Community First Credit Union home loan repayment calculator

Thinking about taking out a home loan with Community First Credit Union? Use our home loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how Community First Credit Union home loans compare with other options.

I'd like to borrow

$

I am an

Loan term

With a repayment type

Your estimated repayments

at interest rate 2.49 %

Total interest payable

$0

Total amount payable

$0

Pros and cons

  • Suitable for low deposits.
  • Opportunity to bundle financial products together.
  • Offers discounts on the interest rate.
  • Split loan options are included.
  • Some products include fees.
  • Early exit fees apply to some products.

Community First Credit Union home loans rates

Product
Advertised Rate
Total estimated upfront fees
Comparison Rate*
Ongoing fee
Go to site
Company

2.49%

Fixed - 3 years

$600

3.56%

$0
Community First Credit Union
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2.79%

Fixed - 3 years

$600

3.64%

$0
Community First Credit Union
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2.49%

Fixed - 2 years

$600

3.67%

$0
Community First Credit Union
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2.79%

Fixed - 2 years

$600

3.72%

$0
Community First Credit Union
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3.65%

Variable

$600

3.72%

$0
Community First Credit Union
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2.49%

Fixed - 1 year

$600

3.79%

$0
Community First Credit Union
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2.34%

Fixed - 3 years

$0

3.80%

$395 one off
Community First Credit Union
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2.79%

Fixed - 1 year

$600

3.81%

$0
Community First Credit Union
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2.64%

Fixed - 3 years

$0

3.85%

$395 one off
Community First Credit Union
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3.15%

Intro 12 months

$600

3.85%

$0
Community First Credit Union
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4.00%

Variable

$600

3.85%

$0
Community First Credit Union
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2.79%

Fixed - 3 years

$600

3.86%

$0
Community First Credit Union
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3.45%

Intro 12 months

$600

3.87%

$0
Community First Credit Union
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2.89%

Fixed - 3 years

$600

3.89%

$0
Community First Credit Union
More details

2.29%

Fixed - 2 years

$0

3.90%

$395 one off
Community First Credit Union
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2.99%

Variable

$0

3.90%

$395 annually
Community First Credit Union
More details

2.34%

Fixed - 2 years

$0

3.91%

$395 one off
Community First Credit Union
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2.64%

Fixed - 2 years

$0

3.94%

$395 one off
Community First Credit Union
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3.09%

Fixed - 3 years

$600

3.94%

$0
Community First Credit Union
More details

2.79%

Fixed - 2 years

$600

3.97%

$0
Community First Credit Union
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3.09%

Fixed - 2 years

$600

4.02%

$0
Community First Credit Union
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2.34%

Fixed - 1 year

$0

4.03%

$395 one off
Community First Credit Union
More details

2.64%

Fixed - 1 year

$0

4.04%

$395 one off
Community First Credit Union
More details

2.79%

Fixed - 1 year

$600

4.08%

$0
Community First Credit Union
More details

2.64%

Fixed - 3 years

$0

4.09%

$395 one off
Community First Credit Union
More details

3.09%

Fixed - 1 year

$600

4.11%

$0
Community First Credit Union
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4.06%

Variable

$600

4.13%

$0
Community First Credit Union
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2.94%

Fixed - 3 years

$0

4.14%

$395 one off
Community First Credit Union
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3.74%

Variable

$0

4.15%

$395 annually
Community First Credit Union
More details

3.45%

Intro 12 months

$600

4.15%

$0
Community First Credit Union
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3.75%

Intro 12 months

$600

4.17%

$0
Community First Credit Union
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2.64%

Fixed - 2 years

$0

4.20%

$395 one off
Community First Credit Union
More details

4.04%

Variable

$0

4.23%

$395 annually
Community First Credit Union
More details

2.94%

Fixed - 2 years

$0

4.24%

$395 one off
Community First Credit Union
More details

4.04%

Variable

$0

4.24%

$395 annually
Community First Credit Union
More details

4.09%

Variable

$0

4.25%

$395 annually
Community First Credit Union
More details

4.41%

Variable

$600

4.26%

$0
Community First Credit Union
More details

2.64%

Fixed - 1 year

$0

4.32%

$395 one off
Community First Credit Union
More details

2.94%

Fixed - 1 year

$0

4.34%

$395 one off
Community First Credit Union
More details

4.36%

Variable

$600

4.43%

$0
Community First Credit Union
More details

4.04%

Variable

$0

4.45%

$395 annually
Community First Credit Union
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4.39%

