY, .
PAY FOR YOUR CHILDREN’S EDUCATION
OR HELP THEM BUY THEIR .
FIRST HOME, BUY OR UPGRADE .
YOUR CAR, BOAT OR ANYTHING .
ELSE THAT COMES TO MIND!
How to reduce interest with our Mortgage Offset account
The benefits of being an Ultimate Home Loan package holder; and
ow to apply for a Queensland Country home loan and the information
H
which we may require to support your application.
5
THINGS YOU
SHOULD KNOW
1.
All loan products mentioned in
this brochure are available to
approved applicants only. Lending
6.
LVR restrictions apply to some loan types.
Loan applications received where the main
loan purpose is to refinance other financial
institution debts, purchase vacant land
or undertake home improvements will be
restricted to a maximum of 90% LVR. LVR may
also vary depending on the location and type
of any security property. A Lenders Mortgage
Insurance premium is payable for loans where
LVR is greater than 80%.
applications are subject to Queensland
Country Credit Union Limited’s standard
lending criteria. Terms, conditions, fees,
charges and eligibility criteria apply and are
available upon request. Lenders Mortgage
Insurance Premium (if applicable) and
Government charges may also apply.
2.
This brochure should be read
in conjunction with additional
documents. Please also refer to our Fees
and Charges brochure, Credit Guide and
Loan Interest Rates Schedule before making
decisions on any of our Home or Investment
Home Loans and Line of
Credit products.
3.
The information in this brochure
does not take into account your
objectives, financial situation or
needs. Before acting on this information you
should consider whether it is right for you and
seek your own advice.
4.
5.
All rates, discounts, fees and
charges are subject to change.
Interest rates
A copy of our latest Loan Interest Rates
Schedule can be requested at any of our
branch locations or is available on our website
www.qccu.com.au.
6
Loan to Valuation Ratio (LVR)
7.
12.
13.
Loan Redraw facility .
Interest only loans .
Interest only repayments can only be made on
a monthly basis from a nominated Queensland
Country transaction account.
10. Early Repayment Fee .
An early repayment fee is applicable when
extra payments (in addition to your contracted
agreed monthly repayment) totalling $10,000
or more are made to a fixed rate home loan
product in any one year period from the
beginning of the fixed rate term.
Ultimate Home Loan Package .
From time to time we have a range of variable
rate home loan offers which include our Ultimate
Home Loan Package as part of the offer. To
be eligible for these offers the total combined
borrowings at the time of taking up the offer must
be at or above the required minimum amount.
For further information please refer to our Loan
Interest Rates Schedule. An annual package fee
is payable; please refer to our Fees and Charges
brochure.
Terms and conditions apply including
minimum redraw amounts. Please refer
to our Fees and Charges brochure for
further information.
9.
Switching loan types .
Switching fees may apply; please refer to
our Fees and Charges brochure for further
information.
Mortgage Offset account
Terms and conditions apply; please refer
to our Fees and Charges brochure when
considering this product.
8.
11. Expiry of a fixed rate loan term
A fixed rate loan reverts to the Standard Variable
Rate Home Loan/Investment Home Loan after the
fixed term expires. If you would like to discuss
alternative arrangements at the expiry of a fixed
rate term, contact your local branch to discuss
further.
14.
Consumer Credit Insurance
You may also wish to apply for Consumer
Credit Insurance to protect you against certain
unforeseen events which might affect your ability
to meet your loan repayments. We are able to
assist you in organising LRI/CCI with CGU
Insurance Limited (CGU). We act as agent for the
insurer, CGU in arranging cover for you. If your
application is successful your insurance contract
is with the insurer, CGU.
15. U
nlimited Free Transactions
In this document, where the number of free
transactions per month is described as ‘unlimited’
not all transaction types are included in this limit.
Some transactions will incur a fee regardless of
the number performed during the month. For
further explanation and details refer to our Fees
and Charges brochure.
7
H E R E I S AN OVE RVI EW OF TH E T YP E S OF HOM E LOAN S AN D I NVE STM E NT HOM E LOAN S W E OF F E R:
HOM E LOAN S
Standard
Variable Rate
Fixed Rate
Home Equity
Discount
Variable Rate
Standard
Variable Rate
Fixed Rate
Line of Credit
Variable
Variable
Fixed terms
from 1–3 years
available
Variable
Variable
Variable
Fixed
1–3 years
available
Variable
Yes
No
No
No
Yes
No
No
Optional
Waived
$250
$250
$250
Waived
$250
$250
$250
Waived when
part of our
UHLP
$350
N/A
N/A
N/A
$350
N/A
N/A
$100
$250
Waived when
part of our
UHLP
Establishment Fee
Annual Fee
Documentation Fee
Loan Maintenance Fee
LI N E OF
CR E DIT
Discount
Variable Rate
Interest Type
Includes Ultimate Home
Loan Package (UHLP)
I NVE STM E NT HOM E LOAN S
Waived
$250
$250
$250
Waived
$250
$250
Waived
$5
$5
$5
Waived
$5
$5
N/A
30 Years
30 Years
30 Years
10 Years
30 Years
30 Years
30 Years
No maximum
term - ongoing
Principal
and interest
Principal
and interest
Principal
and interest
Principal
and interest
Principal and
interest or
Interest only
Principal and
interest or
Interest only
Principal and
interest or
Interest only
Interest only
Minimum Loan Amount
$10,000
$10,000
$10,000
$10,000
$10,000
$10,000
$10,000
$10,000
Maximum Loan Amount
No Max
No Max
No Max
No Max
No Max
No Max
No Max
No Max
Weekly,
fortnightly or
monthly
Weekly,
fortnightly or
monthly
Weekly,
fortnightly or
monthly
Weekly,
fortnightly or
monthly
Weekly,
fortnightly or
monthly
Weekly,
fortnightly or
monthly
Weekly,
fortnightly or
monthly
No set
repayment
Yes
Yes
Up to a
maximum of
$9,999.99 p.a.
