Lock in a fixed rate with no penalties for additional repayments and a convenient redraw facility.
The Community First Credit Union offers a Fixed Rate Unsecured Personal Loan that can make your life stress-free and more enjoyable. It lets you do things, such as renovate your home or deal with an unexpected financial obligation. The loan allows you to borrow up to $35,000 on an unsecured basis at a fixed interest rate, starting from 12.99% p.a.. You can make additional repayments without any penalties, and access the funds through a convenient redraw facility whenever you need them.
| Product Name | Community First Credit Union Fixed Personal Loan |
|---|---|
| Interest Rate (p.a.) | From 12.99% (fixed) |
| Comparison Rate (p.a.) | 13.28% |
| Interest Rate Type | Fixed |
| Min Loan Amount | $5,000 |
| Max. Loan Amount | $35,000 |
Pros
- No penalty for early repayment
- Flexible repayment options of weekly, monthly and fortnightly
- Redraw is available
Cons
- Minimum loan amount of $5000
Things to consider about the Community First Credit Union Fixed Rate Unsecured Personal Loan
This loan combines the convenience of knowing what your repayments will be each month, with the flexibility of borrowing funds without having to tie up assets as security. However, the comparison rate varies between 13.28% p.a. and 17.29% and the amount borrowed can only be between $5,000 and $35,000. You should also know that you will be charged between $15 and $30 every time you use the redraw facility and there is an initial processing fee of $195.
For those looking for lower fixed rates or larger loan amounts, finder.com.au also has comparisons on secured fixed rate loans.
Features of the Community First Credit Union Fixed Rate Unsecured Personal Loan
- Different fixed rates are available. This loan offers a fixed interest rate of between 12.99% p.a. and 16.99% and the comparison rate varies between 13.28% p.a. and 17.29%. Check here for a convenient explanation on personal loan comparison rates.
- Unsecured loan. This loan is unsecured, meaning you can borrow money without tying up assets.
- Loan amount. Borrow between $5,000 and $35,000.
- Loan term. Borrow money for a period of 1 to 5 years.
- No penalty for extra repayments. Unlike many fixed rate personal loans, you will not be penalised for additional repayments.
- Redraw facility. If you are ahead on your repayments, you can access your money via a redraw facility.
- No monthly fees. This loan does not have any monthly or account-keeping fees.
- Flexible repayment options. Make loan repayments on a weekly, fortnightly or monthly basis.
- Fast approval and a convenient application process. You can apply for this loan online and upload all relevant documentation quickly and conveniently. The application process takes around 15 minutes and you will receive an instant decision once the application is submitted.
Fees and charges
- Processing fee. A processing fee of $195 applies to all approved personal loans.
- Redraw fee. Online redraws incur a $15 fee and staff-assisted redraws cost $30.
- Late payment fee. A late payment fee of $25 is charged after 7 days if a loan repayment is not met, and again after 14 days if the repayment has still not been made.
How to apply for the Fixed Rate Unsecured Personal Loan from Community First Credit Union
You can apply for this loan by clicking on the green “Go to Site” button above. In order for your application to be successful, you must meet the following eligibility requirements:
- Borrowing amount. You are looking to borrow between $5,000 and $35,000.
- Age. You are at least 18 years old.
- Income. A regular income or wage is required.
- Residency status. You are an Australian citizen or permanent resident.
- Good credit rating. This includes not having been bankrupt, and not having defaults on any loans, credit cards, interest-free finance or store cards in the last 5 years.
- Continuous employment. You have held your current job for longer than 3 months.
- Self-employed people are eligible. The Community First Credit Union also offers this loan to self-employed people who meet the above requirements.
In order to make the application as quick and seamless as possible, make sure you have the following documentation with you when you apply:
- Personal documents. Personal documents such as your current and previous address, phone number and email address
- Employment and income information. The details of your employment, wages and any other additional income you may have
- Assets. Details concerning any assets (eg home, car or savings)
- Debts and liabilities. Details concerning any debts or liabilities you currently have (eg mortgages, loans and credit cards)
The Community First Credit Union Fixed Rate Unsecured Personal Loan is a convenient personal loan product that has numerous advantages such as the certainty of a fixed rate, no collateral requirements, a penalty-free additional repayment option and a redraw facility. That being said, it comes with various fees and conditions and you should compare it with other fixed rate, personal loans before deciding if this product is right for you.
I have a good credit score, and I need to consolidate some debt, but I need a guarantor. Can you do this through you?
Hi Sally,
Thank you for leaving a question.
You would need to visit the Community First Credit Union’s page for you to be able to do this. Please ensure that all of the requirements are met. Hope that helps!
Cheers,
Reggie
I am after a loan with my mother as a guarantor as I have a bad credit.
Hi Morgan,
Thanks for reaching out to finder.
If you are pertaining to applying for an unsecured personal loan with Community First Credit Union, one of their eligibility requirements is for you to have a good credit rating so you will most likely not qualify for a loan application with them.
Instead, you can go to this page to review and compare lenders that offer personal loans to bad credit borrowers.
If you want to consider applying for a secured personal loan in which your Mother can be the guarantor, you can go here to see your options.
Before applying, please make sure that you meet the lender’s eligibility criteria and read through the loan terms and conditions to see which option best suits your needs.
I hope this helps.
Cheers,
Charisse
My son is 27 years old has never had a loan and needs a new (second hand car) He has found a 4 wheel drive that is a great price and condition but it is older than 7 years. I am willing to be cosignor or guarantor as he has had a few debit fails
Hello Jules,
Thank you for your inquiry.
You can check our list of lenders on this page for used cars. It is worth noting that they have varying maximum age of cars to cater, so it important to read the column for “Maximum age of car”.
Credit application would depend on the lender’s requirements. Should regular application won’t be insufficient, you may consider secured car loans as an alternative.
Hope this helps.
Cheers,
Jonathan