Variable

$0

4.54%

$395 annually
Community First Credit Union
More details

4.71%

Variable

$600

4.56%

$0
Community First Credit Union
More details

4.64%

Variable

$600

4.71%

$0
Community First Credit Union
More details

4.99%

Variable

$600

4.85%

$0
Community First Credit Union
More details

4.94%

Variable

$600

5.01%

$0
Community First Credit Union
More details

5.29%

Variable

$600

5.15%

$0
Community First Credit Union
More details

Community First Credit Union customer service

Community First home loan customers can get in touch with the credit union in several ways. Those who would like to speak directly to a member of staff can call the customer services centre by phone or visit one of the many branches located along the New South Wales coast. Customers can also make an enquiry thorough the website or via email. Basic account functions can be carried out through the mobile banking app or internet banking services. 

  • Customer service centre (phone, email, branch)
  • Mobile app
  • Online banking

How to Apply

Should Community First customers require assistance with their home loan application they can call the customer service centre or enquire online. Alternatively, if customers are based along the New South Wales coast they can visit a branch for face-to-face advice. To ensure a loan is affordable customers should calculate how much they can afford to borrow comparing a range of terms and interest rates. Applicants will be required to provide standard documentation that may include: 

  • Personal identification material.
  • Proof of income – whether you are self-employed or work for an employer.
  • Proof of other income, including rental.
  • Information regarding your current debts, liabilities and assets.
  • Personal insurance documents.

About Community First Credit Union home loans

Community First Credit Union has mortgages that cater for the following customers:

  • First home buyers
  • Investors
  • Renovators/home builders (construction loans)
  • Self-employed (low-doc loans)

Community First Credit Union home loans come with the following interest rate options:

  • Variable rate
  • Fixed rate
  • Principal and interest
  • Interest-only
  • Split loans

Community First Credit Union home loans might also suit borrowers with low deposits. It lets owner-occupiers borrow up to 95 per cent of the property value (with mortgage insurance), and investors borrow up to 80 per cent of the property value. Repayments can be weekly, fortnightly or monthly.

Extra repayments can be made on Community First Credit Union without penalty, and redraw facilities are also available (but come with a small fee). As added incentive, the credit union offers home loan customers fee-free transaction accounts as well as discounts on its other financial products and services.

Community First Credit Union home loan rates

Community First Credit Union’s home loan interest rates vary depending on the product. However, compared to other home loan lenders in Australia, its interest rates tend to be moderately low.

As a smaller, community-based lender, without the marketing power of the big banks, it offers lower mortgage rates to attract customers. As Community First Credit Union is owned by its customers, rather than shareholders, it also does not have the same pressure to make big profits, giving it the ability to offer lower rates and fees.

Home loans offered to owner-occupiers by Community First Credit Union, paying principal and interest, are generally moderately low compared to other lenders in Australia. Its investor mortgages rates are also moderately low. The credit union also offers a discounted interest rate to new customers that is very low.

Community First Credit Union home loans review

In keeping with its name, Community First Credit Union focuses on serving its local customers. Most of its staff live in the same areas as its customers, which it says gives them a better understanding of customers’ home loan needs.

Community First Credit Union has 14 branches in New South Wales, most in Sydney. In recent years, the credit union has expanded its online services to gain customers throughout Australia.

As well as offering moderately low interest rates, Community First Credit Union charges no ongoing monthly or annual fees on its home loans. However, the upfront one-off application fees on home loans are high compared to many of its competitors, and it also charges a discharge fee at the end of the loan.

Community First Credit Union doesn’t cater for all borrowers. For example, it doesn’t offer SMSF loans, reverse mortgages or 40-year home loans.

Learn more about Community First Credit Union

What is a bad credit home loan?

A bad credit home loan is a mortgage for people with a low credit score. Lenders regard bad credit borrowers as riskier than ‘vanilla’ borrowers, so they tend to charge higher interest rates for bad credit home loans.

