Am I eligible?
For what purposes can I use a mortgage secured loan?
How much can I borrow?
How long can I have to repay the loan?
How quickly can it be approved?
What happens if my loan application is rejected?
What does 'variable interest rate' mean?
What does 'fixed interest rate' mean?
How often can I make repayments?
How do I make repayments on the loan?
What is the current interest rate?
How is interest calculated on my loan?
Can I pay my loan off faster?
Will I incur any penalties for repaying my loan early?
How often will I receive information on my account?
Do I need to take out insurance?
What security is required?
What costs do I need to consider?
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
Community first home loans can be used for any worthwhile purpose.
Generally, you can borrow from $10,000 to $2,500,000, up to a maximum of 95% of the valuation of your property (maximum of 70% of valuation outside the metropolitan area).
The amount you can borrow is generally determined by the value of your property, and of course, your ability to meet the repayments on the loan. In most cases, the amount of all 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.
Your agreed repayments can be over a maximum period of up to 30 years.
Approval can generally be given in as little as 48 hours.
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.
With a variable rate loan, the interest rate may change at any time, generally when market rates change.
With a fixed interest rate the interest rate stays fixed for the nominated fixed period. On expiry of the fixed period the rate automatically reverts to the then variable rate or you may choose a further fixed term.
You can choose to make your regular repayments either monthly, fortnightly, weekly or daily, whichever is more convenient for you.
You can arrange to make your loan repayments either by payroll deduction, direct debit from your savings account, using QuickDebit from another account, over the counter at any of our Financial Services Stores, or by mail.
Click here to see our current interest rates
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 loan saves you interest on your loan from the day it is paid.
Flexibility that will save you money......
Whether you would like to go on a holiday, buy a new car, or make some improvements to your home ... whatever the purpose, you can redraw the additional money you have paid into your loan to do the things you want ... when you want. A fee applies on each draw-down.
By increasing the frequency of your repayments on your variable rate loan 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 can be made at any time with no penalty.
If you open a mortgage off-set account interest that would normally be earned on this savings account will be used to off-set the interest payable on a proportion of your loan. This means your regular repayments will be paying off more of the principal of your loan, saving you money.
By increasing your regular repayments, by even the smallest amount each month, a substantial difference can be made to the time it takes to pay off your loan.
There is no penalty for early repayment on most loans. A penalty will be incurred if you break a fixed rate loan early.
You will receive a statement tri-annually at the end of February, June and October unless you have a line of credit or VISA debit 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.
Lenders' Mortgage Insurance will apply if the amount of your loan exceeds 80% of the valuation. Building insurance is required to be taken out equal to the replacement value of the building.
It is recommended that you take out Life and Disability Insurance on your loan, designed to cover your lending obligations in the case of Sickness, Accident or Death.
Although you do not have to purchase your insurance from Community First Credit Union, we act as an agent for various insurance companies and can offer a range of insurance policies. These include Life and Disability Insurance, Building Insurance, Home Contents and Valuables Insurance. Premiums can be paid monthly, at no extra cost.
Your loan must be secured by registered mortgage over residential property.
An application fee is required at the time of application. It includes costs incurred by Community First Credit Union, plus valuation fees and solicitors' professional fees. You will also be required to pay for registration costs, legal disbursements, costs incurred where more than one security is involved and stamp duty.
You can use our stamp duty calculator to work out how muc stamp duty would apply to your chosen property.
Approval conditions apply. Terms and conditions, fees and charges apply - details available on application
Am I eligible?
What purposes can I use a personal loan for?
How much can I borrow?
How long can I have to repay the loan?
How much deposit do I need?
How quickly can it be approved?
Which Loan to choose?
Why choose Community First for my loan?
How often can I make repayments?
How do I make repayments on the loan?
What is the current interest rate?
How is interest calculated on my loan?
What happens if my loan application is rejected?
Can I pay my loan off faster?
Will I incur any penalties for repaying my loan early?
How often will I receive information on my account?
Do I need to take out insurance?
What security is required?
What costs do I need to consider?
What is the difference between a secured and an unsecured loan?
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
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.
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.
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.
No deposit is needed.
You will generally have an answer in as little as 48 hours.
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.
Community First goes further than just providing finance. We can provide useful advice, and when it comes to your car we offer all Members 10% discount on services carried out by Max Mobile Mechanics.
You can choose to make repayments on your loan either monthly, fortnightly or weekly.
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.
Click here to see our current interest rates
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.
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.
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.
There is no penalty for early repayment of a fixed or variable interest rate Personal Loan.
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.
It is recommended that you take out Loan Repayment Insurance on your loan, designed to cover your lending obligations in the case of Sickness, Accident or Death.
Although you do not have to purchase your insurance from Community First Credit Union, we offer a range of insurance policies. These include:
Life and Disability Insurance supplied by Swann Insurance (Life Insurance underwritten by The National Mutual Life Association of Australasia Ltd);
Commercial Insurance supplied by CGU Insurance Ltd. An IAG Company.
Buildings Insurance, Motor Vehicle Insurance, Home Contents and Valuables Insurance, supplied by CGU Insurance Limited. An IAG Company. Premiums can be paid monthly, at no additional premium cost, through your credit union account.
Most personal loans are unsecured. In some cases however we may require a guarantor or a charge over your savings with the credit union.
A processing fee is payable at time of disbursement. For further details please refer to our Schedule of Fees and Charges.
Approval conditions apply. Terms and conditions, fees and charges apply - details available on application.
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.
| Postal Address PO Box 98, Lidcombe NSW 1825 Phone 1300 13 22 77 ABN 80 087 649 938 AFS Licence Number 231204 SWIFT code CUSCAU2SXXX |  |