Yes
Yes
Yes
Up to a
maximum of
$9,999.99 p.a.
Yes
Maximum
Loan Term
MAI N F EATU R E S
Interest Types
Split Loan option
100% Offset Account
option
Repayment options
Ability to make
additional repayments
without fees
and charges
8
9
OUR .
HOME LOANS
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DISCOUNT
VARIABLE RATE .
HOME LOAN
This loan is the perfect choice if you are looking
to pay less on your home loan, but still want all
the bells and whistles.
Our Discount Variable Rate Home Loan comes standard
with our Ultimate Home Loan Package* benefits and
offers great value. Our Discount Variable Rate Home Loan offers
a variable interest rate and provides borrowers with the flexibility,
options and value they would expect to receive in a home loan
package.
This loan is only available to borrowers who meet the eligibility
criteria for the Ultimate Home Loan Package. To be eligible, the
combined total borrowings at the time of application must be at
least $100,000 and an annual fee is payable.
From time to time we may offer special Ultimate Home Loan
Package offers. To be eligible for these offers, the total
combined borrowings at the time of taking up the offer must be
at or above the required minimum amount specified in the terms
and conditions for the special offers.
FEATURES & BENEFITS
0.5% OFF
STA N DA R D
VA R I A B L E
I N T E R E S T R AT E *
NO
NO
NO
E S TA B L I S H M E N T F E E
M O R TG AG E
DOCUMENT FEE
M O N T H LY
MAINTENANCE
FEES
6
ON E
AN N UAL
PAC KAG E F E E
OTHER FEATURES & BENEFITS
Redraw facility option*
Ability to make extra payments
Ability to have your wages paid directly into your home loan
Weekly, fortnightly or monthly repayment options available
Maximum 30 year loan term
ADDITIONAL PACKAGE BENEFITS
• No monthly loan maintenance fee on eligible Queensland
Country home loans
• Ultimate Package transaction account and All Access
transaction account with no monthly service fee and unlimited
free transactions conducted via our ATM network (including
partner Westpac Network ATMs), EFTPOS, internet banking,
mobile banking, phone banking, Direct Debit, BPAY® and at
any Queensland Country branch*
• Annual fees waived on Queensland Country Visa Credit cards
and Rewarder cards
• No establishment fees or document fees on Queensland
Country personal loans (excluding Reno Loan)
• 10% discount on the first year’s premium for CGU Home
and Contents Insurance and 5% discount on the first year’s
premium for CGU Motor Vehicle Insurance arranged through
Queensland Country.
12
100%
MORTGAGE OFFSET
ACCOU NT
AVAILABLE *
B O R R OW
U P TO
•
•
•
•
•
95%
of the value of
your property *
*Please refer to page 6 ‘Things
You Should Know’ for terms and
conditions referencing.
T H I S LOA N
I S S U I T E D TO
B O R R OW E R S
WHO:
Are wanting to PURCHASE OR BUILD A HOME
re LOOKING TO REFINANCE their existing home
A
loan from another lender
refer an INTEREST RATE THAT MOVES WITH
P
MARKET CHANGES
13
Our Standard Variable Rate Home Loan offers all the flexibility
and features you need in a standard home loan. Interest is
variable meaning your interest rate will rise or fall at any time in
line with market changes.
This loan allows borrowers the opportunity to use the
fluctuations to their advantage by allowing them to make extra
payments when interest rates fall and pay the loan off sooner.
OTHER FEATURES & BENEFITS
• Standard variable rate*
100%
MORTGAGE OFFSET
ACCOU NT *
B O R R OW
U P TO
Our standard home loan that provides
flexibility at a competitive price.
FEATURES & BENEFITS
95%
of the value of
your property *
• Redraw facility option*
• Weekly, fortnightly or monthly repayment options available
R E D R AW
• Maximum 30 year loan term
FAC I L I T Y O P T I O N *
T H I S LOA N
I S S U I T E D TO
B O R R OW E R S
WHO:
FIXED RATE
HOME LOAN
A loan that can give you certainty and
peace of mind in uncertain times.
Our Fixed Rate Home Loan offers borrowers the ability to
lock in an interest rate for an agreed period of time which can
provide protection against future rate rises. Unlike many other
fixed rate loans, Queensland Country offers the option of a
100% Mortgage Offset Account as well as a redraw facility.
SW I TC H
TO A F I X E D
I N T E R E S T R AT E *
FIXE D TE R M S
AVA I L A B L E
F R OM 1 - 3 YEAR S
100%
MORTGAGE OFFSET
OTHER FEATURES & BENEFITS
• Ability to make additional repayments up to $9,999.99 per
annum without incurring an early repayment fee*
• Ability to have your wages paid directly into your home loan
• Weekly, fortnightly or monthly repayment options available
• Ability to make extra payments
• Ability to have your wages paid directly into your home loan
FEATURES & BENEFITS
ACCOU NT
AVAILABLE*
R E D R AW
FAC I L I T Y O P T I O N *
R E-FIX
R AT E S A F T E R
TH EY EXPI R E*
T H I S LOA N
I S S U I T E D TO
B O R R OW E R S
WHO:
B O R R OW
U P TO
STANDARD
VARIABLE RATE
HOME LOAN
95%
of the value of
your property *
Are looking to PURCHASE OR BUILD A HOME
Are wanting to PURCHASE LAND with plans to construct
a home within 12 months
Want to complete MAJOR RENOVATIONS
Want CERTAINTY ON INTEREST RATES
MAKE
R E PAY M E N T S
Weekly, fortnightly or monthly
*Please refer to page 6 ‘Things
You Should Know’ for terms and
conditions referencing.