If you want a bad credit home loan, you’re more likely to get approved by a small non-bank lender than by a big four bank or another mainstream lender.

How can I get a home loan with bad credit?

If you want to get a home loan with bad credit, you need to convince a lender that your problems are behind you and that you will, indeed, be able to repay a mortgage.

One step you might want to take is to visit a mortgage broker who specialises in bad credit home loans (also known as ‘non-conforming home loans’ or ‘sub-prime home loans’). An experienced broker will know which lenders to approach, and how to plead your case with each of them.

Two points to bear in mind are:

  • Many home loan lenders don’t provide bad credit mortgages
  • Each lender has its own policies, and therefore favours different things

If you’d prefer to directly approach the lender yourself, you’re more likely to find success with smaller non-bank lenders that specialise in bad credit home loans (as opposed to bigger banks that prefer ‘vanilla’ mortgages). That’s because these smaller lenders are more likely to treat you as a unique individual rather than judge you according to a one-size-fits-all policy.

Lenders try to minimise their risk, so if you want to get a home loan with bad credit, you need to do everything you can to convince lenders that you’re safer than your credit history might suggest. If possible, provide paperwork that shows:

  • You have a secure job
  • You have a steady income
  • You’ve been reducing your debts
  • You’ve been increasing your savings

Are bad credit home loans dangerous?

Bad credit home loans can be dangerous if the borrower signs up for a loan they’ll struggle to repay. This might occur if the borrower takes out a mortgage at the limit of their financial capacity, especially if they have some combination of a low income, an insecure job and poor savings habits.

Bad credit home loans can also be dangerous if the borrower buys a home in a stagnant or falling market – because if the home has to be sold, they might be left with ‘negative equity’ (where the home is worth less than the mortgage).

That said, bad credit home loans can work out well if the borrower is able to repay the mortgage – for example, if they borrow conservatively, have a decent income, a secure job and good savings habits. Another good sign is if the borrower buys a property in a market that is likely to rise over the long term.

What are the responsibilities of a mortgage broker?

Mortgage brokers act as the go-between for borrowers looking for a home loan and the lenders offering the loan. They offer personalised advice to help borrowers choose the right home loan for their needs.

In Australia, mortgage brokers are required by law to carry an Australian Credit License (ACL) if they offer credit assistance services. Which is the legal term for guidance regarding the different kinds of credit offered by lenders, including home loan mortgages. They may not need this license if they are working for an aggregator, for instance, as a franchisee. In both these situations, they need to comply with the regulations laid down by the Australian Securities and Investments Commission (ASIC).

These regulations, which are stipulated by Australian legislation, require mortgage brokers to comply with what are called “responsible lending” and “best interest” obligations. Responsible lending obligations mean brokers have to suggest “suitable” home loans. This means loans that you can easily qualify for,  actually meet your needs, and don’t prove unnecessarily challenging for you.

Starting 1 January 2021, mortgage brokers must comply with best interest obligations in addition to responsible lending obligations. These require mortgage brokers to act in the best interest of their customers and also requires them to prioritise their customers’ interests over their own. For instance, a mortgage broker may not recommend a lender who gives them a commission if that lender’s home loan offer does not benefit that particular customer.

Do mortgage brokers need a consumer credit license?

In Australia, mortgage brokers are defined by law as being credit service or assistance providers, meaning that they help borrowers connect with lenders. Mortgage brokers may not always need a consumer credit license however if they’re operating solo they will need an Australian Credit License (ACL). Further, they may also need to comply with requirements asking them to mention their license number in full.

Some mortgage brokers can be “credit representatives”, or franchisees of a mortgage aggregator. In this case, if the aggregator has a license, the mortgage broker need not have one. The reasoning for this is that the franchise agreement usually requires mortgage brokers to comply with the laws applicable to the aggregator. If you’re speaking to a mortgage broker, you can ask them if they receive commissions from lenders, which is a good indicator that they need to be licensed. Consider requesting their license details if they don’t give you the details beforehand. 

You should remember that such a license protects you if you’re given incorrect or misleading advice that results in a home loan application rejection or any financial loss. Brokers are regulated by the Australian Securities & Investment Commission (ASIC), as per the National Consumer Credit Protection (NCCP) Act. 

