Overview |
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flagFounded: 1959 |
businessOwned by: Customer-owned |
monetization_onFunded by: Retail deposits and wholesale capital markets |
securityLMI Provider: QBE LMI |
account_balanceLender type: Credit Union |
How do Community First Credit Union home loans compare?
Pros
- Strong Customer service
- First-home buyers Loans
- Competitive rates and flexible solutions for first-home buyers with small deposits
- Refinancing
- Extra repayments option available
- Offset account
- Redraw facility
- Split loan option
- Construction loans available
- Deposit bond facility
- Bridging finance
- Health Insurance Savings for Package Holders
Cons
- They are not a major bank
- Not great for Self-employed borrowers who cannot prove their income
- Cannot do Non-resident mortgages, except for Australian expats
- They don’t accept people with bad credit
- Slow loan processing times during busy periods
What Home Loan Types Does It Have?
Investors Loans
Community First Credit Union offers investment loans to build, purchase or refinance your investment property. It allows you to borrow up to 90% of the property value for new apartments and 95% of the property value for other types of dwellings.Accelerator Home Loan
You can use this home loan to purchase, build or refinance your residential property. This home loan allows you to borrow up to 95% of the property value with Lenders Mortgage Insurance. It also allows a maximum of two offset accounts.Home Improvement Loan
The credit union offers unsecured loans to help homeowners fund the cost of home improvements. You can take a loan as low as $1,000 for a period of 1-10 years.Green Loan
Community First offers a green loan for purchasing environmentally friendly products like solar panels, water tanks, grey water treatment systems, home ventilation systems and more. You can borrow a minimum of $1,000 for 1-10 years.Requirements For Applying With Community First Credit Union
Here are some of the requirements to apply for home loans with Community First Credit Union:- Be 18 years of age and above
- Australian citizenship or permanent residency
- A regular source of income
- Be working in your current job for six months or more
- No bankruptcies (including Part IX agreements)
- Need to show an acceptable Credit Risk Profile (Credit Score)
- No defaults on any loans, interest-free finance, store cards or credit cards in the last five years
Tips For Applying With Community First Credit Union
The credit union is one of the participating lenders in the Home Guarantee Scheme.- If you are a first-home buyer, you can apply for the Home Guarantee Scheme.
- If you are a single parent, you can apply for the Family Home Guarantee Scheme.