MMPCU updates mortgage interest rates

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The Maritime Mining Power Credit Union has updated its interest rates for new home loan contracts this week following the Reserve Bank of Australia's decision to leave the official rates unchanged at two per cent.

Fixed rate options for housing finance remained unchanged, but the rate for interest only home loans fell from 4.99% to 4.69%. Owner, occupier, investment, and interest only home loan packages increased by 15 basis points across the board, except for the All in One Home Sale and First Rate 12-month special, which retained their interest rates at 4.49% and 3.99%, respectively.

On the other hand, the interest rate for First Rate home loans decreased by 30 basis points, although MMPCU clarifies that this is only available for new home loans, refinances from competitors, or for existing home loan members who add an additional minimum $100,000 to their existing home loan balance. The minimum home loan amount for new home loans is at $150,000 and is not available for First Rate 12-month introductory variable rate offer.

No changes were made on personal and business loan interest rates.

It can be confusing to know whether to get a variable rate or fixed rate mortgage, and what features are important. That's why it's important to not only check the right rates, but make sure that you're getting the right features in your home loan. Get help choosing the right home loan

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