Community First Credit Union personal loan repayment calculator

Thinking about taking out a personal loan with Community First Credit Union? Use our personal loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how Community First Credit Union personal loans compare with other options.

I'd like to borrow

$

Loan term

Credit Score ()

Your estimated repayment

at interest rate 10.00 %

Total interest payable

$0

Total amount payable

$0

Pros and cons

  • No monthly fees
  • Free redraw facility
  • Additional repayments allowed
  • Limited branch access
  • Moderately high interest rates on certain loans
  • Limited range of loans

Community First Credit Union personal loans rates

Product
Advertised Rate
Comparison Rate*
Repayment
Upfront Fee
Features
Go to site
Company

4.64%

Variable

4.91%

$561

based on $30,000 loan amount for 5 years

$195

Redraw facility
Extra repayments
Fully drawn advance
Secured
Community First Credit Union
More details

7.99%

Variable

8.26%

$608

based on $30,000 loan amount for 5 years

$195

Redraw facility
Extra repayments
Fully drawn advance
Secured
Community First Credit Union
More details

7.99%

Variable

8.26%

$608

based on $30,000 loan amount for 5 years

$195

Redraw facility
Extra repayments
Fully drawn advance
Secured
Community First Credit Union
More details

5.99%

Variable up to 7.99%

6.26%

$580

based on $30,000 loan amount for 5 years

$195

Redraw facility
Extra repayments
Fully drawn advance
Secured
Community First Credit Union
More details

11.99%

Variable

12.28%

$667

based on $30,000 loan amount for 5 years

$195

Redraw facility
Extra repayments
Fully drawn advance
Secured
Community First Credit Union
More details

11.99%

Fixed

12.28%

$667

based on $30,000 loan amount for 5 years

$195

Redraw facility
Extra repayments
Fully drawn advance
Secured
Community First Credit Union
More details

Features of Community First Credit Union personal loan

Community First Credit Union provides personal loans that can be used for a range of expenses, including home renovations, one-off purchases and debt consolidation. Community First Credit Union offers both secured and unsecured loans with variable and fixed interest options.

Community First Credit Union personal loans have a maximum borrowing amount of $50,000 and a maximum loan term of 10 years. Personal loan interest rates on Community First Credit Union range from very low to moderately high.

Customers can make additional repayments and redraw their money with no penalty.

Community First Credit Union personal loans - customer service

Customers can reach Community First Credit Union by phone, email or online call-back form. Customer service is available from 8am-8pm on weekdays and from 8am-3pm on Saturdays.

Community First Credit Union has a designated phone number for international callers.

Who is eligible for a Community First Credit Union personal loan?

To be eligible for a Community First Credit Union personal loan, you must:

  • Be at least 18 years old
  • Be a permanent Australian resident or citizen
  • Have a regular income
  • Have been in your current job for longer than six months
  • Not be bankrupt

How to apply for a Community First Credit Union personal loan?

  • Click ‘Apply Now’
  • Choose your loan
  • Complete the online application form
  • Submit the online application form and wait for a response

Community First Credit Union personal loans review

As one of the smaller personal loan lenders in Australia, Community First Credit Union offers a thinner range of loans than larger banks. However, Community First Credit Union provides loans to suit a range of borrowers.

The features of Community First Credit Union personal loans vary from product to product, but generally customers can make additional repayments and redraws without penalty. Community First Credit Union does not charge a monthly account-keeping fee.

Community First Credit Union personal loan rates differ depending on the loan you choose. Community First Credit Union’s current personal loan interest rates range from very low to moderately high. Interest rates may vary depending on your financial standing.

It’s important to compare personal loan rates before choosing your loan in order to find the best personal loan rates for your financial situation.

Learn more about Community First Credit Union

What is a bad credit personal loan?

A bad credit personal loan is a personal loan designed for somebody with a bad credit history. This type of personal loan has higher interest rates than regular personal loans as well as higher fees.

How much can you borrow with a bad credit personal loan?

Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans, they also get loaned less money. Each lender has its own policies and loan limits, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.

Are there emergency loans with no credit checks?

While many personal loans require a credit check as part of the application process, some personal loans and payday loans have no credit checks, which may appeal to some borrowers with a bad credit score.

Keep in mind that even if a loan is available with no credit check, the lender will likely want to confirm that you can afford the repayments on your current income.

Where can I get a personal loan?

The Australian personal loans market contains dozens of lenders offering several hundred different products. Personal loans are available through a range of institutions, including:

There are three main ways to access personal loans. You can go through a comparison website, such as RateCity. You can use a finance broker. Or you can directly contact the lender.

Do $4000 loans have no credit checks?

Many medium amount loans for $4000 have no credit checks and are instead assessed based on your current ability to repay the loan, rather than by looking at your credit history. While these loans can appear attractive to bad credit borrowers, it’s important to remember that they often have high fees and can be costlier than other options.

