StraightForward Home Loan (L64)
Benefits
- A simple home loan solution.
- More opportunities to qualify for a home loan.
- Variable interest rate of just 6.74% p.a. The comparison rate, taking into account the upfront fees and the ongoing monthly fee is 6.87%1 p.a.
- The loan can be up to 95%2 of the valuation or purchase price, whichever is the lesser. Lenders Mortgage Insurance (LMI) required for loans greater than 80% of the property value.
- Available for new borrowers on the payment of the normal CPS establishment, valuation and solicitors fees.
- Available to existing CPS home loan borrowers, on the payment of a $400 switch fee, plus valuation fee (if a new valuation is required).
- Redraw available by Internet Banking, subject to prior registration, and manual application.
- Enjoy fee free transactions on savings accounts because your financial relationship with the Credit Union is greater than $50,000 (please refer to our standard transaction fee schedule for full details).
- You can borrow as little as $50,000.
Fees applicable to the StraightForward Home Loan
| Name | Amount |
|---|---|
| Establishment Fee | $100.00 |
| Valuation Fee | $187.00 (ACT & Queanbeyan properties) |
| Solicitor’s Fee | $365.00 (ACT property) + disbursements |
| $395.00 (NSW property) + disbursements | |
| Lender’s Mortgage Insurance (Applicable if LVR is >80%) | Varies dependent on loan amount and valuation / purchase price. Premium is confirmed at time of loan approval. Please consult with one of our Lending Consultants for more information. |
| Mortgage Stamp Duty (NSW only) | Calculated on the loan amount. First $16,000 = $5.00, then $4.00 for every thousand thereafter. 3 |
| Switch Fee (applicable when switching to StraightForward Home Loan from a current CPS mortgage loan) | $400.00 |
| Monthly Administration Fee | $7.50 |
| Early Repayment Fee | Year 1 = 3 month’s interest |
| Year 2 = 2 month’s interest | |
| Year 3 = 1 month’s interest |
Other fees and charges may apply. Please refer to the Fees and Charges booklet and loan contract for further information.
- This comparison rate is calculated on a loan of $150,000 over 25 years, based on monthly repayments and applies only to the example given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
- 90% LVR applies to loans for investment or refinance purposes. Lenders Mortgage Insurance (LMI) is required for loans greater than 80% of the property value.
- First HomeBuyers may receive a concession on this Government Duty. Please refer to ypur legal advisor or the Office of State revenue to discuss your individual circumstances.
Current Interest Rates | Comparison Rate Schedules | Guide to Comparison Rates
Loan Assessment
CPS Lending and assessment criteria apply. All loan applications are subject to approval.
Terms and conditions apply to all loans and are available on request. Fees and charges may apply and are detailed in the Fees and Charges brochure, which is available on request. All loan interest rates are Annual Percentage Rates (pa) and current rates are listed in the Interest Rates flyer.
