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CUA
CUA is the largest credit union in Australia, with almost half a million customers. CUA is owned by these customers, and not by shareholders.
CUA’s origins date back to 1946 when two small credit unions opened and joined forces to offer fairer deals than the banks. Since then, there’s been a series of amalgamations and today CUA is made up of 171 credit unions.
Formerly known as Credit Union Australia, in 2007 to rebranded to just CUA.
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CUA home loan repayment calculator
Your estimated mortgage repayments
at interest rate 2.55%
Total interest payable
$0
Total loan repayments
$0
Pros and cons
- 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
- Not all products offer offset facilities
- Some products have upfront and annual fees
CUA home loans rates
Advertised Rate 2.55% Variable | Total estimated upfront fees | Comparison Rate* 2.60% | Ongoing fee | Go to site | More details | |
Advertised Rate 3.05% Variable | Total estimated upfront fees | Comparison Rate* 2.69% | Ongoing fee | Go to site | More details | |
Advertised Rate 2.86% Variable | Total estimated upfront fees | Comparison Rate* 2.91% | Ongoing fee | Go to site | More details | |
Advertised Rate 2.94% Variable | Total estimated upfront fees | Comparison Rate* 2.99% | Ongoing fee | Go to site | More details | |
Product | Advertised Rate 3.05% Variable | Total estimated upfront fees | Comparison Rate* 3.01% | Ongoing fee | Go to site | More details |
Advertised Rate 3.21% Variable | Total estimated upfront fees | Comparison Rate* 3.05% | Ongoing fee | Go to site | More details | |
Advertised Rate 3.44% Variable | Total estimated upfront fees | Comparison Rate* 3.08% | Ongoing fee | Go to site | More details | |
Product | Advertised Rate 3.24% Variable | Total estimated upfront fees | Comparison Rate* 3.20% | Ongoing fee | Go to site | More details |
Advertised Rate 3.37% Variable | Total estimated upfront fees | Comparison Rate* 3.42% | Ongoing fee | Go to site | More details | |
Product | Advertised Rate 3.48% Variable | Total estimated upfront fees | Comparison Rate* 3.44% | Ongoing fee | Go to site | More details |
Advertised Rate 3.72% Variable | Total estimated upfront fees | Comparison Rate* 3.56% | Ongoing fee | Go to site | More details | |
Product | Advertised Rate 3.67% Variable | Total estimated upfront fees | Comparison Rate* 3.63% | Ongoing fee | Go to site | More details |
Advertised Rate 2.59% Fixed - 5 years | Total estimated upfront fees | Comparison Rate* 3.75% | Ongoing fee | Go to site | More details | |
Advertised Rate 1.97% Fixed - 3 years | Total estimated upfront fees | Comparison Rate* 3.86% | Ongoing fee | Go to site | More details | |
Advertised Rate 2.09% Fixed - 2 years | Total estimated upfront fees | Comparison Rate* 4.07% | Ongoing fee | Go to site | More details | |
Advertised Rate 2.79% Fixed - 2 years | Total estimated upfront fees | Comparison Rate* 4.20% | Ongoing fee | Go to site | More details | |
Advertised Rate 2.99% Fixed - 5 years | Total estimated upfront fees | Comparison Rate* 4.23% | Ongoing fee | Go to site | More details | |
Advertised Rate 3.09% Fixed - 5 years | Total estimated upfront fees | Comparison Rate* 4.27% | Ongoing fee | Go to site | More details | |
Advertised Rate 2.19% Fixed - 1 year | Total estimated upfront fees | Comparison Rate* 4.28% | Ongoing fee | Go to site | More details | |
Advertised Rate 2.79% Fixed - 1 year | Total estimated upfront fees | Comparison Rate* 4.34% | Ongoing fee | Go to site | More details | |
Advertised Rate 2.69% Fixed - 3 years | Total estimated upfront fees | Comparison Rate* 4.44% | Ongoing fee | Go to site | More details | |
Advertised Rate 2.79% Fixed - 3 years | Total estimated upfront fees | Comparison Rate* 4.46% | Ongoing fee | Go to site | More details | |
Advertised Rate 2.69% Fixed - 2 years | Total estimated upfront fees | Comparison Rate* 4.62% | Ongoing fee | Go to site | More details | |
Advertised Rate 2.79% Fixed - 2 years | Total estimated upfront fees | Comparison Rate* 4.64% | Ongoing fee | Go to site | More details | |
Advertised Rate 2.69% Fixed - 1 year | Total estimated upfront fees | Comparison Rate* 4.82% | Ongoing fee | Go to site | More details | |
Advertised Rate 2.79% Fixed - 1 year | Total estimated upfront fees | Comparison Rate* 4.83% | Ongoing fee | Go to site | More details | |
Product | Advertised Rate 5.31% Variable | Total estimated upfront fees | Comparison Rate* 5.38% | Ongoing fee | Go to site | 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 home loans
Can I get a NAB first home loan?
