businessOwned by: Customer owned
monetization_onFunded by: Retail deposits and wholesale capital markets
securityLMI Provider: QBE LMI
account_balanceLender type: Credit Union
CUA is not an available lender on our panel. This is a review only.
The major banks exist to make a profit for their shareholders. CUA is owned by, and operates for, the benefit of its customers!
What that means is that they offer outstanding customer service, competitive interest rates, and their profits get returned to you as better rates and lower fees.
When you think about it, it’s somewhat of a surprise that more Australians don’t switch from a major bank to an organisation like CUA.
CUA is the largest customer-owned financial institution in Australia so it combines the strength and systems of a major bank with the customer service and value of a credit union.
How do CUA’s home loans compare?
- Customer service
- Not likely to hike your interest rate after approving your home loan
- Competitive interest rates
- As a customer, you’re an owner of CUA
- First home buyers
- They offer 100% offset on their fixed rate loans
- People who want branch access
- One of the participating lenders in the First Home Loan Deposit Scheme
- Can do bridging loans
- Can do rural residential dwelling loans
- Can do second mortgages, however, it is not available for vacant land
- Home loan pre-approvals are fully verified
- Strict lending policy
- People with bad credit
- They’re not a major bank
- Self-employed borrowers who cannot prove their income
- Not all mortgage brokers have access to CUA
- Slow loan processing times during busy periods
- They do not accept 100% of bonus, commission and overtime income
- Can’t do company or stratum titles
- First home owners grant is not accepted as genuine savings
What home loans types do they have?
CUA have had a range of award winning fixed and variable rate home loans that suit most home buyers or investors.
- Achieve Variable Home Loan: A low variable home loan with limited offset and ability to make unlimited fee-free repayments and no monthly and annual fees
- Accelerate variable home loan: A competitively priced variable home loan with 100% offset.
- CUA fixed rate home loan: Choose to lock your interest rate between 1 to 5 years. No monthly or annual fees and you can make extra repayments during the fixed term.
Who should apply with CUA?
CUA isn’t suitable for all borrowers.
We see CUA as being suitable for someone with one home loan with a large deposit. If you are this type of person then we think CUA is an excellent choice! As mortgage brokers we’re only too aware of the games played by the major banks to change people’s interest rates after their loan is advanced. You’re far less likely to have this happen to you if your loan is with CUA.
We think there are likely to be better options for a first home buyer with a small deposit or someone who is buying multiple investment properties.
Tips for applying with CUA
Not all mortgage brokers have access to CUA so before you apply via a broker you should ask them if they are accredited.
Make sure that you compare CUA to other lenders before applying as while they do have some great home loans, they aren’t competitive for all deposit sizes, loan sizes or customer types.
Bridging loans are only available for residential security. Vacant land is not accepted.
Interest-only for home loans is 2 years, and for investment loans, it is 5 years.
First home buyers can provide 6 months of rental statements in lieu of genuine savings.
Compare CUA to other lenders
Not sure which lender is right for you? Our Home Loan Experts can help!
Talk to one of our mortgage brokers by calling us on 1300 889 743 or complete our free assessment form.