RateCity.com.au
Advertisement

Community First Credit Union Fixed Rate Loan

Features

The Community First Credit Union Fixed Rate Loan offers a range of features including a 100 per cent offset account and the ability to make penalty-free extra repayments to the total amount of $25,000 per year. Borrowers can also access the redraw facility of the loan for a small fee.

The inclusion of the 100 per cent offset account is not particularly common for fixed loans and, when used effectively, can be a great help in reducing the total amount of interest paid on a home loan

The repayment schedule of the loan can be customised to suit the borrower’s needs, meaning repayments can be made on a weekly, fortnightly or monthly basis. The loan also allows the borrower to split the loan amount so that some is charged at a variable interest rate and the rest at the set fixed rate.

Who is the Community First Credit Union Fixed Rate Loan good for?

The Community First Credit Union Fixed Rate Loan is a relatively low rate loan that may be suitable for borrowers who are refinancing from a variable mortgage. Not only does it offer a relatively low interest rate, it also provides a 100 per cent offset facility which, although common in variable rate loans, is not always found with fixed mortgages. This loan is also specifically for owner occupier borrowers so will not suit those looking to invest in property.

Review - What RateCity says

Community First Credit Union Fixed Rate Loan Options

Browse the Community First Credit Union Fixed Rate Loan options below. 

Product
Advertised rate
Comparison rate*
Monthly repayment
Go To Site
Details

Fixed Rates from

3.99%

Advertised rate

5.20%

Comparison rate
Pros
  • No ongoing fees.
  • 100 per cent offset account available.
  • Can borrow up to 95 per cent of the property value.
Cons
  • Extra repayments capped at $25,000 a year before penalty charges will be incurred.
  • Sizeable application fee charged.
  • Discharge fee charged at end of loan.
Eligibility

Must have at least a 5 per cent deposit.

Must be buying the property as an owner occupier.

Suitable For
  • First Home Buyers
  • Investors
  • Refinancers
Fees
  • Estimated upfront fees: $1260
  • Discharge fees: $300
  • Ongoing fees: $0

The Community First Credit Union Fixed Rate Loan comes with a sizeable upfront fee that borrowers should factor into their set up costs. After this initial fee, however, there are no ongoing charges unless you wish to redraw on your loan. In the case of a redraw there will be a small administrative fee charged. There is also a discharge fee that will be charged at the end of the loan.

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
  • Loan allows split interest rate
About Community First Credit Union

Community First Credit Union is a mutual organisation run for the benefit of its members. They provide a range of personal finance products including home loans, personal loans and credit cards. Customers can contact the institution Monday – Saturday using a direct phone line.

Compare your product with the big 4 banks, or add more products to compare