businessOwned by: Customer-owned
monetization_onFunded by: Retail deposits and wholesale capital markets
securityLMI Provider: QBE LMI
account_balanceLender type: Credit Union
Community First Credit Union was founded in 1959. Back then, it was called Sydney Water Board Officers Credit Union Co-Op. After multiple name changes, it has operated as Community First Credit Union since 1993.
The credit union aims to help its members achieve their financial goals by prioritising them while offering its products and services.
Since this lender is customer-owned, profits are distributed among the members, and they get fairer fees, as well as competitive interest rates on their savings and loans.
Community First is one of the largest community-based credit unions in Sydney. It also has branches across Australia.
How do Community First Credit Union home loans compare?
- Strong Customer service
- First-home buyers Loans
- Competitive rates and flexible solutions for first-home buyers with small deposits
- 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
What Home Loan Types Does It Have?
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.
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.
Are you eligible to become a member?
Anyone can become a member of Community First Credit Union. You need to pay a nominal fee and provide proof of identity to become a member and a part owner.
Compare Community First Credit Union With Other Lenders
Not sure which lender is right for you? Talk to one of the mortgage brokers at Home Loan Experts.
Call us on 1300 889 743 or complete our free online enquiry form as we need to discuss your situation before finding the best lender options for you.