CUA Home Loans Review
Owned by: Customer owned
Funded by: Retail deposits and wholesale capital markets
LMI provider: QBE LMI
Lender type: Credit Union
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?
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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.
The CUA Fresh Start Basic Variable is a low rate, no ongoing fees, no frills home loan that suits someone who has a large deposit and doesn’t need additional features like an offset account.
The CUA Fresh Start Variable has a slightly higher interest rate than the basic variable, but also has a 100% offset account.
The CUA Rate Breaker Package was once a highly competitive home loan with a rate below the major banks, however these days it has been superseded by CUA’s other home loans. This is CUA’s professional package designed to compete with the pro packs offered by the major banks.
The CUA Fixed Rate Loan is on offer for fixed terms of 1, 2, 3 or 5 years and usually has a competitive fixed rate below or on par with the major banks.
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.
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.