The First Home Loan Deposit Scheme of NAB helps first home buyers purchase a property sooner by reducing the upfront costs required. This scheme is offered based on a Government-backed initiative, with10,000 available places announced in October 2020.
Suppose your application for the NAB first home buyer loan is successful. In that case, you’ll only need to pay a low deposit, between 5 and 20 per cent of the property value and won’t be asked to pay lender's mortgage insurance (LMI). You’ll also receive a limited guarantee from the Australian government to purchase the property.
If you’re applying for the NAB first home buyer home loan as an individual, you need to have earned less than $125,000 in the last financial year. Couples applying for the NAB first home loan need to have earned less than $200,000 to be eligible. To be considered a couple, you need to be married or in a de facto relationship. A parent and child, siblings or friends are not considered a couple when applying for a NAB first home loan.
The NAB First Home Loan Deposit Scheme is currently offered only to purchase a brand new property, rather than an established property.
Can I get a NAB home loan on casual employment?
While many lenders consider casual employees as high-risk borrowers because of their fluctuating incomes, there are a few specialist lenders, such as NAB, which may provide home loans to individuals employed on a casual basis. A NAB home loan for casual employment is essentially a low doc home loan specifically designed to help casually employed individuals who may be unable to provide standard financial documents. However, since such loans are deemed high risk compared to regular home loans, you could be charged higher rates and receive lower maximum LVRs (Loan to Value Ratio, which is the loan amount you can borrow against the value of the property).
While applying for a home loan as a casual employee, you will likely be asked to demonstrate that you've been working steadily and might need to provide group certificates for the last two years. It is at the lender’s discretion to pick either of the two group certificates and consider that to be your income. If you’ve not had the same job for several years, providing proof of income could be a bit of a challenge for you. In this scenario, some lenders may rely on your year to date (YTD) income, and instead calculate your yearly income from that.
How long does Bankwest take to approve home loans?
Full approval for a home loan usually involves a property valuation, which, Bankwest suggests, can take “a week or two”. As a result, getting your home loan approved may take longer. However, you may get full approval within this time if you applied for and received conditional approval, sometimes called a pre-approval, from Bankwest before finalising the home you want to buy.
Another way of speeding up approvals can be by completing, signing, and submitting your home loan application digitally. Essentially, you give the bank or your mortgage broker a copy of your home’s sale contract and then complete the rest of the steps online. Bankwest has claimed this cuts the approval time to less than four days, although this may only happen if your income and credit history can be verified easily, or if your home’s valuation doesn’t take time.
Can I apply for an ANZ non-resident home loan?
You may be eligible to apply for an ANZ non-resident home loan only if you meet the following two conditions:
- You hold a Temporary Skill Shortage (TSS) visa or its predecessor, the Temporary Skilled Work (subclass 457) visa.
- Your job is included in the Australian government’s Medium and Long Term Strategic Skills List.
However, non-resident home loan applications may need Foreign Investment Review Board (FIRB) approval in addition to meeting ANZ’s Mortgage Credit Requirements. Also, they may not be eligible for loans that require paying for Lender’s Mortgage Insurance (LMI). As a result, you may not be able to borrow more than 80 per cent of your home’s value. However, you can apply as a co-borrower with your spouse if they are a citizen of either Australia or New Zealand, or are a permanent resident.
What are the NAB term deposit interest rates for businesses?
