Oshawa Community Credit Union

Borrowing

Mortgages

5 Year Special Mortgage

3.99% for 5 year fixed Mortgage (limited time)

5 Year Fixed Mortgage Special – 3.99%

OCCU offers flexible options to meet your needs including:

Pre-approvals available
Conventional mortgages (up to 80% of recently appraised property value)
CMHC or Genworth insured mortgages
Convenient weekly, bi-weekly, semi-monthly or monthly payments directly from your Credit Union account, another financial institution or payroll deduction
No renewal fees
Life insurance
Disability insurance

Masterplan Mortgage

NEW in 2011 - The all in one mortgage designed to save you money and provide the most flexibility.

New in 2011

The MasterPlan Mortgage is a hybrid re-advanceable mortgage with the potential to have either, or both, a fixed term and Line of Credit component. The MasterPlan provides excellent flexibility with the potential to develop and change with your borrowing needs. You have the flexibility to modify the aggregate amount you are approved for between the various products offered under the MasterPlan.

Special Features:

Free unlimited activity including self service and full service (some exceptions apply i.e. Interac ATM Surcharges)
Full access chequing account
Competitive interest rate for balances above ,000
Attached to your MasterPlan Line of Credit or Stand-Alone
Exclusive to MasterPlan Mortgage Holders
Optional Interest Saving feature: Automatically have your MasterPlan Line of Credit balance reduced daily with every deposit. The resulting increased available limit is still accessible for re-advancement as required, potentially resulting in substantial savings over the course of your mortgage.

Below Prime Mortgage

We give you more for less.

Below-Prime Mortgages

Based on OCCU Prime less ½%
5 year term (can be converted to closed mortgage)
Opportunity to “cap” rate by paying OCCU prime less ¼% from the issue date
By capping rate, OCCU will not exceed our posted 5 year rate plus ½% at the time of issue
Qualifies for “pre-payment” options

Conventional Mortgage

Financing available for up to 80%

Mortgages

OCCU offers conventional mortgages with flexible options to meet your needs, including:

Terms from 1 year to 5 years (open or closed)
Variable Rate or Fixed Rate options
Pre-approvals available
Competitive Rates
Conventional mortgages (up to 80% of recently appraised property value)
CMHC or Genworth insured mortgages for extended amortization up to 40 years
Convenient weekly, bi-weekly, semi-monthly, or monthly payments directly from your Credit Union account, another financial institution or payroll deduction
No renewal fees
Life insurance
Disability insurance

Looking for more flexibility than a conventional mortgage? An OCCU MeritLine may be perfect for you.

CMHC Mortgage

Financing available for up to 95% on new purchases. Refinancing up to 85%. (Maximum 30 year amortization)

CMHC Mortgages

Financing available for up to 95% of value on purchases
Financing available for up to 85% of recently appraised values on refinances
Extended amortization up to 40 years for low ratio mortgages
Fixed or Variable Rate

Meritline - Home Equity Line of Credit (HELOC) Mortgage

A line of credit, secured by your property, has flexible repayment terms, competitively priced and remains in place as long as you own your home. (starts at OCCU prime + 0.75%)

Meritline

Want more flexibility with your mortgage? Why not try an OCCU Meritline mortgage.

Let the equity in your home work for you. A Meritline is a perfect solution for the active borrower and guarantees you one of OCCU’s lowest rates.

You can choose your payment by making a fixed monthly payment or as little as interest only. You can re-borrow what you’ve paid down again and again, up to your pre-approved limit.

Borrow up to 80% of the recently appraised value of your home

Works as a fully secured Line Of Credit (qualifies for interest based on prime +)
No pre-payment penalties
Allows you to access the money you have when you need it
Advance the available funding to buy a car, cottage, education fees, vacation or renovations – it’s your choice.

Personal Loans

Offered at both variable or fixed rates.

Personal Loans

Terms from 1 year to 5 years
Competitive Rates
Weekly, bi-weekly, or monthly payment options
Automatic transfer from your account or direct payroll deduction
Quick pre-approvals
Make extra payments or pay down at any time without penalty
Life and disability insurance available

RRSP "Top Up" Loans

Borrow up to $25,000 for investment in RRSP.

RRSP "Top Up" Loans

Borrow up to $ 25,000 for investing in an RRSP

Lease "Look a Like" Loans

Pay like a lease but own the vehicle under a loan product.

Lease "Look a Like" Loans

An extended amortization (up to 10 years) means a lower monthly payment
Maximum term is 5 years

Consolidation Loans

Consolidate your debt for a lower monthly payment.

Credit Card companies throw cards at you and make it easy for the debt load to add up while they charge incredible high rates. Let OCCU clear off those high interest debts and provide you with one affordable payment.

It sure makes sense to us and it will save you more than just cents.

Terms from 1-5 years
Competitive rates
Weekly, bi-weekly, or monthly payment options
Automatic transfer from your account or direct payroll deductions
Quick pre-approvals
Make extra payments or pay down at any time without penalty
Life and disability insurance available

Auto Loans

Loans starting at prime.

