Terms and Conditions
Eligibility Criteria
To qualify and to retain a QPCU Classic Plus home loan package or a Classic Plus overdraft package, you will need:
1. A minimum loan amount or approved limit of at least $100,000
2. A QPCU Bluey or Bluey Rewarder Visa credit card
If a credit card application is declined by QPCU, borrowers can still qualify for a Classic Plus home loan at the discretion of QPCU. This does not include applications withdrawn by the member.
3. Salary credited into a QPCU account
At least one of the borrowers is required to set-up and maintain a salary credit on a regular basis into a QPCU account. It is at the discretion of QPCU as to whether this requirement is suspended under certain circumstances such as unemployment.
4. QPCU transaction account
Two transaction accounts are available: the QPCU Classic Plus Mortgage Offset account or the On-Call Savings account.
The above eligibility criteria must be finalised prior to settlement. If this does not occur or if a borrower fails to meet the above criteria during the course of the loan, then all loans under the package will no longer be entitled to the rate discounts and package benefits. As a result, all QPCU Classic Plus home loans under the package will revert to a Standard Variable home loan while all Classic Plus overdrafts will revert to a Mortgage Secured overdraft.
QPCU reserves the right to amend or withdraw the QPCU Classic Plus package, fees and benefits at any time.
Rate Tiers
There are two interest rate tiers applicable based on the following loan amounts:
1. $100,000 - $249,999
2. $250,000 and above
The minimum loan amount or limit for a QPCU Classic Plus home loan is $100,000. However, borrowers will qualify for the second rate tier if the loan amount is at least $250,000 or they have combined eligible loan amounts (including the applied amount) of at least $250,000.
Eligible loans include all QPCU home loans and mortgage secured overdrafts.
The qualifying interest rate tier will apply for the life of the loan, no matter what the loan balance is, provided that all of the loan’s criteria are met and maintained.
Monthly Classic Plus Package Fee
To be a QPCU Classic Plus borrower, you agree to pay a monthly non-refundable fee of $25. This fee will be charged to a Classic Plus loan nominated by QPCU, at the end of each calendar month.
If you have more than one loan in the package and close the loan where your package fee is deducted, we will choose another loan within the package to debit the package fee.
The package fee can be applied to a maximum of five QPCU Classic Plus loans. Loans in excess of five will incur an additional package fee (in multiples of five).
Additional Package Benefits
QPCU Classic Plus borrowers are entitled to a range of benefits. It is your responsibility to indicate in writing that you are eligible for the discounts and that you wish to receive the applicable benefit.
Transaction Accounts
QPCU will not charge the Visa card administration fee on the QPCU Classic Plus Mortgage Offset account or the On-call Savings account.
Loan Establishment Fees
Standard establishment fees are waived for QPCU Classic Plus loans. However, non-standard fees apply. Standard establishment fees include the following fees: loan funding fee, standard property valuation fee, mortgage secured overdraft establishment fee, mortgage preparation fee, solicitor petties, bureau realty check, split loan fee and title search. Any fees not listed above or that are greater than the amounts listed in the QPCU Lending Fees and Charges brochure are payable by the borrower.
Personal Loans
QPCU Classic Plus borrowers are entitled to a 0.5% p.a. reduction on new QPCU standard personal loans. The discount does not apply to existing QPCU personal loans. The discount relates to the Whole of Pay Super Saver and All Purpose personal loans. It does not apply to QPCU car loans. This offer is not available in conjunction with any other QPCU offer or promotional discount.
Credit Cards
QPCU Classic Plus borrowers are entitled to have one QPCU credit card annual fee waived. This waiver applies to the QPCU Bluey Visa or QPCU Bluey Rewarder Visa credit cards.
Term Deposit
QPCU Classic Plus borrowers are entitled to 25 basis points above QPCU standard term deposit interest rates. This does not apply to QPCU special interest rates or online only interest rates.
100% Mortgage Offset Account
QPCU Classic Plus home loan borrowers are entitled to a 100% mortgage offset account. The QPCU Classic Plus Mortgage Offset account must be in the same name(s) as the loan it is being offset against.