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The Maritime, Mining and Power Credit Union is a credit union based in Parramatta, New South Wales. As a credit union it is owned by its customers and not by shareholders. Its membership is open to every Australian. It offers a number of financial services including mortgages, savings and investment products.
The credit union offers three types of loan, an unsecured personal loan, a consolidator loan and a computer loan.
The unsecured personal loan is a variable interest loan, which means that it will go up or down according to the Reserve Bank rate. The loan does not have any monthly, quarterly or annual fees. There is also the ability to make extra payments, and this attracts no penalties, which can mean that bonuses and gifts are paid in and can help to cut down interest rates. Daily interest means that these repayments will have a similar effect to paying into a savings account. There is a minimum amount of $2,000 and a maximum repayment period of seven years.
If extra repayments are made there is a redraw facility where the extra repayments can be reloaned, unlike many other lenders this facility is free. There is an establishment fee of $80 that is added to the body of the loan. There is free death cover of up to $120,000.
Loan repayment insurance is available. This comes as an extra fee which is added to the loan. The loan repayment insurance will mean that the loan repayments can be made if the borrower is unemployed or ill. There is an auto repayment option which means that repayments can be made automatically from the borrower’s salary.
The consolidator loan is aimed at those with a number of different credit cards, personal loans and unpaid bills. This can be replaced by a loan with a longer repayment period which means that there is a lower interest rate and lower monthly repayments. It also means that the repayment can be made at one time during the month which can be synthesised with monthly salary payments through the auto repayment program.
Like the other loans the consolidator loan does not have any annual or monthly keeping fees, and also has the ability to make extra repayments throughout the term of the loan.
The computer loan is designed for borrowers who wish to buy a computer. Like the other loans the computer loan has a variable interest rate and there are no annual or monthly fees. The ability to make lump sum extra repayments without any penalties is also allowed. |
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