If you’re looking to lock in a return on your business savings, one option is a business term deposit with NAB. The big four bank provides competitive interest rates while giving you the flexibility to choose the term. NAB offers business term deposit interest rates for investments of between $5,000 to $499,999.
NAB doesn’t charge any monthly account or application fees. The interest is calculated daily and for the 90-day term and six months term, you will get paid when the deposit matures. For the 12 months term, you can either choose to get paid monthly, quarterly, half-yearly or annually.
If you wish to withdraw your funds before the deposit matures, you need to give NAB 31 days notice. However, they do make exceptions if you’re experiencing hardship and need the funds immediately. Either way, you may have to bear the prepayment cost, which you can learn more about in the Terms and Conditions.
How can I apply for a first home buyers loan with Commonwealth Bank?
Getting a home loan requires planning and research. If you are considering a home loan with the Commonwealth Bank, you can find the information you need in the buying your first home section of the bank’s website.
You can see the steps you should take before applying for the loan and use the calculators to work out how much you can borrow, what your monthly repayments would be and the upfront costs you’d likely pay.
You can also book a time with a Commonwealth first home loan specialist by calling 13 2221.
CommBank publishes a property report that may help you understand the real estate market. The bank has also created a CommBank Property App that you can use to search for property. The link to download this app is available on the same webpage.
If you are eligible for the First Home Loan Deposit Scheme, CommBank will help you process your application. The scheme helps first home buyers to purchase a home with a low deposit. You can read details about this scheme here and speak with a CommBank home lending specialist to understand your options.
Does Westpac offer loan maternity leave options?
Having a baby or planning for one can bring about a lot of changes in your life, including to the hip pocket. You may need to re-do the budget to make sure you can afford the upcoming expenses, especially if one partner is taking parental leave to look after the little one.
Some families find it difficult to meet their home loan repayment obligations during this period. Flexible options, such as the Westpac home loan maternity leave offerings, have been put together to help reduce the pressure of repayments during parental leave.
Westpac offers a couple of choices, depending on your circumstances:
- Parental Leave Mortgage Repayment Reduction: You could get your home loan repayments reduced for up to 12 months for home loans with a term longer than a year.
- Mortgage Repayment Pause: You can pause repayments while on maternity leave, provided you’ve made additional repayments earlier.
When applying for a home loan while pregnant, Westpac has said it will recognise paid maternity leave and back-to-work salaries. All you need is a letter from your employer verifying your return-to-work date and the nature of your employment. Your partner’s income, government entitlements, savings and investments will may help your application.
Remaining loan term
The length of time it will take to pay off your current home loan, based on the currently-entered mortgage balance, monthly repayment and interest rate.
Where can I get all the information about an ANZ first home buyer’s loan?
As a first home buyer, you may require help and hand-holding, and as such ANZ has the buying your first home section on its website full of important information. ANZ also has a form in this section you can fill out to get a free consultation from an ANZ First Home Coach and create your own plan for buying your first home. This coach will help you understand where your current income is being spent and plan for your home loan repayments. You’ll get a clear picture of the costs involved in purchasing a property and how to budget or save for these costs. The coach will help you understand different deposit options and manage your accounts to enhance your savings.
There are three types of ANZ first home loans - Standard Variable, Fixed, and Equity Manager. The features, interest rates, and terms for each are different, and you can compare them here.
When they apply for an ANZ home loan, first home buyers can also get guidance on applying for the First Home Owner Grant (FHOG). This is a one-off government grant that may be available to you when you’re buying your first home. The eligibility criteria for FHOG differs between the different states and territories, which is why it’s helpful to have expert advice when applying.
How do you qualify for a CBA home loan with casual employment?
Qualifying for a home loan without a full-time job may be challenging, but it can be done. The first step is to understand how a CBA home loan is assessed when you have casual employment.
Most lenders will assess your expenses and savings while checking your loan eligibility, checking on factors crucial to home loan approval, such as if your bills are paid on time and what your credit score presently looks like.
Your income can be one of the most critical factors to determine your final approved home loan amount. As such, you’ll need to provide payslip copies to lenders to assist them in assessing your income during the loan tenure, regardless of your employment status, full-time, part-time, or otherwise.
