CUA is the largest credit union in Australia, with almost half a million customers and assets worth $13.75 billion. CUA is owned by its customers, not shareholders.
Its origins date back to 1946 when two small credit unions opened and joined forces to offer fairer deals than the banks. Since then, there’s been a series of amalgamations and today CUA is made up of 171 credit unions.
Formerly known as Credit Union Australia, in 2007 to rebranded to just CUA.
CUA home loans rates
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Fixed - 3 years
Fixed - 5 years
- A range of home loans to choose from.
- Suitable for low deposits.
- Parents can act as guarantors for some loans.
- Opportunity to package financial products.
- Flexible repayment schedule with weekly, fortnightly or monthly repayment options.
- Not all products offer offset facilities.
- Some products have upfront and annual fees.
CUA home loan customers can get in touch with the credit union by visiting one of its 60 plus branches Australia-wide. Alternatively customers can contact the customer service centre by phone. If home loan customers have difficulties concerning their repayments they can take advantage of CUA’s financial hardship hotline. Customers can also submit a query through the CUA website or by emailing their lender directly.
- Customer service centre (phone, email, branch)
- Mobile app
- Online banking
How to Apply
Home loan enquires can be submitted online and a CUA home loan specialist will provide a call back. There is currently no functionality for customers to apply online. Applications can be completed face-to-face in a branch or over the telephone. For straight forward banking transactions CUA customers can use internet banking and their mobile app 24-hours a day. Before customers submit their loan application it’s recommended that they consider how much they can afford to borrow before making any commitments. To support their CUA home loan application customers may need to provide several documents including:
- Personal identification.
- Personal income details.
- Details of current debts and assets.
- Information about the property.
CUA home loans
CUA caters for a wide variety of mortgage customers:
- First-home buyers
- Self-employed (low-doc)
CUA mortgage customers can choose from a range of interest rate options:
- Line of credit
The longest term offered at CUA on a home loan is 30 years, and its fixed interest rate mortgages range from 1-5 years. Depending on the product, CUA mortgages also include added features, like offset accounts, the ability to make extra repayments, and redraw facilities.
Some CUA home loans also allow a loan top-up, which gives customers the ability to use the equity in their property to pay for expenses like renovations, or for a deposit in an investment property.
CUA also offers package home loans, which include benefits and discounts on a range of products, including credit cards and insurance.
CUA home loan rates
To compete with the big banks, CUA offers mortgage rates that are generally lower than the market average.
Its owner-occupier home loan rates for customers paying principal and interest tend to be moderate to moderately low, however CUA does offer very low interest rates on some of its home loan packages for new customers and refinancers. For those paying interest-only, the rates are moderately low.
CUA investment home loans are generally moderately low, on mortgages where principal and interest are paid. For interest-only investment loans, the rates are moderate.
When it comes to home loan fees, CUA is on the cheaper end of the market. Many of its mortgages have no ongoing fees, and moderately low upfront fees. It also offers free redraw and extra repayment options on most of its products.
CUA home loan review
CUA’s headquarters are in Queensland, but CUA has 60 branches across the country and offers lower home loan rates and fees than many of its competitors in Australia. Unlike most banks that make profit for shareholders, CUA reinvests its profits and passes the benefits directly on to customers.
In 2017, CUA was named Money Magazine’s credit union of the year, in part because of its low interest rates and excellent customer service.
CUA has a wide variety of mortgages that would suit most borrowers. It offers home loans that let customers borrow up to 95 per cent of their property’s value (LVR), and allow parents to sign on as guarantors.
Unlike some of its competitors, CUA doesn’t have the capability to let customers sign up to a home loan online. Instead, applications need to be done face-to-face at a branch or over the phone.
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Real Time RatingsTM looks at your individual home loan requirements and uses this information to rank every applicable home loan in our database out of five.
This score is based on two main factors – cost and flexibility.
Cost is calculated by looking at the interest rates and fees over the first five years of the loan.
Flexibility is based on whether a loan offers features such as an offset account, redraw facility and extra repayments.
Real Time RatingsTM also includes the following assumptions:
- Costs are calculated on the current variable rate however they could change in the future.
- Loans are assumed to be principal and interest
- Fixed-rate loans with terms greater than five years are still assessed on a five-year basis, so 10-year fixed loans are assessed as being only five years’ long.
- Break costs are not included.