Helping you get there…

OCCU would like to help keep you on the road. If you’re looking to purchase a new or used vehicle OCCU offers competitive rates on vehicle loans terms from 1-5 years

Competitive rates
Weekly, bi-weekly, or monthly payment options
Automatic transfer from your account or direct payroll deductions
Quick pre-approvals
Make extra payments or pay down at any time without penalty
Life and disability insurance available
Group insurance rates available for your car insurance

Student Loans

OCCU can assist in financing your post-secondary education.

Student Loans and Lines of Credit

OCCU offers student loans and lines of credit products with both flexible and competitive options to assist with all of your post-secondary educational requirements from College to University to Trade Schools.

OCCU's Student Loans and Lines of Credit can be customized to fit the borrower's needs through a combination of fixed term loans and revolving lines of credit. This flexibility has the potential to lower the total amount borrowed and may ultimately save you money.

Product Eligibility

Full-time student - 60% normal university course load (as designed by their educational institution)

Part-time - 1 course per (school year/semester/trimester)

Application Requirements

Members need:

Confirmation that you are enrolled at a Canadian post-secondary educational institution
College
University
Career College
Registered Apprentices - Educational Fees, Tools
Job Training Programs
An estimate of your education costs (including tuition, supplies, fees, accommodations, food, travel, etc.)
A list of your financial resources (including savings, bursaries, summer employment, etc.)
A suitable guarantor or meet standard lending requirements; need a parent(s) or guardian(s) to be co-applicant or suitable guarantor

Loan or Line of Credit Amounts

Full-time - $ 10,000 (maximum) per school year

Part-time (depending on # of courses) - $ 2,500 (maximum) per school year

Maximum loan for any full-time student $ 50,000.00

Product Features

Prime Rate + 2% (after graduation / grace period)
Interest only while in school
Grace period after graduation up to 6 months to a maximum of a year

Lines of Credit

Meritline - Home Equity Line of Credit

Use your home equity to finance large purchases.

Meritline

Want more flexibility with your mortgage? Why not try an OCCU Meritline mortgage.

Let the equity in your home work for you. A Meritline is a perfect solution for the active borrower and guarantees you one of OCCU’s lowest rates.

You can choose your payment by making a fixed monthly payment or as little as interest only. You can re-borrow what you’ve paid down again and again, up to your pre-approved limit.

Borrow up to 80% of the recently appraised value of your home

Works as a fully secured Line Of Credit (qualifies for interest based on prime +)
No pre-payment penalties
Allows you to access the money you have when you need it
Advance the available funding to buy a car, cottage, education fees, vacation or renovations – it’s your choice.

Personal One - Line of Credit

Up to $25,000 available (unsecured) OAC.

Personal One Line of Credit

This is perfect for many individuals who are looking for flexibility when it comes to borrowing. Home Renovations may mean you don't need all of the funds at once, but would like to have access to it when needed. This is when an OCCU line of credit is perfect for you.

Personal One Line of Credit offers:

Limits of $ 25,000
Competitive Interest Rates
Accessible 24 hours a day, 7 days a week
Repayment 3% of outstanding balance
Conditions apply (minimum net worth, minimum beacon score, minimum income level, and maximum ratios)
Help cover surprise payments or incidentals
No Fee for usage

RRSP Line of Credit

Apply once and re-use credit annually.

RRSP Line of Credit Loans

RRSP Lines of Credit are available to members up to the amount of $ 25,000 providing:

The RRSP is with OCCU
The line of credit is only used to access funds for RRSP contributions
The RRSP Line of Credit should be repaid within 1 year so access is available for the following year's contribution
Automatic transfer from your account or direct payroll deduction
Interest rate will be variable at prime plus 1.00%

Student Line of Credit

To a maximum of $50,000 (conditions apply).

Student Loans and Lines of Credit

Product Eligibility

Full-time student - 60% normal university course load (as designed by their educational institution)

Part-time - 1 course per (school year/semester/trimester)

Application Requirements

Members need:

Confirmation that you are enrolled at a Canadian post-secondary educational institution
College
University
Career College
Registered Apprentices - Educational Fees, Tools
Job Training Programs
An estimate of your education costs (including tuition, supplies, fees, accommodations, food, travel, etc.)
A list of your financial resources (including savings, bursaries, summer employment, etc.)
A suitable guarantor or meet standard lending requirements; need a parent(s) or guardian(s) to be co-applicant or suitable guarantor

Loan or Line of Credit Amounts

Full-time - $ 10,000 (maximum) per school year

Part-time (depending on # of courses) - $ 2,500 (maximum) per school year

Maximum loan for any full-time student $ 50,000.00

Product Features

Prime Rate + 2% (after graduation / grace period)
Interest only while in school
Grace period after graduation up to 6 months to a maximum of a year

Other Products

Personal Chequing Account

Line of Credit - provides protection against overdrafts.

MasterCard Credit Card

Applications available at the Credit Union.

Service Charges

Click to view Loan Fees (PDF)

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Credit Union News

Notice of OCCU's Annual General Meeting
New Features to OCCU's Telephone Banking System
Credit Union Day Release
Newsletters
Did you get your money? Profit Sharing with Members
Statutory & Civic Holiday Schedule for 2011