Personal loans for $4000 are more likely to have longer loan terms and will require a credit check as part of the application process. Bad credit borrowers may see their $4000 loan applications declined or have to pay higher interest rates than good credit borrowers.

What are the pros and cons of bad credit personal loans?

In some instances, bad credit personal loans can help people with bad credit history to consolidate their debts, which can help make it easier for them to clear those debts. This is because the borrower might be able to consolidate several debts with higher interest rates (such as credit card loans) into one single debt with a lower interest rate and potentially fewer fees.

However, this strategy can backfire if the borrower spends the loaned funds instead of using it to repay the new loan. Another disadvantage of bad credit personal loans is that they have higher interest rates than regular personal loans.

Can I get guaranteed approval for a bad credit personal loan?

Few, if any, lenders would be willing to give guaranteed approval for a bad credit personal loan. Borrowers with bad credit histories can have more complicated financial circumstances than other borrowers, so lenders will want time to study your application. 

It’s all about risk. When someone applies for a personal loan, the lender evaluates how likely that borrower would be to repay the money. Lenders are more willing to give personal loans to borrowers with good credit than bad credit because there’s a higher likelihood that the personal loan will be repaid. 

So a borrower with good credit is more likely to have a loan approved and to be approved faster, while a borrower with bad credit is less likely to have a loan approved and, if they are approved, may be approved slower.

What is a personal loan?

A personal loan sits somewhere between a home loan and a credit card loan. Unlike with a credit card, you need to sign a formal contract to access a personal loan. However, the process is easier and faster than taking out a mortgage.

Loan sizes typically range from several hundred dollars to tens of thousands of dollars, while loan terms usually run from one to five years. Personal loans are generally used to consolidate debts, pay emergency bills or fund one-off expenses like holidays.

What do credit scores have to do with personal loan interest rates?

There is a strong link between credit scores and personal loan interest rates because many lenders use credit scores to help decide what interest rates to offer to potential borrowers.

If you have a higher credit score, lenders will probably classify you as a lower-risk borrower. That means they’ll be keen to win your business, so they may offer you a lower interest rate if you apply for a personal loan.

If you have a lower credit score, lenders will probably classify you as a higher-risk borrower. That means they might be concerned about you defaulting on the loan and costing them money. As a result, they might protect themselves by charging you a higher interest rate.

What is an unsecured bad credit personal loan?

A bad credit personal loan is ‘unsecured’ when the borrower doesn’t offer up an asset, such as a car or jewellery, as collateral or security. Lenders generally charge higher interest rates on unsecured loans than secured loans.

How can I get a $3000 loan approved?

Responsible lenders don’t have guaranteed approval for personal loans and medium amount loans, as the lender will want to check that you can afford the loan repayments on your current income without ending up in financial hardship.

Having a good credit score can increase the likelihood of your personal loan application being approved. Bad credit borrowers who opt for a medium amount loan with no credit checks may need to prove they can afford the repayments on their current income. Centrelink payments may not count, so you should check with the lender prior to making an application.

Which lenders offer bad credit personal loans?

Several dozen lenders offer bad credit personal loans in Australia. These are generally smaller lenders that aren’t household names.

How do I consolidate my debt if I have bad credit?

The worse your credit history, the harder you will find it to consolidate your debts, because lenders will be less willing to lend you money and will charge you higher interest rates.

However, people with bad credit histories can make debt consolidation work by following this three-step process:

  1. First, find a lender willing to give you a bad credit personal loan. This process will be simplified if you go through a finance broker or use a comparison website like RateCity.
  2. Second, make sure the interest repayments on your new loan are less than the repayments on the loans being replaced.
  3. Third, instead of spending those savings, use them to pay off the new loan.

What interest rates are charged for personal loans?

Lenders aren’t allowed to charge interest on loans of $2,000 and under. Instead, they make their money by charging a one-off establishment fee of up to 20 per cent and a monthly account-keeping fee of up to four per cent. Lenders might also ask you to pay a government fee.

For loans between $2,001 and $5,000, lenders can make their money in only two ways: a one-off fee of $400 and annual interest rates of up to 48 per cent.

For loans of $5,001 and above, or for loans that have terms longer than two years, lenders can charge annual interest rates of up to 48 per cent.

Those fee caps don’t apply to loans offered by authorised deposit-taking institutions such as banks, building societies or credit unions, although such institutions are highly unlikely to charge interest rates of anywhere near 48 per cent.

How do I find out my credit rating/score?

You're entitled to one free credit report per year from credit reporting bodies like Equifax, Dun & Bradstreet, Experian and the Tasmanian Collection Service. You can also get a free report if you’ve been refused credit in the past 90 days.

Credit reporting bodies have up to 10 days to provide reports. If you want to access your report sooner, you’ll probably have to pay.