CUA home loan repayment calculator

Thinking about taking out a home loan with CUA? Use our home loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how CUA 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 2.80 %

Total interest payable

$0

Total amount payable

$0

Pros and cons

Pros
  • 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
Cons
  • Not all products offer offset facilities
  • Some products have upfront and annual fees

CUA home loans rates

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

2.80%

Variable

$835

2.85%

$0
CUA
More details

3.30%

Variable

$835

2.94%

$0
CUA
More details

3.05%

Variable

$835

3.01%

$0
CUA
More details

3.11%

Variable

$835

3.16%

$0
CUA
More details

3.14%

Variable

$835

3.19%

$0
CUA
More details

3.24%

Variable

$835

3.20%

$0
CUA
More details

3.64%

Variable

$835

3.21%

$0
CUA
More details

3.46%

Variable

$835

3.30%

$0
CUA
More details

3.48%

Variable

$835

3.44%

$0
CUA
More details

3.57%

Variable

$835

3.62%

$0
CUA
More details

3.67%

Variable

$835

3.63%

$0
CUA
More details

3.92%

Variable

$835

3.76%

$0
CUA
More details

2.99%

Fixed - 5 years

$835

3.91%

$0
CUA
More details

2.49%

Fixed - 3 years

$835

3.99%

$0
CUA
More details

2.49%

Fixed - 2 years

$835

4.14%

$0
CUA
More details

2.79%

Fixed - 2 years

$835

4.20%

$0
CUA
More details

2.99%

Fixed - 5 years

$835

4.23%

$0
CUA
More details

3.09%

Fixed - 5 years

$835

4.27%

$0
CUA
More details

2.69%

Fixed - 1 year

$835

4.33%

$0
CUA
More details

2.79%

Fixed - 1 year

$835

4.34%

$0
CUA
More details

2.69%

Fixed - 3 years

$835

4.44%

$0
CUA
More details

2.79%

Fixed - 3 years

$835

4.46%

$0
CUA
More details

2.69%

Fixed - 2 years

$835

4.62%

$0
CUA
More details

2.79%

Fixed - 2 years

$835

4.64%

$0
CUA
More details

2.69%

Fixed - 1 year

$835

4.82%

$0
CUA
More details

2.79%

Fixed - 1 year

$835

4.83%

$0
CUA
More details

5.31%

Variable

$835

5.38%

$0
CUA
More details

CUA customer service

CUA home loan customers can get in touch with the credit union by visiting one of its 60+ branches Australia-wide. Alternatively, customers can contact the customer service centre by phone. Customers can also submit a query through the CUA website or by emailing the lender directly. For straight forward banking transactions CUA customers can use internet banking and their mobile app 24-hours a day.

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

How to apply for a CUA home loan

Home loan enquires can be submitted online and a CUA home loan specialist will provide a call back. Applications can be completed face-to-face in a branch or over the telephone. 

Before you submit a loan application it’s important consider how much you can afford to borrow before making any commitments. 

To support your CUA home loan application, you 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, including:

  • First-home buyers
  • Upgraders
  • Refinancers
  • Renovators
  • Those building their own property (Building/Construction loans)
  • Investors
  • Self-employed (low-doc loans)

CUA mortgage customers can choose from a range of interest rate options:

  • Principal and interest
  • Interest-only
  • Variable
  • Fixed
  • Split
  • Line of credit

The longest term offered at CUA on a home loan is 30 years, and its fixed interest rate mortgages range from one to five years. Depending on the loan, some 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 you the ability to use the equity in your property to pay for expenses like renovations, or for a deposit on an investment property.

CUA also offers package home loans, which include benefits and discounts on a range of financial 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.

Some of CUA’s lowest rates are found on home loan packages for new customers and refinancers. Owner occupiers and those paying principal and interest tend to receive lower rates than investors and those paying interest only. 

Some of CUA’s mortgages have no ongoing fees, though there are upfront fees to consider. CUA also offers free redraw and extra repayment options on most of its mortgages.

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 to suit many different borrowers. It offers home loans that let customers borrow up to 95 per cent of their property’s value (LVR), and offers the option for parents to sign on as guarantors.

Unlike some of its competitors, CUA doesn’t offer the option to sign up to a home loan online. Instead, applications need to be done face-to-face at a branch or over the phone.

Learn more about CUA

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

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.

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 pros and cons of no-deposit home loans?

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.

Who offers 40 year mortgages?

Home loans spanning 40 years are offered by select lenders, though the loan period is much longer than a standard 30-year home loan. You're more likely to find a maximum of 35 years, such as is the case with Teacher’s Mutual Bank

Currently, 40 year home loan lenders in Australia include AlphaBeta Money, BCU, G&C Mutual Bank, Pepper, and Sydney Mutual Bank.