14
Are NOT LOOKING to pay their home loan
out within a SHORT TERM PERIOD
*Please refer to page 6 ‘Things
You Should Know’ for terms and
conditions referencing.
15
HOME
EQUITY LOAN
A loan that allows you easy access to the
equity in your home.
MAXI M U M
10 YEAR LOAN TERM
to help pay off your loan quicker
Home Equity Loan repayments are set up over a shorter
term than a standard home loan, allowing you to pay off your
additional borrowings much sooner.
B O R R OW
OTHER FEATURES & BENEFITS
U P TO
Our Home Equity Loan can be a great option when you need
quick access to funds to carry out projects around the home
or for any other worthwhile purpose.
FEATURES & BENEFITS
• Quick and easy to establish
• Weekly, fortnightly or monthly repayment options available
• Ability to have your wages paid directly into your home loan
90%
of the value of
your property*
OUR INVESTMENT
HOME LOANS
MAKE
R E PAY M E N T S
Weekly, fortnightly or monthly
T H I S LOA N
I S S U I T E D TO
B O R R OW E R S
WHO:
Would like to complete SMALL RENOVATIONS OR
PROJECTS around their home
Want quick access to FUND THOSE
SMALLER PURCHASES
EXTRA
MAK E
payments
rring an early
without incu t fee*
ym
repa en
STA N DA R D
VA R I A B L E
I N T E R E S T R AT E *
Want a SMALL LOAN that can be paid off quickly and
kept separate from their main home loan.
*Please refer to page 6 ‘Things
You Should Know’ for terms and
conditions referencing.
16
17
DISCOUNT
VARIABLE RATE .
INVESTMENT
HOME LOAN
The ultimate investment home loan for the .
savvy investor.
This loan is for the serious property investor – a complete loan
package that ticks all the boxes; packed full of features, benefits
and value for money. Our Discount Variable Rate Investment Home
Loan comes standard with our Ultimate Home Loan Package
benefits (UHLP)*.
Our Discount Variable Rate Investment Home Loan offers a
variable interest rate and comes complete with all the bells and
whistles.
This loan is only available to investors who meet the eligibility
criteria for the Ultimate Home Loan Package. To be eligible, the
combined total borrowings at the time of application must be at
least $100,000 and an annual fee is payable.
FEATURES & BENEFITS
0.5% OFF
STA N DA R D
VA R I A B L E
I N T E R E S T R AT E *
NO
NO
NO
E S TA B L I S H M E N T F E E
M O R TG AG E
DOCUMENT FEE
M O N T H LY
MAINTENANCE6*
FEES
ON E
AN N UAL
PAC KAG E F E E
OTHER FEATURES & BENEFITS
• Ability to make extra payments
• Weekly, fortnightly or monthly repayment options available
• Maximum 30 year loan term
ADDITIONAL PACKAGE BENEFITS
• No monthly loan maintenance fee on eligible Queensland
Country home loans
• Ultimate Package transaction account and All Access
B O R R OW
U P TO
• Ability to have your wages paid directly into your home loan
90%
of the value of
your property*
transaction
account with no monthly service fee and unlimited
ADDITIONAL
VALUE
free transactions conducted via our ATM network (including
partner Westpac Network ATMs), EFTPOS, internet banking,
mobile banking, phone banking, Direct Debit, BPAY® and
at any Queensland Country branch*
• Annual fees waived on Queensland Country Visa Credit cards
and Rewarder cards
• No establishment fees or document fees on Queensland
Country personal loans (excluding Reno Loan)
• 10% discount on the first year’s premium for CGU Home and
Contents Insurance and 5% discount on the first year’s premium
for CGU Motor Vehicle Insurance arranged through Queensland
Country.
18
O N LY
(up to max 3 years)
PRINCIPAL & INTEREST
REPAYMENT OPTIONS
AVAILABLE*
*Please refer to page 6 ‘Things
You Should Know’ for terms and
conditions referencing.
T H I S LOA N
I S S U I T E D TO
I N V E STO R S
WHO:
Are looking to PURCHASE OR CONSTRUCT an investment home
ould like to REFINANCE THEIR EXISTING INVESTMENT HOME
W
LOAN from another lender
Prefer an INTEREST RATE THAT MOVES WITH MARKET CHANGES
19
STANDARD
VARIABLE RATE
INVESTMENT
HOME LOAN
FEATURES & BENEFITS
FEATURES & BENEFITS
FIXED RATE
INVESTMENT
HOME LOAN
FIXED TERMS
1 year to 3 years available*
PAY DIRECTLY
into your investment home loan
OTHER FEATURES & BENEFITS
B O R R OW
90%
of the value of
your property*
• Standard variable rate*
• Ability to make extra payments
• Ability to re-fix or switch to a variable rate at the expiry of
your fixed rate period
MAKE
R E PAY M E N T S
Weekly, fortnightly or monthly
SW I TC H
TO A F I X E D
I N T E R E S T R AT E *
O N LY
Are looking to PURCHASE OR BUILD an investment home
Would like to purchase OTHER INVESTMENTS such as land
• Repayment options including interest only (maximum 3
years), interest in advance (up to 12 months) or principal
and interest payments*
TO
$9,999.99
per annum
rring an early
without incu t fee*
repaymen
PRINCIPAL & INTEREST
REPAYMENT OPTIONS
AVAILABLE*
MAKE
R E PAY M E N T S
Weekly, fortnightly or monthly
• Ability to make additional repayments up to $9,999.99 per
annum without an early repayment fee*
T H I S LOA N
I S S U I T E D TO
I N V E STO R S
WHO:
(up to max 3 years)
*Please refer to page 6 ‘Things
You Should Know’ for terms and
conditions referencing.
