Family First Credit Union personal loan repayment calculator

Thinking about taking out a personal loan with Family 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 Family 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

Pros
  • No ongoing fees
  • Redraw facility available
  • No early exit penalty
Cons
  • High interest rates
  • Few branches
  • Few lending options to choose from

Family First Credit Union personal loans rates

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

5.60%

Variable up to 5.74%

5.60%

$574

based on $30,000 loan amount for 5 years

$0

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

5.60%

Variable

5.70%

$574

based on $30,000 loan amount for 5 years

$75

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

12.50%

Variable

13.91%

$675

based on $30,000 loan amount for 5 years

$175

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

14.00%

Variable

14.11%

$698

based on $30,000 loan amount for 5 years

$75

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

14.00%

Variable

15.43%

$698

based on $30,000 loan amount for 5 years

$175

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

16.00%

Variable

17.44%

$730

based on $30,000 loan amount for 5 years

$175

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

Features of a Family First Credit Union personal loan

Family First Credit Union offers a limited amount of personal loan options for its members to choose from. There are secured and unsecured loans available with variable interest rates.

Family First Credit Union personal loan rates range from moderately high to high, depending on the loan.

The upfront fee for a Family First Credit Union personal loan is just above what you are likely to find from the major banks.

There are no ongoing fees from members who choose to borrow from Family First Credit Union.

A redraw facility is also available, with an activation fee for Family First members who want to borrow back some of their loan.

Family First Credit Union personal loans - customer service

Family First Credit Union only has five branches for Australian customers to visit and they are all located in New South Wales.

Family First serves the rest of Australia as an online bank. Customer service by phone is also available.

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

Personal loan applicants will need to meet the following eligibility criteria:

  • Pass a credit check
  • History of employment
  • At least 18
  • Term deposit required for secured loan

How to apply for a Family First Credit Union personal loan

Family First Credit Union has a few ways members can apply for a personal loan:

  • Fill out an online application form
  • By phone
  • In person at a branch

Family First Credit Union personal loans review

Personal loan options from Family First Credit Union are quite limited. Members can choose from a secured or unsecured loan with variable rates. A secured loan will require the borrower to have a term deposit with Family First.

Current personal loan interest rates from Family First are high when compared to competitors. Borrowers looking to save money with low interest rates might be unsatisfied with Family First’s interest rates.

A redraw facility is available after paying the activation fee. Members looking to borrow back money will have a minimum amount they can redraw.

The upfront fee for a Family First Credit Union personal loan is a little bit higher than what major banks charge. However, there are no ongoing fees associated with these loans.

Use RateCity to find the best personal loan rates available for your situation.

Learn more about Family 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.

Can I get a bad credit personal loan with a guarantor?

Some lenders will consider personal loan applications from a borrower with bad credit if the borrower has a family member with good credit willing to guarantee the loan (a guarantor).

If the borrower fails to pay back their personal loan, it will be their guarantor’s responsibility to cover the repayments.

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.

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.

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.

Can you refinance a $5000 personal loan?

Much like home loans, many personal loans can be refinanced. This is where you replace your current personal loan with another personal loan, often from another lender and at a lower interest rate. Switching personal loans may let you enjoy more affordable repayments, or useful features and benefits.

If you have a $5000 personal loan as well as other debts, you may be able to use a debt consolidations personal loan to combine these debts into one, potentially saving you money and simplifying your repayments.

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.

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.

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.

Are there alternatives to $2000 loans?

If you need to borrow $2000 or less, alternatives to getting a personal loan or payday loan include using a credit card or the redraw facility of your home, car or personal loan.

Before you borrow $2000 on a credit card, remember that interest will continue being charged on what you owe until you clear your credit card balance. To minimise your interest, consider prioritising paying off your credit card.

Before you draw down $2000 in extra repayments from your home, car or personal loan using a redraw facility, note that fees and charges may apply, and drawing money from your loan may mean your loan will take longer to repay, costing you more in total interest.

Should I get a fixed or variable personal loan?

Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.

A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent. You won't have to worry about higher repayments if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.

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.

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.