CUA Advance Variable Home Loan review

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If you're looking for a simple, low-rate home loan that still offers flexible features, consider the CUA Advance Variable Home Loan.

The CUA Advance Variable Home Loan offers a low variable rate along with flexible features to help you manage your home loan. The loan comes with a free redraw facility and a partial offset account, but doesn't have the ongoing fees often associated with these features.

What do I need to know about this loan?

The CUA Advance Variable Home Loan is available for owner-occupiers for purchase or construction. You should be aware, though, that different rates apply for purchase, construction and interest-only lending. The CUA Advance Variable Home Loan carries no application or ongoing fees, and comes with a partial offset account and free redraw facility. The loan is only available for new loans.

What are the features and benefits of the CUA Advance Variable Home Loan?

  • Loan amount and purpose. This loan has a minimum loan amount of $100,000 and a maximum loan amount of $5,000,000. It's available for owner-occupiers only, and can be used for purchase or construction.
  • Loan-to-value ratio (LVR).You can borrow up to 90% of the property's value, but if you borrow more than 80%, you'll have to pay for lenders mortgage insurance (LMI).
  • Repayment type and frequency. The CUA Advance Variable Home Loan allows both principal and interest and interest-only repayments. Interest-only loans have a maximum LVR of 80%. The loan also allows unlimited additional repayments.
  • Fee savings. With the CUA Advance Variable Home Loan, you won't be charged an application fee, or any ongoing monthly or annual fees.
  • Partial offset account. This loan offers a partial offset account, which allows you to save on interest by offsetting up to $50,000 of the combined balances of your CUA Everyday Account.
  • Free redraw. The CUA Advance Variable Home Loan allows you to access any additional payments you've made via a free redraw account.

What fees and charges come with this loan?

  • Legal fee: $195. The CUA Advance Variable Home Loan has a 195 legal fee.
  • Discharge fee: $500. This fee is charged when you close out your home loan account, either by paying the loan in full or refinancing.

How do I apply for this loan?

If you've compared your options and think the CUA Advance Variable Home Loan suits your needs, click the button below to be taken to CUA's website. You'll be guided through the application process. It's good to have a few bits of information handy:

  • Identity information. You’ll need to provide identifying informations such as your name, date of birth and full contact details.
  • Financial information. CUA will want to know details about your income, assets, expenses and liabilities.
  • Loan information. You'll need to provide information about the loan purpose and amount you're applying for.

The CUA Advance Variable Home Loan has the low variable rate associated with no-frills home loans, but comes with a range of flexible features without the associated fees. It's worth adding to your comparison.

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