20
Our Standard Fixed Rate Investment Home Loan offers
investors the ability to lock in an interest rate for an agreed
period of time, providing security against future rate rises.
Although this loan is fixed, it still offers flexible repayment
options such as principal and interest or interest only
payments. Interest in advance is also available and is aligned
with financial year dates for simplicity.
PAYM ENTS UP
MAKE EXTRA
OTHER FEATURES & BENEFITS
• Maximum 30 year loan term
T H I S LOA N I S
S U I T E D TO
I N V E STO R S
WHO:
The Investment Home Loan locking in your
interest and repayments for a set period of
time.
Want the CERTAINTY AND SECURITY of fixed
interest rates and loan repayments
Have a medium to long term INVESTMENT STRATEGY
PAY DIRECTLY
into your investment home loan
B O R R OW
U P TO
Our Standard Variable Rate Investment Home Loan offers
investors a flexible loan solution for almost any residential
property investment need. Although this loan is simple and
easy to understand, it has a great range of features while the
variable rate ensures plenty of flexibility.
U P TO
A versatile loan well suited to residential
property investors.
90%
of the value of
your property *
*Please refer to page 6 ‘Things
You Should Know’ for terms and
conditions referencing.
21
LINE
OF CREDIT
The all-in-one account.
Our Line of Credit account is designed for home owners and
investors who want to easily access the equity in their property
whenever and wherever they like. The account operates as an
overdraft facility, providing you with the ability to draw down and
repay the loan as you choose. It allows you to withdraw funds
at any time (up to a set credit limit) and can also be used as an
everyday transaction account.
9
Provided the balance of your Line of Credit remains under the
approved credit limit, you can choose to pay off as much or as
little as you like. This flexible account offers a continual source of
credit without having to apply for additional loans every time the
need arises.
Our Line of Credit account can be used to purchase most types
of property, from a family home to an investment property. You
can also use this account to carry out renovations, take a holiday
or even invest in shares.
LINE OF.
CREDIT
FEATURES & BENEFITS
UNLIMITED
FREE
TRAN SACTIO
NS
*
PE R M O NTH
ACCE S S YOU R
MONEY AT OVER
3,000 ATMs
Queensland Country,
Westpac, St.George,
BankSA and Bank of
Melbourne
WOR LDWI D E
OTHER FEATURES & BENEFITS
• Available for residential or investment purposes
• No maximum loan term
ACCE SS
• Visa Debit card, CueCard, internet banking, mobile banking,
phone banking and cheque book access
B O R R OW
• Only pay interest on the debit balance of the account
U P TO
• Ability to make extra payments
• Ability to have your wages or investment income paid directly
into the Line of Credit account
ADDITIONAL VALUE WHEN TAKEN WITH THE ULTIMATE
HOME LOAN PACKAGE
80%
of the value of
your property**
• 0.50% Discount off the Line of Credit interest rate**
• Annual fees waived on Queensland Country Visa Credit cards
and Rewarder cards
• No establishment fees or document fees on Queensland
Country personal loans (excluding Reno Loan)
• 10% discount on the first year’s premium for CGU Home
and Contents Insurance and 5% discount on the first year’s
premium for CGU Motor Vehicle Insurance arranged through
Queensland Country
22
*Please refer to page 4 ‘Things You
Need To Know’ for terms and conditions
referencing.
VAR IAB LE
INTEREST
RATE**
*Refer to our Fees and Charges
brochure for the transactions which
do not incur a fee and for other
fees and charges which may apply.
**Please refer to page 6 ‘Things
You Should Know’ for terms and
conditions referencing.
23
ULTIMATE HOME
LOAN PACKAGE
Our Ultimate Home Loan option.
Our Ultimate Home Loan Package offers great interest rate and fee discounts as
well as providing a range of other benefits on products and services offered by
Queensland Country. If you’re looking for ways to save money on your home
loan or investment home loan, then the Ultimate Home Loan Package may be
the solution you have been looking for.
UNDERSTANDING THE ULTIMATE HOME LOAN PACKAGE
To be eligible for the Ultimate Home Loan Package, the combined total borrowings at the time of
application must be at least $100,000*. An annual package fee is payable and is debited to the primary
linked loan account upon commencement date of the package and the anniversary date each year
thereafter. The annual package fee is non-refundable.
ULTIMATE HOME
LOAN PACKAGE
The Ultimate Home Loan Package can only be established under one Membership name and the
package must be linked to either a Discount Variable Rate Home/Investment Home Loan or Line of
Credit under the same Membership (Primary Loan) before eligible package benefits can be applied.
A Discount Variable Rate Home/Investment Home Loan or a Line of Credit must remain linked to the
package for all eligible benefits to continue to be received.
Package benefits can be applied to eligible products under different Memberships (both individual
and joint Memberships) providing a person attached to the different Memberships is attached to an
Ultimate Home Loan Package on another Membership.
* Please refer to page 7 of this document ‘Things You Should Know’ item 13 for further information.
