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 2.89 %

Total interest payable

$0

Total amount payable

$0

Pros and cons

Pros
  • Suitable for low deposits.
  • Opportunity to bundle financial products together.
  • Offers discounts on the interest rate.
  • Split loan options are included.
Cons
  • 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

2.89%

Variable

$600

2.96%

$0
Community First Credit Union
More details

1.99%

Fixed - 2 years

$0

3.25%

$395 one off
Community First Credit Union
More details

2.99%

Variable

$0

3.25%

$395 annually
Community First Credit Union
More details

2.49%

Fixed - 3 years

$600

3.56%

$0
Community First Credit Union
More details

2.89%

Variable

$600

3.61%

$0
Community First Credit Union
More details

2.79%

Fixed - 3 years

$600

3.64%

$0
Community First Credit Union
More details

2.49%

Fixed - 2 years

$600

3.67%

$0
Community First Credit Union
More details

2.79%

Fixed - 2 years

$600

3.72%

$0
Community First Credit Union
More details

3.65%

Variable

$600

3.72%

$0
Community First Credit Union
More details

2.49%

Fixed - 1 year

$600

3.79%

$0
Community First Credit Union
More details

2.34%

Fixed - 3 years

$0

3.80%

$395 one off
Community First Credit Union
More details

2.79%

Fixed - 1 year

$600

3.81%

$0
Community First Credit Union
More details

2.64%

Fixed - 3 years

$0

3.85%

$395 one off
Community First Credit Union
More details

3.15%

Intro 12 months

$600

3.85%

$0
Community First Credit Union
More details

4.00%

Variable

$600

3.85%

$0
Community First Credit Union
More details

2.79%

Fixed - 3 years

$600

3.86%

$0
Community First Credit Union
More details

3.45%

Intro 12 months

$600

3.87%

$0
Community First Credit Union
More details

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
More details

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
More details

2.64%

Fixed - 2 years

$0

3.94%

$395 one off
Community First Credit Union
More details

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
More details

3.09%

Fixed - 2 years

$600

4.02%

$0
Community First Credit Union
More details

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
More details

4.06%

Variable

$600

4.13%

$0
Community First Credit Union
More details

2.94%

Fixed - 3 years

$0

4.14%

$395 one off
Community First Credit Union
More details

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
More details

3.75%

Intro 12 months

$600

4.17%

$0
Community First Credit Union
More details

2.64%

Fixed - 2 years

$0

4.20%

$395 one off
Community First Credit Union
More details

2.94%

Fixed - 2 years

$0

4.24%

$395 one off
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
More details

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 is a guarantor?

A guarantor is someone who provides a legally binding promise that they will pay off a mortgage if the principal borrower fails to do so.

Often, guarantors are parents in a solid financial position, while the principal borrower is a child in a weaker financial position who is struggling to enter the property market.

Lenders usually regard borrowers as less risky when they have a guarantor – and therefore may charge lower interest rates or even approve mortgages they would have otherwise rejected.

However, if the borrower falls behind on their repayments, the lender might chase the guarantor for payment. In some circumstances, the lender might even seize and sell the guarantor’s property to recoup their money.

How do I take out a low-deposit home loan?

If you want to take out a low-deposit home loan, it might be a good idea to consult a mortgage broker who can give you professional financial advice and organise the mortgage for you.

Another way to take out a low-deposit home loan is to do your own research with a comparison website like RateCity. Once you’ve identified your preferred mortgage, you can apply through RateCity or go direct to the lender.

What is breach of contract?

A failure to follow all or part of a contract or breaking the conditions of a contract without any legal excuse. A breach of contract can be material, minor, actual or anticipatory, depending on the severity of the breaches and their material impact.

What happens when you default on your mortgage?

A mortgage default occurs when you are 90 days or more behind on your mortgage repayments. Late repayments will often incur a late fee on top of the amount owed which will continue to gather interest along with the remaining principal amount.

If you do default on a mortgage repayment you should try and catch up in next month’s payment. If this isn’t possible, and missing payments is going to become a regular issue, you need to contact your lender as soon as possible to organise an alternative payment schedule and discuss further options.

You may also want to talk to a financial counsellor. 

How often is your data updated?

We work closely with lenders to get updates as quick as possible, with updates made the same day wherever possible.

Mortgage Calculator, Repayment Type

Will you pay off the amount you borrowed + interest or just the interest for a period?

Remaining loan term

The length of time it will take to pay off your current home loan, based on the currently-entered mortgage balance, monthly repayment and interest rate.

Why was Real Time Ratings developed?

Real Time RatingsTM was developed to save people time and money. A home loan is one of the biggest financial decisions you will ever make – and one of the most complicated. Real Time RatingsTM is designed to help you find the right loan. Until now, there has been no place borrowers can benchmark the latest rates and offers when they hit the market. Rates change all the time now and new offers hit the market almost daily, we saw the need for a way to compare these new deals against the rest of the market and make a more informed decision.

What is a debt service ratio?

A method of gauging a borrower’s home loan serviceability (ability to afford home loan repayments), the debt service ratio (DSR) is the fraction of an applicant’s income that will need to go towards paying back a loan. The DSR is typically expressed as a percentage, and lenders may decline loans to borrowers with too high a DSR (often over 30 per cent).

Why is it important to get the most up-to-date information?

The mortgage market changes constantly. Every week, new products get launched and existing products get tweaked. Yet many ratings and awards systems rank products annually or biannually.

We update our product data as soon as possible when lenders make changes, so if a bank hikes its interest rates or changes its product, the system will quickly re-evaluate it.

Nobody wants to read a weather forecast that is six months old, and the same is true for home loan comparisons.

What is a construction loan?

A construction loan is loan taken out for the purpose of building or substantially renovating a residential property. Under this type of loan, the funds are released in stages when certain milestones in the construction process are reached. Once the building is complete, the loan will revert to a standard principal and interest mortgage.

What is appraised value?

An estimation of a property’s value before beginning the mortgage approval process. An appraiser (or valuer) is an expert who estimates the value of a property. The lender generally selects the appraiser or valuer before sanctioning the loan.