Transport Mutual Credit Union Home Loans
Loan options: What Transport Mutual Credit Union home loans offer
Here’s a snapshot of Transport Mutual Credit Union’s variable home loans currently on offer for a loan amount of $600,000 in New South Wales. Please note that this table is formulated based on paying both principal and interest and results are sorted by our Star Rating (highest to lowest). To compare other home loans, please click here.
What types of home loans does Transport Mutual Credit Union offer?
At the time of writing Transport Mutual Credit Union offers the following types of home loans:
- Variable rate home loan
- Fixed rate home loan
- Interest only home loan
- Investment home loan
- Refinancing home loan
Variable home loan features
- Offset account available on selected loan products
- Redraw facility available
- Additional repayments allowed
- No fee for early repayment
- Online-only lender with online applications
- Repayments may be made weekly, fortnightly or monthly
Find out about how different types of home loans work here.
How to apply for a Transport Mutual Credit Union home loan
Applying for a Transport Mutual Credit Union home loan is a simple process; just compare home loans on the Canstar website and apply online on the Transport Mutual Credit Union website for the loan of your choice. You can also call Transport Mutual Credit Union on (02) 8202 8555 (Sydney Metro) or 1300 652 274 (Country/Regional areas) to speak to a home loan expert.
Follow our applying for a home loan checklist, and use the Canstar website to compare Transport Mutual Credit Union home loans with other home loans before choosing a product that suits your needs:
Transport Mutual Credit Union FAQs
Since Transport Mutual Credit Union (TMCU) is a credit union (i.e. a customer-owned bank), you need to purchase a share in the bank and become a member before you can apply for any banking products. To become a member, you will need to fill out a membership form, produce acceptable I.D. that has been verified by a third party, and pay $10 for your share of TMCU. To submit your membership application, you can either bring your documents to the TMCU office, post them or fax them.
Once you begin the home loan application process, there are many more documents that you’ll need to provide, such as proof of your income, assets and expenses. Follow our applying for a home loan checklist, and use the Canstar website to compare Transport Mutual Credit Union home loans with other home loans before choosing a product that suits your needs:
Transport Mutual Credit Union offers you the option of making weekly, fortnightly or monthly payments on your home loan. As with most banks, interest is calculated daily on your remaining principal; this means that any payment you make before your monthly due date will reduce your principal, and thus reduce the amount of interest you have to pay.
Transport Mutual Credit Union allows extra repayments on its variable interest home loans. You can also make lump sum repayments at any time, and any extra payments are available for redraw (withdrawal from your loan) at no cost if you change your mind. Terms and conditions apply; contact your lender for details.
Find out how making extra repayments could save money in interest over the life of your loan in this article or use our Extra Repayments Calculator for yourself:
Yes, Transport Mutual Credit Union’s variable rate home loans offer a redraw facility. Redraw is free, and the minimum withdrawal amount ranges from $100 to $1,000, depending on your loan. Fees and charges may apply to use of a redraw facility; contact your lender for details or learn more about redraw facilities here.
If you’re in the market for a home loan, compare your home loan options with Canstar:
Transport Mutual Credit Union is an Australian credit union based in Sydney, serving customers around the nation. It was founded in 1964 by and for employees of the Roads and Traffic Authority (RTA), who initially named it the Main Roads Staff Credit Union. The credit union changed its name to the RTA Staff Credit Union in 1989, before transitioning to its current name in 2011, with both rebrands prompted by changes to the name and structure of the New South Wales government’s transport department.
Initially founded to serve the aforementioned employees of the NSW government transport department, including rail, bus and ferry employees, membership to Transport Mutual Credit Union is now open to all Australians regardless of job or background. Becoming a member of Transport Mutual Credit Union costs just $10, with all profits being channelled back into the union’s products and services.
Certain Transport Mutual Credit Union home loans received a 5-Star Rating from Canstar in our March 2017 Star Ratings; see our home loans comparison pages for details.
Showing products in Canstar’s database with links to lenders’ websites. The display is sorted by the advertised interest rate (lowest to highest), then provider name (alphabetically).
Source: Canstar. Based on residential variable home loans available for a loan amount of $350,000 at 80% LVR, and available for Principal and Interest repayments.
*Comparison rate based on loan amount of $150,000. Read the Comparison Rate Warning.