Casual employees will want to be casually employed for at least 12 months to be eligible for a home loan. Alternatively, you want to have worked as a permanent casual worker (working for a fixed number of hours per week) for at least one month, or you should have been in your current job for a minimum of three months (if the hours are irregular) to be eligible for the loan.
How do I get a Suncorp home loan pre-approval?
Getting home loan pre-approval helps you work out a budget to help you search for a suitable property and make an offer with confidence. Once you put in an application, you should get your pre-approval outcome within two business days. To help get a fast turnaround time of your pre-approval application, ensure all the information and documentation that Suncorp requires. This includes proof of identification, recent payslips, bank account and credit card statements.
You can submit the home loan pre-approval application online. You’ll be asked for information about your income, expenses, assets, and debts. It should take you about 10 minutes to fill out the application, and you can do it free of charge. A Suncorp lending specialist will review your application and contact you within 24 hours or the next working day. Suncorp will not run a credit check until you have heard from this lending specialist.
Once you get Suncorp home loan pre-approval, it’s valid for 90 days. If you don’t find a property you wish to buy in this time you may be able to apply for an extension, speak to your Suncorp lending specialist about this.
How do I get a CUA home loan pre-approval?
If you plan to take a home loan from CUA, then getting in-principle approval early in your buying process can help you progress faster and with confidence.
CUA’s pre-approval is given based on the information you provide about your income, outgoings and savings. CUA will estimate how much you can afford to borrow and pre-approve your home loan on that estimate.
The CUA home loan pre-approval is valid for 90 days, and if you cannot find a property within this time, you can ask to renew the pre-approval. A pre-approval is not the same as the final approval and only indicates your ability to borrow. You will get the final approval when you finalise the property, complete the application process and submit all documents.
If you are interested in a CUA home loan pre-approval, check the terms and conditions and contact details.
How do I apply for a home improvement loan?
When you want to renovate your home, you may need to take out a loan to cover the costs. You could apply for a home improvement loan, which is a personal loan that you use to cover the costs of your home renovations. There is no difference between applying for this type of home improvement loan and applying for a standard personal loan. It would be best to check and compare the features, fees and details of the loan before applying.
Besides taking out a home improvement loan, you could also:
- Use the equity in your house: Equity is the difference between your property’s value and the amount you still owe on your home loan. You may be able to access this equity by refinancing your home loan and then using it to finance your home improvement. Speak with your lender or a mortgage broker about accessing your equity.
- Utilise the redraw facility of your home loan: Check whether the existing home loan has a redraw facility. A redraw facility allows you to access additional funds you’ve repaid into your home loan. Some lenders offer this on variable rate home loans but not on fixed. If this option is available to you, contact your lender to discuss how to access it.
- Apply for a construction loan: A construction loan is typically used when constructing a new property but can also be used as a home renovation loan. You may find that a construction loan is a suitable option as it enables you to draw funds as your renovation project progresses. You can compare construction home loans online or speak to a mortgage broker about taking out such a loan.
- Look into government grants: Check whether there are any government grants offered when you need the funds and whether you qualify. Initiatives like the HomeBuilder Grant were offered by the Federal Government for a limited period until April 2021. They could help fund your renovations either in full or just partially.
Can I get a home renovation loan with bad credit?
If you're looking for funds to pay for repairs or renovations to your home, but you have a low credit score, you need to carefully consider your options. If you already have a mortgage, a good starting point is to check whether you can redraw money from that. You could also consider applying for a new home loan.
Before taking out a new loan, it’s good to note that lenders are likely to charge higher interest rates on home repair loans for bad credit customers. Alternatively, they may be willing to lend you a smaller amount than a standard loan. You may also face some challenges with getting your home renovation loan application approved. If you do run into trouble, you can speak to your lender and ask whether they would be willing to approve your application if you have a guarantor or co-signer. You should also explain the reasons behind your bad credit rating and the steps that you’re taking to improve it.
Consulting a financial advisor or mortgage broker can help you understand your options and make the right choice.
How do you determine which home loan rates/products I’m shown?
When you check your home loan rate, you’ll supply some basic information about your current loan, including the amount owing on your mortgage and your current interest rate.
We’ll compare this information to the home loan options in the RateCity database and show you which home loan products you may be eligible to apply for.