Personal loan FAQs

Community First Credit Union Limited is a community credit union. This means that anyone can join, open a savings account or apply for a loan or any of our other products and services

What purposes can I use a personal loan for?

You can use your Personal Best Personal Loan for any worthwhile purchase, to buy a boat, to take a holiday, to pay for further education, to refinance a personal loan with another financier or to consolidate all your loans into one. Whatever the purpose, a Community First Personal Best Personal Loan gives you the money to do what you want...when you want.

How much can I borrow?

You can borrow from just $1,000 to $5,000 without security.
The amount you can borrow is generally determined by your ability to meet the repayments on the loan. In most cases, the amount of your monthly commitments should not be greater than 35% of a gross single income, or 30% of a gross joint income. You can use our loan calculator to see how much you can borrow, based on your income and commitments.

How long can I have to repay the loan?

You can repay your loan over a period of 1 to 10 years, depending on the type of loan you select. Your agreed repayments can be designed to best meet your requirements and what you can afford.

How much deposit do I need?

No deposit is needed.

How quickly can it be approved?

You will generally have an answer in as little as 48 hours.

Which Loan to choose?

With a variable rate loan, the interest rate may change at any time, generally when market rates change. A variable interest rate loan may be taken over a maximum period of 10 years.

On a fixed interest rate loan your interest rate remains the same for the duration of the loan. A fixed interest rate loan may be taken over a maximum period of 5 years and the minimum loan is $5,000.

How often can I make repayments?

You can choose to make repayments on your loan either monthly, fortnightly or weekly.

How do I make repayments on the loan?

You can arrange to make your loan repayments either by payroll deduction, direct debit from your savings account, over the counter at any of our Financial Services Stores or by mail.

What is the current interest rate?

Click here to see our current interest rates

How is interest calculated on my loan?

Interest is calculated daily by applying the daily percentage rate to the unpaid daily balance and the interest charge is debited to the account monthly. This means that every extra dollar you pay off your personal loan saves you interest on your loan, from the day it is paid.

What happens if my loan application is rejected?

There are a number of factors that influence Community First's decision when it comes to loan applications. We will usually explain the factors that are impacting specifically upon your application when we notify you of our decision.

At Community First we recognise that personal circumstances change over time, so if this is the case then you may wish to apply again at a later stage.

For more information on the factors that influence you gaining credit and more specifically, your credit file, we recommend you visit the Baycorp Advantage website www.mycreditfile.com.au. This website explains what a credit file is and gives you the option of ordering a copy of your personal file.

Can I pay my loan off faster?

By increasing the frequency of your loan repayments from monthly to fortnightly or weekly, you can reduce the principal of your loan faster, thereby reducing both the amount of interest you pay and the term of your loan.

Lump-sum repayments may be made at any time with no penalty on either a fixed or variable interest rate loan.

By increasing the amount of your regular repayments on your loan, by even the smallest amount each month, a substantial difference can be made to the time it takes to pay off your loan.

Will I incur any penalties for repaying my loan early?

There is no penalty for early repayment of a fixed or variable interest rate Personal Loan.

How often will I receive information on my account?

You will receive a statement tri-annually at the end of February, June and October unless you have a line of credit or VISA card, in which case monthly statements will be issued for each statement period during which a transaction is made on your account. This will show details of repayments made, interest charged, your outstanding balance, charges and Government fees.

Account balances and statements are also available through our 24 Hour Telephone Account Enquiry Service on 1300 13 16 99.

What security is required?

Most personal loans are unsecured. In some cases however we may require a guarantor or a charge over your savings with the credit union.

What costs do I need to consider?

A processing fee is payable at time of disbursement. For further details please refer to our fees and charges.

Approval conditions apply. Terms and conditions, fees and charges apply - details available on application.

What is the difference between a secured and an unsecured loan?

Secured loans can be secured by either a mortgage or asset such as a car. Mortgage Secured Loans are those where you offer a mortgage over real property, usually a house, unit or block of land, to cover the loan. The amount of a mortgage secured loan is usually larger and, because the loan is secured, the interest rate charged is lower.

Unsecured Loans are those where no mortgage is taken to secure the loan. The amount borrowed is usually lower and the time taken to repay the loan (the term of the loan) is shorter. Interest rates, whilst very competitive, are higher than for loans secured by mortgage.

Have you considered..

Car loans

Loan protection insurance

Debt consolidation

Useful information

Personal loan rates

Fees and charges

Personal loan calculator

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These insurance products are provided by CGU Insurance Limited ABN 27 004 478 371. In arranging this insurance Community First Credit Union acts as an intermediary for the insurer of the particular insured product, not as your agent.

A Product Disclosure Statement (PDS) for each product is available at our offices. We will give you a PDS on application, which you should read and consider in deciding whether to use any product.

This is general advice only and does not take into account your individual objectives, financial situation or needs ("your personal circumstances"). Before using this advice to decide whether to purchase this insurance policy, you should consider the appropriateness of it having regard to your personal circumstances, plus obtain and consider the current Product Disclosure Statement for the particular insurance policy.

Trauma Cover insurance is underwritten by The National Mutual Life Association of Australasia Ltd ABN 72 004 020 437. Disablement insurance is underwritten by CGU Insurance (Aust.) Pty. Ltd. ABN 80 000 886 680.

We will receive a commission from CGU Insurance for arranging this policy. Details of the commission we receive can be found in our Financial Services Guide. Community First does not guarantee the payment of benefits under the policy or the repayment of any premium.

Community First Credit Union acts under our own Australian Financial Services Licence and under an agreement with the insurer, CGU Insurance Limited ABN 27 004 478 371 (CGU), the issuer of these products. The insurer of the Life and Trauma cover is National Mutual Life Association of Australasia Ltd ABN 72 004 020 437 AFSL No. 234 649 (NMLA) a member of the AMP Group. CGU administers the Life and Trauma cover on behalf of NMLA and CGU’s liability under that policy is limited to the administration of that cover including the management of claims. This information is general advice only and does not take into account your objectives, financial situation or needs (your "personal circumstances"). Before deciding whether to buy this product you should consider the relevant Product Disclosure Statement (PDS) as appears on this website and your personal circumstances.

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