Basic Variable Investment Loan (LVR 80%-95%)
- Last updated on 09 Jul 2020
based on $300,000 loan amount for 25 years
- No ongoing fees
- Suitable for low deposits
- Extra repayments + redraw services
- Repayments may decrease if RBA cuts rates
- Discharge fee at end of loan
- Repayments may increase if RBA raises rates
Interest rate structure
$50k - $1m
Principal & interest
Loan term range
5 - 30 years
Unlimited extra repayments
Redraw fee: $15
Allows split interest
ACT, NSW, NT, QLD, SA, TAS, VIC, WA
Total estimated upfront fees
Other upfront fee
Minimum SMSF Amount
Legal Fees are charged at cost. Comparison rate calculation is based on legal fess of $390, but actual fees vary.
Compare and review home loans with similar features
Community First Credit Union is a mutual organisation that has been in operation since 1959. Unlike banks, who make profits to pay dividends to shareholders, it’s a member-owned and -run financial institution.
Community First Credit Union is based in New South Wales, has 68,000 customers throughout Australia and $940 million in assets.
Community First Credit Union doesn’t have an extensive range of home loans. Instead, it focuses on delivering competitive mortgage rates on the mortgages it offers.
It’s no longer possible to get a no-deposit home loan in Australia. In some circumstances, you might be able to take out a mortgage with a 5 per cent deposit – but before you do so, it’s important to weigh up the pros and cons.
The big advantage of borrowing 95 per cent (also known as a 95 per cent home loan) is that you get to buy your property sooner. That may be particularly important if you plan to purchase in a rising market, where prices are increasing faster than you can accumulate savings.
But 95 per cent home loans also have disadvantages. First, the 95 per cent home loan market is relatively small, so you’ll have fewer options to choose from. Second, you’ll probably have to pay LMI (lender’s mortgage insurance). Third, you’ll probably be charged a higher interest rate. Fourth, the more you borrow, the more you’ll ultimately have to pay in interest. Fifth, if your property declines in value, your mortgage might end up being worth more than your home.