24
25
ULTIMATE HOME
LOAN PACKAGE
COMBINED TOTAL BORROWINGS
U LTI MATE HOM E
LOAN PACKAG E
G IVE S YOU
Lower interest rates
ON TH E S E
P RODUCTS AN D
S E RVICE S
TH E B E N E F ITS AN D
SAVI NG S YOU G ET
• Home/Investment home loan (current loan
balance at the time application is approved)
Variable rate home/investment home
loans
0.5% p.a. off the standard
variable rate*
Line of Credit
0.5% p.a. off the standard Line of
Credit interest rate*
Discount Variable Rate Home/
Investment Home Loan, Standard
Variable Rate Home/Investment
Home Loan, Home Equity Loan
The following loan facilities contribute towards the
minimum combined total borrowings:
No loan establishment fee
No mortgage documentation fee
No monthly loan maintenance fee
• Personal loan (current loan balance at the time
application is approved)
• Line of Credit (current approved limit of existing
facility)
• Visa Credit card and Business Visa Credit card1
(current approved limit of existing facility)
• Commercial loan balances1
1
Lower fees on
home and investment
home loans
Lower fees on
personal loans and
credit cards
Savings on your
everyday transaction
accounts
Savings on your
insurance premium
Discounted Fixed Rate Home/
Investment Home Loan, Standard
Fixed Rate Home / Investment
Home Loan
No loan establishment fee**
No mortgage documentation fee**
No monthly loan maintenance fee**
Line of Credit
No loan establishment fee
No mortgage documentation fee
No annual loan maintenance fee
Personal Loans (excludes Reno loan)
No loan establishment fee
No documentation fee
Credit card
No annual credit card fee
No annual Rewarder card fee
Ultimate Package account+
All Access account+
No Monthly Account Service Fee on
your All Access accounts^^^
CGU Home and/or Content Insurance
CGU Motor Vehicle Insurance
10% discount off the first 12 months++
5% discount off the first 12 months++
Business Visa Credit card and Commercial Loans are not eligible
for discount or any fee waiver under the Ultimate Home Loan
Package
WHEN DO THE ULTIMATE HOME LOAN
PACKAGE BENEFITS CEASE?
The package discounts and benefits will apply for
the life of the primary linked loan and will continue
until the attached primary loan is either paid out in
full or the package is cancelled. You can choose to
cancel your package at any time by visiting any of
our branches and requesting a cancellation form.
Once the package has been cancelled, all benefits
previously provided under the package will be
forfeited.
Package holders can also opt to transfer the
package to another Membership which they
are sole owner or joint owner providing the
Membership has a Discount Variable Rate Home/
Investment Home Loan or Line of Credit which can
be linked to the package as a primary loan.
Any Ultimate Package account held under an
Ultimate Home Loan Package will revert to a All
Access account upon cancellation of the package.
Standard fees and charges apply to the All Access
account; refer to our Fees and Charges brochure.
* 0.5% discount is available where the combined total borrowings (see combined total borrowings over page) at the time of application for the
Ultimate Home Loan Package is at least $100,000. This discount applies to loans held under different memberships, as long as an owner of
that loan is also an owner on the original mortgage initiated under the package.
** For a fixed rate loan product to receive package benefits the package must be linked to a Discount Variable Rate Home/Investment Home
Loan or Line Of Credit. No interest rate discount is offered for Fixed Rate Home Loans/Investment Home Loans under the Ultimate Home
Loan Package.
*** The Members who are account holders of a Discount variable Rate Home/Investment Home Loan or Line of Credit linked to an Ultimate
Home Loan Package will be entitled to our Ultimate Package account and will be exempt from the monthly account service fee on any All
Access accounts held in the same name as Ultimate Home Loan Package owners.
+
Any Ultimate Package account held under an Ultimate Home Loan Package will revert to a standard All Access account upon cancellation of
the package. Any monthly account service fee exemptions applied to any All Access accounts will no longer apply upon cancellation of the
package. Standard fees and charges will apply to the All Access account/s; refer to our Fees and Charges brochure.
++
Discount applies where insurance policies are arranged through Queensland Country Credit Union Limited. Product issuer is CGU
Insurance Limited ABN 27 004 478 371 AFSL 238 291.
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REGARDLESS OF
WHETHER YOU’RE
CURRENTLY
SAVING FOR YOUR
FIRST HOME OR
PLANNING TO
BUY THE NEXT
INVESTMENT
PROPERTY IN
YOUR PORTFOLIO,
DISCUSSING A
PRE-APPROVAL
WITH QUEENSLAND
COUNTRY IS A VERY
WORTHWHILE
EXERCISE.
HOME LOAN
CONDITIONAL
PRE-APPROVALS
CONDITIONAL PRE-APPROVAL
Regardless of whether you’re currently saving
for your first home or planning to buy the next
investment property in your portfolio, discussing a
conditional pre-approval with Queensland Country
is a very worthwhile exercise.
A home loan conditional pre-approval will give you
a much better understanding of your purchasing
power as well as helping you to understand how
much you need to save or contribute. By better
understanding your borrowing capacity, you can
then confidently negotiate your new home or
investment property when the time comes.
You will still need to satisfy the conditions provided
in the pre-approval which include verifying the
information you provided to us as part of the
pre-approval process.
Additional benefits of discussing a conditional
pre-approval with us are:
• You can shop confidently knowing that you have
the support of Queensland Country behind you
• Conditional pre-approval ensures the purchase
process is much quicker when you find the right
property
• You’ll be able to create a budget because we’ll
help you understand your approximate loan
repayments after your home purchase
• Conditional pre-approval are free and
obligation free
• Conditional pre-approval is valid for up to 3
months so you can take your time to find the
right property
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29
OTHER OPTIONS
FOR BORROWERS
FAMILY ASSIST
BENEFITS OF FAMILY ASSIST:
HOW FAMILIES WORK OUT IF THEY HAVE ENOUGH EQUITY IN THEIR PROPERTY
Get your home sooner with
Family Assist
•
The total debt secured on the family members’ property including current home loans, undrawn funds and
redraw plus the new loan must be less than 80% of the value of their property.
Do your parents or eligible family members (‘family
member/s’) members want to help you buy your
first home? Queensland Country can discuss our
Family Assist option which allows your parents or
other family members to help you purchase your
first home without them needing to provide upfront
cash.
HOW FAMILY ASSIST WORKS
Your parent(s)/family member(s) can use their own
home equity to provide additional security for a
portion of your loan amount. Family Assist allows
you to borrow up to 100% of the purchase price of
the property you are buying without the need to pay
Lenders Mortgage Insurance or save for a deposit.
