The Redi-Draw Home Loan is a variable rate home loan with many added features including the ability to make extra repayments to reduce interest. This Home Loan also has a free redraw feature so you can access your extra repayments in case of an emergency, unplanned expenses or planned expenses such as rates and insurance.

The Redi-Draw Home Loan can usually be approved within 48 hours meaning you are able to negotiate the house purchase without any added pressure. Talk to us today about how we can meet your home loan needs!

Product Details

- Loans up to 95% of purchase price are available where Lender’s Mortgage Insurance has been accepted**.

- Loan applications can be made over the internet, at any branch or via the Telephone Service Centre.

- Access to advance payments, via redraw, is available over the internet, at any branch or via our Telephone Service Centre.

- Variable interest rate applies.

- This loan is available for owner occupied homes or residential investment properties.

- Terms up to 25 years.

Other Products

PMI Mortgage Insurance**
Lenders Mortgage Insurance allows you to borrow up to 95% of the purchase price of your home, rather that the standard 80%, by insuring NECU in the event that you may default on your loan.

PMI Home Deposit Bonds**
For existing property owners, investors or first home buyers, PMI Home Deposit bonds provide a quick and affordable way of arranging a deposit when purchasing a property. PMI Home Deposit bonds are fast, secure and easy to use!

Consumer Credit Insurance~
Consumer Credit Insurance can be purchased to assist in making your loan repayments in the event that you are unable to do so for a number of specified reasons. You have the freedom to choose from a list of events you want to be covered for, including illness or injury, involuntary unemployment and death. Ask our friendly staff for more information.

Allianz Home & Contents Insurance#
Allianz provide New England Credit Union members with home and home contents insurance. Talk to us today for a competitive quote on your valued property.

Your Choice Visa Credit Card*
New England Credit Union’s “Your Choice” Visa Credit Card offers you flexible and competitive access to credit funds. Features include up to 55 days interest free, low annual fee, acceptance around the world, a great interest rate and best of all a 3.00%p.a reduction in the credit card interest rate for members with an NECU home loan.

Home & Contents Insurance

For information on Home & Contents Insurance

How do I Apply?

Simply for our online loan application. Alternatively, phone 1300 132 067 or call into your local branch or agency to make an appointment.

To borrow you must be a member of New England Credit Union. Membership can be obtained by purchasing one $10 share (refundable on resignation).

For a list of current interest rates


Product Brochure (2.8mb)

Disclaimer

The prior information does not take into account your financial situation and personal needs.

*Terms and conditions apply. Fees and charges apply. Normal New England Credit Union Ltd lending criteria apply.

**Lenders Mortgage Insurance (LMI) and Home Deposit Bonds are issued by PMI Mortgage Insurance. LMI approval is subject to the total risk assessment of the individual application. New England Credit Union do not have any influence over the decision of PMI to approve your application. PMI’s approach to risk assessment is not based on location alone, but is also reflective of the quality of the borrower and the individual property. Factors that are assessed in the application process include, but are not limited to, the Salability of the Security Property, the level of real estate activity, local economic and market conditions, the condition of the property and other factors such as land size and zoning.

~ ”Part 2 Disability Cover” and “Part 3 Unemployment Cover” are provided by Allianz Australia Insurance Limited AFS Licence No. 234708 ABN 15 000 122 850 (Allianz). “Part 1 Death Cover” is provided by The Colonial Mutual Life Assurance Society Limited AFS Licence No. 235035 ABN 12 004 021 809 (CMLA). Allianz acts as CMLA’s agent in offering Part 1 Death Cover.

#General Insurance is provided by Allianz Australia Insurance Limited [Allianz] AFS Licence No. 234708, ABN 15 000 122 850 (Allianz). In arranging this insurance, New England Credit Union acts as an agent for Allianz and not as your agent. Product Disclosure Statements (PDS) are available for these products. You should consider the PDS for these products before acquiring them. You can obtain a copy of the PDS by contacting us on 132 067.