Family First Credit Union Fixed Rate Loan

Features

With the Fixed Rate Loan, borrowers can enjoy the security of fixed repayments for a period of up to three years, along with competitive interest rates.

Family First Credit Union fixed loans have no monthly fees and you can make additional repayments on this loan, which is a bonus as not all lenders allow this. A redraw facility offers access to any amounts that are paid in addition to regular monthly repayments.

Borrowers can make weekly, fortnightly or monthly repayments, with more regular payments enabling you to keep interest costs down. The minimum loan amount is just $20,000, also making it suitable for refinancers, as well as owner-occupiers and investors.

Family First Credit Union makes it possible to take out a loan worth up to 95 per cent of the property’s value with lenders mortgage insurance. Without this, you can borrow up to 80 per cent of the value of your new home.

One downside is that Family First Credit Union doesn’t offer longer fixed terms than three years, and some borrowers may prefer to fix for longer to take advantage of low interest rates.

Who is the Family First Credit Union Fixed Rate Loan good for?

Family First Credit Union’s fixed rate loan is good for those wanting to know what their repayments will be for a certain period. The loan would suit first home buyers and other owner-occupiers as well as refinancers wanting a competitive rate with some added conveniences. Investors managing multiple properties may be attracted to this loan for the same reasons as well as by the lack of ongoing fees.

Family First Credit Union may have added appeal to those and wanting a relationship with a small NSW-based lender offering a more community based and personalised approach to their customers.

Review - What RateCity says

Aside from a hefty upfront fee, additional costs are negligible on this fixed loan, which offers the flexibility of permitting extra repayments and redraws. While there is limited branch access in comparison to banks, Family First Credit Union does provide online and telephone banking facilities. If you’re after a longer fixed loan, however, the three-year maximum on these loans may not meet your needs. While you can fix again after the term ends, interest rates might be higher than they are right now. You’ll need to do a full assessment of the costs and benefits to assess whether it’s the right mortgage for you.

Family First Credit Union Fixed Rate Loan Options

Take on a fixed repayment period of one to three years depending on the size of your loan. Payments can be made weekly, fortnightly or monthly. 

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Fixed Rates from

3.59%

Advertised rate

4.66%

Comparison rate
Pros
  • Certainty of repayments.
  • Free additional repayments, redraws allowed.
  • No monthly fees.
Cons
  • Limited branch network.
  • High introductory fees.
  • Charge for use of redraw facility.
Eligibility

Minimum loan $20,000.

Able to pay high upfront fee.

Able to provide details of two years’ previous employment.

 

Suitable For
  • First Home Buyers
  • Investors
  • Owner-Occupiers
  • Refinancers
Fees
  • Estimated upfront fees: $200.00
  • Discharge fees: $250
  • Ongoing fees: $0

Family First Credit Union charges a very hefty upfront fee on its fixed loans which stems from third party legal and valuation costs. After that though, there are no ongoing fees to pay, unless you redraw as a fee applies for each redraw. Family First Credit Union charges a moderate discharge fee when you pay off your loan that is similar to that charged by other lenders. 

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
About Family First Credit Union

Family First Credit Union is a member owned organisation, based in NSW with branches across the state. If you can’t get to a branch in person, you can take advantage of the credit union’s mobile banking app as well as internet banking. Family First Credit Union also has a customer service phone line for general enquiries and it offers telephone-banking 24/7. Family First is part of the one of Australia's largest ATM networks, the rediATM network. 

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