Loans & Mortgages

Personal Loans

Whether it's a boat, a vacation, home improvements, new furniture — whatever your personal goals are, an OECU Personal Loan can help you achieve them. We offer competitive rates and you pay interest only on the outstanding balance.

We'll set up a repayment schedule that suits your specific situation, and you can speed up payments or pay off the loan at any time — without penalty.

• Fixed or variable rates available
• Terms of up to 5 years available
• Loan payments can be made through payroll deduction
• Life and disability insurance available and recommended
• Repay at any time before maturity — no penalty or additional charges
• Reduced interest rate available with full payroll deposit

Auto Loans

Looking for a new or used vehicle? Whatever vehicle you choose, the OECU Hassle Free Car Loan removes the ambiguity from your financing options. We offer very competitive rates and flexible terms.

We appreciate your personal goals and understand the concerns you might have about obtaining and repaying a loan — so we've made it as simple and flexible as possible.

• New cars, used cars, and hybrid vehicles
• Fixed or variable rates available
• Terms up to 5 years
• Payments via payroll deduction
• Life and disability insurance available
• Repay at any time without penalty

Personal Line of Credit

The OECU Line of Credit is a sensible part of your money management program — protecting your account and maximizing your buying power. It's a pre-approved, ongoing credit limit you access simply by writing a cheque or using your debit card.

You pay interest on the exact amount you borrow and only for the number of days you've used it — at rates substantially below retail credit cards.

• Pre-approved, ongoing credit limit
• Monthly payments are 3% of credit utilized
• Interest calculated only on the credit utilized
• Payments may be made through payroll deduction
• Rates substantially below retail credit cards
• Works as overdraft protection — no NSF fees or returned cheques

• Conventional mortgages — up to 80% of appraised value
• CMHC insured mortgages — up to 95% financing for qualified members
• Pre-approved mortgage with a 90-day rate guarantee
• Second mortgages — up to 80% of appraised value
• Bridge financing available
• Payments made through payroll deduction
• Assistance with legal and appraisal fees available
• Flexible repayment options — up to 20% of original principal per year
• Amortization periods up to 25 years
• Economical mortgage insurance options
• Further interest rate reductions available — ask for details

Available Mortgage Types

Meritline of Credit

The Meritline Home Equity Line of Credit is the straightforward answer for active borrowers who want an established line of credit at their disposal. With a one-time application, you can borrow what you need, when you need it — for years to come.

The one-time legal and appraisal fees allow you to use the equity in your home to secure funds for future needs — it may well be the last loan you'll ever need.

• Arranged for up to 65% of appraised property value (depending on mortgage situation)
• Interest rate as low as prime
• Repayment calculated at 3% of used credit each month
• Payments can be made by payroll deduction
• Life & disability insurance available
• One-time application — borrow again without reapplying
• Ideal for home renovations, vacations, or investment portfolio