How to break up with your mortgage broker

If you find a mortgage broker giving you generic advice or trying to sell you a competitive offer from an unsuitable lender, you might be better off  breaking up with the mortgage broker and consulting someone else. Breaking up with a mortgage broker can be done over the phone, or via email. You can also raise a complaint, either with the broker’s aggregator or with the Australian Financial Complaints Authority as necessary.

As licensed industry professionals, mortgage brokers have the responsibility of giving you accurate advice so that you know what to expect when you apply for a home loan. You may have approached the mortgage broker, for instance, because you have questions about the terms of a home loan a lender offered you. 

You should remember that mortgage brokers are obliged by law to act in your best interests and as part of complying with The Australian Securities and Investments Commission’s (ASIC) regulations. If you feel you didn’t get the right advice from the mortgage broker, or that you lost money as a result of accepting the broker’s suggestions regarding a lender or home loan offer, you can file a complaint with the ASIC and seek compensation. 

When you first speak to a mortgage broker, consider asking them about their Lender Panel, which is the list of lenders they usually recommend and who may pay them a commission. This information can help you decide if the advice they give you has anything to do with the remuneration they may receive from one or more lenders.

Does Australia have no cost refinancing?

No Cost Refinancing is an option available in the US where the lender or broker covers your switching costs, such as appraisal fees and settlement costs. Unfortunately, no cost refinancing isn’t available in Australia.

Can I change jobs while I am applying for a home loan?

Whether you’re a new borrower or you’re refinancing your home loan, many lenders require you to be in a permanent job with the same employer for at least 6 months before applying for a home loan. Different lenders have different requirements. 

If your work situation changes for any reason while you’re applying for a mortgage, this could reduce your chances of successfully completing the process. Contacting the lender as soon as you know your employment situation is changing may allow you to work something out. 

Can I get a home loan if I am on an employment contract?

Some lenders will allow you to apply for a mortgage if you are a contractor or freelancer. However, many lenders prefer you to be in a permanent, ongoing role, because a more stable income means you’re more likely to keep up with your repayments.

If you’re a contractor, freelancer, or are otherwise self-employed, it may still be possible to apply for a low-doc home loan, as these mortgages require less specific proof of income.

Will I have to pay lenders' mortgage insurance twice if I refinance?

If your deposit was less than 20 per cent of your property’s value when you took out your original loan, you may have paid lenders’ mortgage insurance (LMI) to cover the lender against the risk that you may default on your repayments. 

If you refinance to a new home loan, but still don’t have enough deposit and/or equity to provide 20 per cent security, you’ll need to pay for the lender’s LMI a second time. This could potentially add thousands or tens of thousands of dollars in upfront costs to your mortgage, so it’s important to consider whether the financial benefits of refinancing may be worth these costs.

Is there a limit to how many times I can refinance?

There is no set limit to how many times you are allowed to refinance. Some surveyed RateCity users have refinanced up to three times.

However, if you refinance several times in short succession, it could affect your credit score. Lenders assess your credit score when you apply for new loans, so if you end up with bad credit, you may not be able to refinance if and when you really need to.

Before refinancing multiple times, consider getting a copy of your credit report and ensure your credit history is in good shape for future refinances.

I have a poor credit rating. Am I still able to get a mortgage?

Some lenders still allow you to apply for a home loan if you have impaired credit. However, you may pay a slightly higher interest rate and/or higher fees. This is to help offset the higher risk that you may default on your repayments.

I can't pick a loan. Should I apply to multiple lenders?

Applying for home loans with multiple lenders at once can affect your credit history, as multiple loan applications in short succession can make you look like a risky borrower. Comparing home loans from different lenders, assessing their features and benefits, and making one application to a preferred lender may help to improve your chances of success

Will I be paying two mortgages at once when I refinance?

No, given the way the loan and title transfer works, you will not have to pay two mortgages at the one time. You will make your last monthly repayment on loan number one and then the following month you will start paying off loan number two.

If I don't like my new lender after I refinance, can I go back to my previous lender?

If you wish to return to your previous lender after refinancing, you will have to go through the refinancing process again and pay a second set of discharge and upfront fees. 

Therefore, before you refinance, it’s important to weigh up the new prospective lender against your current lender in a number of areas, including fees, flexibility, customer service and interest rate.