Family Assist works by allowing you to borrow 80%
of the purchase price using your purchase property
as security and then yourself and your parent(s)/
family member(s) borrow the remaining 20% of the
purchase price using your family members’ property
as security. Queensland Country needs to be able
to take a first mortgage over both the purchase
property and family member’s property and your
family members will need to ensure they have
enough equity in their property in order to provide
the additional security.
30
Save money by avoiding Lenders
Mortgage Insurance fees
Lenders Mortgage Insurance is generally
payable on loans that exceed 80% of the value
of the security property. Our Family Assist
solution can help you avoid these fees.
•
Get into the property market sooner
Family Assist means you don’t have to wait until
you’ve saved a large deposit which is normally
required to buy a home.
•
Your family member(s) can limit their risk
Family Assist limits your family member(s) risk to
a reduced amount due to the lending structure
utilised.
•
Take charge of your home sooner
Your Family Assist loan is established over
a shorter term which means you’ll pay it
off sooner.
Queensland Country recommends that all parties involved
obtain independent legal advice in order to ensure full
understanding of their rights and obligations.
For example, if your family members had an existing Queensland Country home loan of $200,000 and
they wanted to assist with a $60,000 loan under Family Assist, then the total debt secured against their
property would be $260,000. Their home must be valued at $325,000 or higher to be eligible to provide
support for the $60,000.
We encourage all parties involved in a loan application, including any family members
offering security for a property purchase, to seek independent legal and financial advice prior
to entering into a loan contract.
ELIGIBILITY
•
Family members must be willing to provide security by way of a new or existing first mortgage over their
property. In order to avoid Lenders Mortgage Insurance requirements, this security must provide
a minimum of 20% equity towards the purchase property.
•
The mortgage(s) held must be a first registered mortgage to Queensland Country.
•
Eligible family members include parents, grandparents, step-parents, step-grandparents and siblings.
•
Children include natural, adopted or step-children and their spouse or defacto partner.
LOAN TERMS
•
The maximum term for the Family Assist Loan (family/first home buyer’s joint loan) is 15 years.
•
The maximum term for the Primary Loan (first home buyer’s loan) is 30 years. Interest only repayment
options are available on the Primary Loan up to a maximum of 5 years. This option would be provided
upon request to allow the Primary Loan borrowers to make additional payments to the Family Assist
Loan in order to pay it off sooner.
31
UNDERSTANDING
INTEREST RATES
FIXED RATE VS VARIABLE RATE
Interest comes in two types, typically expressed as either ‘fixed’ or ‘variable’.
Quick summary of the two interest types:
• A FIXED INTEREST RATE stays the same for the agreed fixed term, giving you the security of knowing
the rate at which you’re interest is calculated on
• A VARIABLE INTEREST RATE changes as the market does, allowing you the flexibility of adjusting
your repayments to suit the rise and fall in interest rates.
GET YOUR HOME .
SOONER WITH .
FAMILY ASSIST
PROS
CONS
FIXED RATE
Fixing your interest rate guarantees
that your interest charges will remain
the same for a set period of time and
gives you protection against future
rate rises during the fixed period.
Fixing also allows you to budget
more accurately while repayments
are stable.
If interest rates decline, you will miss out on
the savings because your interest rate will
not change. Early Repayment Fees can also
apply in certain circumstances, for example,
if you break a loan during a fixed rate period.
Please refer to the Early Repayment Fee
section below for further information.
VARIABLE RATE
Variable rates generally move as
market factors change. If the cash
rate falls, your variable rate is likely
to decrease and so will the amount
of interest you are charged on your
home loan. This can be a great time
to pay more on your home loan as you
will pay more off the principal debt
which helps to pay your loan
off sooner.
If interest rates rise, then so will the interest
charged to your home loan. This means that
you may have to increase your minimum
repayments to keep your loan on track.
Variable rate loans are harder to budget
for as your repayments may differ over
time depending on whether your interest
rate increases or decreases. To make this
a little easier for you when interest rates
fall your repayment amount will remain the
same. You have the option of adjusting your
repayments to the minimum amount if your
prefer.
Do your parents want to help
you buy a home?
OTHER INFORMATION
FOR BORROWERS
LENDERS MORTGAGE .
INSURANCE (LMI)
Lenders Mortgage Insurance is an insurance
which lenders and financial institutions take out to
cover the additional risk of high Loan to Valuation
Ratio (LVR) lending. Lenders Mortgage Insurance
is required for Home and Investment Loans where
the total loan amount is greater than 80% of the
value of the property/properties being used as
security to support the loan. This insurance covers
the lender/financial institution against the borrower
defaulting on the loan and the borrower pays the
premium charged by the insurer. It is important to
note that this type of insurance does not cover the
borrower/s.
32
Queensland Country can
discuss our Family Assist
option which allows your
parents or other eligible family
members to help you purchase
a home without them needing to
provide upfront cash.
SPLIT HOME LOANS
Split home loans bring together the benefits
of variable and fixed interest rates into a single
mortgage. Split loans separate the total amount
you are borrowing between a fixed interest rate
home loan and a variable interest rate home loan
balance.
You can split your home loan into two or more
separate loans (maximum split of up to 6 loan
balances) and state what percentage of your
home loan is allocated to the fixed interest rate
loan and variable interest rate loan portions.
The split home loans are assessed together
as a single total loan amount for approval and
serviceability, but treated as separate home loans
for documentation purposes and repayments.
