CUA Home Loans

Read on to compare some of CUA’s key home loan interest rates and the key features they have.

Summary

About Credit Union Australia (CUA)

Founded in 1946, CUA has grown to become one of the country’s largest credit unions, offering financial and insurance products to over 500,000 Australians. Through a series of mergers, its continuous growth has seen the organisation recognised for its performance by aggregators and as the “Most Innovative Mutual” by the Australian Banking Innovation Awards 2019.

CUA’s products range from everyday banking solutions to credit products such as home loans and credit cards, as well as financial planning, insurance and savings accounts.

What home loans does CUA offer?

Whether you’re buying your first home, building your own, refinancing or looking to invest in property, CUA has a wide range of home loans to suit a number of these needs. Some of the most widely advertised products it carries include:

  • Achieve Variable Home Loan: a low-rate home loan with extra features for a smooth journey to homeownership.
  • Accelerate Variable Home Loan: a premium home loan with a 100% offset account and a competitive rate.
  • 3-Year Fixed Home Loan: a low fixed-rate home loan for security with the flexibility of extra repayments.
  • 2-Year Premium Fixed Home Loan: with a competitive rate to lock in and the ability to make additional repayments over the fixed term.
  • Equity Line of Credit: an all-in-one variable rate home loan for better control and easy access to funds.

CUA mortgage rates

CUA mortgage interest rates include both variable and fixed (of up to five years). A list of interest rates is available on CUA website here.

CUA fixed home loans

Provider
Ad rate
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Comp rate*
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Monthly
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Base criteria of: a $400,000 loan amount, fixed home loans with an LVR (loan-to-value) ratio of at least 80%. Introductory rate products were not considered for selection. This table includes only a snapshot of the lender’s products, not all of them. Monthly repayments were calculated based on the selected products’ advertised rates, applied to a $400,000 loan with a 30-year loan term. *Rates correct as at 02 January 2020. View disclaimer.

CUA fixed home loans consist of various fixed terms including one-year, two years, three years and five years. These fixed home loans are available to both owner-occupiers and property investors. Repayments are for principal & interest (P&I), while the interest-only option is only available to select mortgages.

CUA variable home loans

Provider
Ad rate
p.a.
Comp rate*
p.a.
Monthly
repayments
 

Base criteria of: a $400,000 loan amount, variable home loans with an LVR (loan-to-value) ratio of at least 80%. Introductory rate products were not considered for selection. This table includes only a snapshot of the lender’s products, not all of them. Monthly repayments were calculated based on the selected products’ advertised rates, applied to a $400,000 loan with a 30-year loan term. *Rates correct as at 02 January 2020. View disclaimer.

Many CUA variable home loans offer a fee-free loan account, with offset and redraw facilities that enable you to save on interest while still retaining access to your safety net. A construction loan option is also available for those looking to build their own properties.

CUA home loan features

The following are some of the prominent features that accompany a CUA home loan:

  • Redraw facility: Free redraw lets you withdraw funds from any extra repayments you have made without incurring any fees.
  • Offset account: An offset facility lets you offset your savings against your mortgage, helping you to save more in interest over time.
  • Additional repayments: Additional or extra repayments are allowed, with terms and conditions applying to some of the loan accounts.
  • Fee-free: A majority of CUA home loan products requires no monthly account keeping fees.
  • Interest-only option: An interest-only option is available for eligible home loans. Terms and conditions apply.
  • Split loan: CUA allows you to pay part of your home loan on a variable interest rate and the other part on a fixed rate.

How to apply for a CUA home loan

Eligibility criteria

No matter which home loan product you’re applying for, to ensure a successful application, you generally need to:

  • Be 18 years of age or over
  • Be an Australian citizen or permanent resident
  • Have a regular source of income
  • Demonstrate your ability to service the loan

Documents needed

Make sure to have the following documents handy before proceeding with your application:

  • Proof of ID (e.g., passport, driver’s license, birth certificate, citizenship certificate)
  • Proof of income (e.g., payslips, most recent payment summary, shareholding statements)
  • Details of savings and assets (e.g., savings account or term deposit account details, share investment statements)
  • Details of other loans and expenses (e.g., loan statements, utility bills, credit cards)
  • Loan purpose (e.g., contract of sale, copy of transfer of land, builder’s quote or tender)
  • Loan statements (if you’re refinancing)
  • Insurance documents (e.g., home and contents, life insurance)

Please note: this is only intended as a general guide. It is not intended to be an exhaustive list of all relevant documents you need to supply. Please obtain advice from CUA home loan specialist where needed before proceeding.

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