Even though these lengthier loans 35 to 40 year loans do exist on the market, they are not overwhelmingly popular, as the extra interest you pay compared to a 30-year loan can be over $100,000 or more.

Who has the best home loan?

Determining who has the ‘best’ home loan really does depend on your own personal circumstances and requirements. It may be tempting to judge a loan merely on the interest rate but there can be added value in the extras on offer, such as offset and redraw facilities, that aren’t available with all low rate loans.

To determine which loan is the best for you, think about whether you would prefer the consistency of a fixed loan or the flexibility and potential benefits of a variable loan. Then determine which features will be necessary throughout the life of your loan. Thirdly, consider how much you are willing to pay in fees for the loan you want. Once you find the perfect combination of these three elements you are on your way to determining the best loan for you. 

What is 'principal and interest'?

‘Principal and interest’ loans are the most common type of home loans on the market. The principal part of the loan is the initial sum lent to the customer and the interest is the money paid on top of this, at the agreed interest rate, until the end of the loan.

By reducing the principal amount, the total of interest charged will also become smaller until eventually the debt is paid off in full.

How much money can I borrow for a home loan?

Tip: You can use RateCity how much can I borrow calculator to get a quick answer.

How much money you can borrow for a home loan will depend on a number of factors including your employment status, your income (and your partner’s income if you are taking out a joint loan), the size of your deposit, your living expenses and any other debt you might hold, including credit cards. 

A good place to start is to work out how much you can afford to make in monthly repayments, factoring in a buffer of at least 2 – 3 per cent to allow for interest rate rises along the way. You’ll also need to factor in additional costs that come with purchasing a property such as stamp duty, legal fees, building inspections, strata or council fees.

If you are planning on renting the property, you can factor in the expected rental income to help offset the mortgage, but again it’s prudent to add a significant buffer to allow for rental management fees, maintenance costs and short periods of no rental income when tenants move out. It’s also wise to factor in changes in personal circumstances – the typical home loan lasts for around 30 years and a lot can happen between now and then.

Do the big four banks have guarantor home loans?

Yes, ANZ, Commonwealth Bank, NAB and Westpac all offer guarantor home loans. These mortgages are also offered by many other banks, credit unions and building societies.

How do I refinance my home loan?

Refinancing your home loan can involve a bit of paperwork but if you are moving on to a lower rate, it can save you thousands of dollars in the long-run. The first step is finding another loan on the market that you think will save you money over time or offer features that your current loan does not have. Once you have selected a couple of loans you are interested in, compare them with your current loan to see if you will save money in the long term on interest rates and fees. Remember to factor in any break fees and set up fees when assessing the cost of switching.

Once you have decided on a new loan it is simply a matter of contacting your existing and future lender to get the new loan set up. Beware that some lenders will revert your loan back to a 25 or 30 year term when you refinance which may mean initial lower repayments but may cost you more in the long run.

How do I know if I have to pay LMI?

Each lender has its own policies, but as a general rule you will have to pay lender’s mortgage insurance (LMI) if your loan-to-value ratio (LVR) exceeds 80 per cent. This applies whether you’re taking out a new home loan or you’re refinancing.

If you’re looking to buy a property, you can use this LMI calculator to work out how much you’re likely to be charged in LMI.

What happens to my home loan when interest rates rise?

If you are on a variable rate home loan, every so often your rate will be subject to increases and decreases. Rate changes are determined by your lender, not the Reserve Bank of Australia, however often when the RBA changes the cash rate, a number of banks will follow suit, at least to some extent. You can use RateCity cash rate to check how the latest interest rate change affected your mortgage interest rate.

When your rate rises, you will be required to pay your bank more each month in mortgage repayments. Similarly, if your interest rate is cut, then your monthly repayments will decrease. Your lender will notify you of what your new repayments will be, although you can do the calculations yourself, and compare other home loan rates using our mortgage calculator.

There is no way of conclusively predicting when interest rates will go up or down on home loans so if you prefer a more stable approach consider opting for a fixed rate loan.

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 personalised is my rating?

Real Time Ratings produces instant scores for loan products and updates them based what you tell us about what you’re looking for in a loan. In that sense, we believe the ratings are as close as you get to personalised; the more you tell us, the more we customise to ratings to your needs. Some borrowers value flexibility, while others want the lowest cost loan. Your preferences will be reflected in the rating. 

We also take a shorter term, more realistic view of how long borrowers hold onto their loan, which gives you a better idea about the true borrowing costs. We take your loan details and calculate how much each of the relevent loans would cost you on average each month over the next five years. We assess the overall flexibility of each loan and give you an easy indication of which ones are likely to adjust to your needs over time. 

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.