EARLY REPAYMENT FEE FOR FIXED RATE LOANS
Early Repayment Fees are payable in the following circumstances:
• Repaying all of the balance owing on your loan; or
• Making unscheduled repayments totalling $10,000 or more in any one year period from the beginning of
the fixed rate term; or
• Switching from one fixed rate loan to another, or by switching from a fixed rate loan to a variable rate loan
option; or
• Defaulting on your loan – i.e. if the total amount owing becomes repayable because you are in default
Early Repayment Fees can be considerable in cost and may increase the amount that you owe. A worked
example of an Early Repayment Fee calculation is available on request. You can also obtain an estimate of
an applicable Early Repayment Fee at any time by contacting your local branch.
33
PAY LESS INTEREST WITH A
100% MORTGAGE OFFSET
ACCOUNT
HERE IS A QUICK SUMMARY OF OUR MORTGAGE OFFSET ACCOUNT:
MORTGAGE OFFSET ACCOUNT
If paying your loan down quickly and saving interest is important to
you, then a Mortgage Offset account could be the solution
F EATU R E S AN D B E N E F ITS
E LIG I B LE HOM E LOAN P RODUCTS
An offset account allows you to ‘offset’ the daily credit balance in a savings account against your home
loan balance. Queensland Country offers a 100% Mortgage Offset Account which can be linked to any
single residential variable or fixed rate home loan.
100% FULL OFFSET .
BENEFIT ON…
•
•
•
•
In calculating the interest payable on your home loan, the credit balance of your Mortgage Offset account
is offset daily against your outstanding loan balance. This has the effect of reducing the interest you pay
each month depending on the credit balance of your offset account and potentially cutting years off your
home loan.
NOT AVAILABLE ON…
• Investment home loans
• Lines of Credit
• Commercial loan products
MONTHLY ACCOUNT SERVICE FEE
Nil
NUMBER OF FREE TRANSACTIONS
PER MONTH*
Unlimited
MINIMUM OPENING BALANCE
$0
MINIMUM WITHDRAWAL AMOUNT
No minimum amount
ACCESSIBILITY
• ATMs – Queensland Country or our partner ATM network
(Westpac Group)
• Secure internet banking (accessed via our website www.qccu.com.au)
• Mobile banking
• Phone banking
• Branch network throughout various locations in Queensland
• Bank@PostTM through participating Australia Post offices
• Visa Debit card
• BPAY® and EFTPOS
• Direct credits and Direct debits
• Cheque book
Not only does our Mortgage Offset account save you interest on your home loan, it may also operate as
a tax effective way to save money on your linked loan. This is because a credit balance on your Mortgage
Offset account does not earn interest - it saves you interest.
HOW DOES THE MORTGAGE OFFSET ACCOUNT WORK?
A simple way to further explain how our Mortgage Offset account works is with an example:
HOM E LOAN
Balance
$400,000
MORTGAG E OFFS ET
LINKED
Account Balance
$20,000
Discount Variable Rate Home loan^
Standard Variable Rate Home loan
Fixed Rate Home loan
Discounted Fixed Rate Home loan^
Available to all Queensland Country personal Members who:
If you currently owed $400,000 on your home loan and held $20,000 in your Mortgage Offset
account, we would calculate your daily home loan interest on the amount owing in the linked home
loan less the balance held in your Mortgage Offset account.
ELIGIBILITY
In the example above, the interest calculated would be on the net balance of $380,000.
• Have an eligible Queensland Country home loan product and;
• The linked home loan is secured by the Member’s principal place
of residence
Other special variable rate offers available with the Ultimate Home Loan Package.
* Refer to our Fees and Charges brochure for the transactions which do not incur a fee and for other fees and charges which may apply.
^
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35
HOW TO APPLY FOR A HOME
LOAN WITH QUEENSLAND
COUNTRY CREDIT UNION
Queensland Country are committed to making your
loan application as simple as possible; we don’t
make anything more complicated than it needs to
be! The more information you can provide to us
when you make your application, the faster we’re
able to approve your loan – and we aim to give
you conditional approval within 24 hours wherever
possible.
TO APPLY FOR A HOME LOAN
WITH US, YOU CAN:
Meet with one of our local Branch Managers or
Lending Specialists
Call our Contact Centre on 1800 075 078
Meet with our Townsville based Mobile Lender
who is available seven days a week and at a place
convenient to you. Just call 0407 722 800 or
email mobilelender@qccu.com.au
INFORMATION WHICH MAY BE
REQUIRED FOR YOUR HOME
LOAN APPLICATION:
PROOF OF INCOME
• Pay slips for the last four weeks as well as your
most recent group certificate
• If you are self-employed, we will need tax returns
and financial statements for the past three years
PROOF OF SAVINGS
• Recent bank statements for accounts held at
other financial institutions
RECORDS OF WHAT YOU OWE
• Recent statements of credit cards, store cards,
or any current debts or loans. Note that where
the purpose of the loan is to refinance any of
these debts, 6 months of statements will be
required
DETAILS OF WHAT YOU OWN
• Including any property, furniture, vehicles or other
major assets
PERSONAL IDENTIFICATION
And for those who may have already signed
contracts to purchase or build a property:
• Birth Certificate (in English)
• Copy of the Contract of Sale
• Passport
• Copy of your receipt for any deposit paid
• Australian Drivers Licence
• Copy of plans and specifications (if building)
• Rates notice
• Copy of building quotes and any
related contracts
• Utility Bills (Telephone, Electricity, etc.)
HOME LOAN
KEY FACT
SHEETS
WHAT ELSE CAN
WE HELP YOU
WITH?
All lenders are required by law to have a fact sheet
which sets out the interest rate, establishment fees,
ongoing fees, monthly repayments and the total
amount you will pay back for all home loan products.
Our Home Loan Key Fact Sheets will help you to
decide which home loan best suits your needs.
SAVINGS AND TRANSACTION ACCOUNTS
You can request a Home Loan Key Fact
Sheet from any of our Lending Specialists;
or at any Queensland Country branch; or
alternatively you can access our Home Loan Key
Fact Sheet on our website www.qccu.com.au
We offer a range of savings and transaction
accounts that are designed to help you save money
and give you convenient access to your money. We
also have a unique SmartBudget account that can
help with your budgeting needs.
CREDIT CARDS
Queensland Country offers a credit card with an
optional rewards program. Our credit card offers up
to 55 days interest free on credit purchases and has
the same interest rate for both purchases and cash
advances.
PERSONAL LOANS
We’re the people to speak to about a personal
loan for a range of purposes - new cars, used cars,
boats, holidays etc. We have also developed a
range of specialised personal loans including our
Eco Smart Green Loan and our popular Reno Loan.
INSURANCE
Through our insurance partner CGU, we offer a
variety of insurance products to help protect you
and your most valuable assets. We can arrange
cover for home and contents, motor vehicles,
investment properties, caravans, boats, travel, life
and loan repayment insurance.
INTERNET BANKING
Our internet banking service allows you to manage
all your finances conveniently at a time and place
that suits you. Queensland Country’s internet
banking provides access to view statements and
transactions, pay bills, schedule payments, activate
new cards, transfer money and even change your
PIN number.
MOBILE BANKING
We also offer a Queensland Country Mobile App.
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37
FREQUENTLY
ASKED QUESTIONS
Who is eligible to apply for a home loan?
You are eligible to apply for a loan if you are at
least 18 years of age, are a permanent resident
of Australia and currently residing in Australia.
If you are not an existing Queensland Country
Member, it is necessary to become a Member
before the loan is funded.
How long does it take for a home loan application
to be conditionally approved?
Queensland Country aim to approve home
loan applications within 24 hours of receipt
of all supporting documentation wherever
possible.
If I am an employee on probation, can I get a loan
approved?
We can still assess your loan application as
long as your position is in the same industry
as your previous employment and/or you
have a letter from your employer stating your
employment will be guaranteed after probation
is completed.
How much deposit will I need to purchase
a home?
Generally speaking, a minimum of 5% for
home purchases and 10% for investment
purchases plus fees and charges is required.
This can vary at times depending on the
property type and location. Your deposit also
needs to be ‘genuine savings’. If you don’t
quite have the deposit required, it might be
worth considering our Family Assist option or
alternatively chatting with one of our Branch
Managers or Lending Specialists who can
help you to understand the deposit
requirements further.
We’re building/renovating and don’t need all
the funds at one time. Can we access money
progressively to pay builders, plumbers and
electricians when we need to?
Yes. Queensland Country can provide funds
progressively as long as the accounts to be
paid are invoiced. Please talk to one of our
Branch Managers or Lending Specialists
regarding the timing of payments.
How much can I borrow?
We have some great loan calculators on our
website which will give you an approximate
indication of how much you might be able
to borrow.
If you’d like more information on how much you
can borrow, speak to us:
• Meet with one of our local Branch Managers or
Lending Specialists
• Call our Contact Centre on 1800 075 078
• Meet with our Townsville based Mobile Lender
who is available seven days a week and at a
place convenient to you. Just call 0407 722 800
or email mobilelender@qccu.com.au
• We encourage you to obtain your own financial
advice if you need further guidance in respect
to your borrowing capacity or other related
matters.
Can I make my repayments weekly or fortnightly,
or do I have to make monthly repayments?
You can make repayments at any time including
weekly, fortnightly or monthly, provided your
minimum monthly repayment amount has been
paid into the loan by the due date. Interest only
home loans and investment home loans require
repayments to be debited monthly from your
nominated Queensland Country transaction
account.
Can I make extra repayments?
Yes, you can make extra repayments as
often as you like. However, lump sum
and/or additional repayments on fixed rate
home/investment home loans can only be
made to a maximum of $9,999.99 per annum
without additional charges being incurred.
Extra payments of $10,000 or more (including
early repayment or switching of your loan type)
will attract an Early Repayment Fee.
How long is my loan approval valid for?
Your loan approval is valid for three months
from the date the approval is provided, as
long as the details provided on your original
application have not changed significantly (e.g.
you are still with the same employer).
If we are looking to renovate or add an extra room
later can we borrow more?
Yes. We can lend extra for renovations
provided you have sufficient equity in your
property for the amount you are looking to
borrow.
For further information please contact your
local Queensland Country branch to arrange
to meet with a Branch Manager or Lending
Specialist.
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39
HOW TO C ONTACT US
If you have any questions or need more information,
please contact us:
BranchVisit our website for a listing of all our branches.
PostPO Box 679, Aitkenvale QLD 4814
Phone 1800 075 078
Website www.qccu.com.au
Email
info@qccu.com.au
BSB
704 640
Queensland Country Credit Union
C ON DITION S OF US E
If you would like information about the fees and charges or other information relating to the products mentioned in the
brochure, please ask any of our branch staff for the relevant brochure.
Tax File Number.
Interest earned on all savings accounts must be declared for income tax purposes. If you do not provide us with your Tax
File Number or Tax File Number Exemption, we must deduct tax from your interest earned at the highest personal income
tax rate. You are not obliged to provide your Tax File Number or Tax File Number Exemption.
Read with.
This document must be read in conjunction with: Fees and Charges brochure; Membership and Deposit Accounts
Conditions of Use; Visa Debit Card Conditions of Use; CueCard Conditions of Use; Internet Banking, PhoneService
and Mobile Banking Terms and Conditions of Use; Financial Services Guide; Loan Interest Rate Schedule and
Credit Guide.
The information in this document does not take into account your objectives, financial situation or needs. Before
acting on this information you should consider whether it is right for you and seek your own advice.
Queensland Country Credit Union Limited ABN 77 087 651 027
AFSL/Australian Credit Licence 244 533
CGU Insurance Limited ABN 27 004 478 371
QCD 0026 - V7.0 - 1016