CUA Basic Variable Home Loan

Rates and Fees verified correct on December 5th, 2016

Whether you are buying or building, the CUA Basic Variable Rate Home Loan can give you the credit you need at a competitive rate.

The flexibility allowed by the CUA Basic Variable Rate Home Loan gives you the chance to make interest-only repayments when you need extra cash or lump sum payments when you have a windfall.

Interest Rate Max Insured LVR Max LVR
Investors
5.04% p.a.
Comparison Rate
5.09% p.a.
95% 80%
Owner Occupier
4.68% p.a.
Comparison Rate
4.73% p.a.
95% 80%
Product NameCUA Basic Variable Home Loan
Interest Rate TypeVariable
Comp Rate^ (p.a.)
Maximum Loan Amount$5,000,000
Maximum Loan Term30 years
Maximum LVR80%
Maximum Insured LVR95%
Mortgage Offset AccountNo
Mortgage 100% OffsetNo
Loan Redraw FacilityYes
Split Loan FacilityNo
Fixed Interest OptionNo
Loan PortableNo
Suitable for InvestmentYes
Extra RepaymentYes
Available as equity loan/line of creditNo
Repayment TypePrincipal & Interest and Interest Only Options
Application Fee$600
Ongoing Fees$0 p.a.
Settlement Fee$0
Discharge Fee$200

Pros

  • $0 Ongoing fee.
  • Redraw Facility.
  • Extra repayments are available.

Cons

  • $600 Application fee.
  • A $200 discharge fee when closing the loan.

Things to consider about the CUA Basic Variable Rate Home Loan

The CUA Basic Variable Rate Home Loan is a no frills loan. This means it offers a competitive rate and no monthly fees, but doesn't have more expensive features like a 100% offset account.

This variable rate home loan can be used towards the purchase of a new home or to build a home. Available to both owner-occupiers and investors, this home loan also allows you to purchase a rental property and let the money you collect from tenants cover your repayments.

Features of the CUA Basic Variable Rate home loan

  • Loan to value ratio (LVR). You can borrow up to 80% of the value of the property without being charged for Lender's Mortgage Insurance (LMI). For loans with an LVR above 80% and up to 95%, LMI will be applied.
  • Investor LVR. A 95% maximum LVR applies for all investor lending that is for new CUA customers without accompanying owner-occupied lending. A 95% maximum LVR applies for investors who are existing customers of CUA or CUA Health and new customers who bring both their investment and owner occupied home loans to CUA.
  • Loan terms. You can choose to pay your home loan off in one to 30 years.
  • Loan amount. This home loan is available for amounts up to $5,000,000.
  • Repayment frequency. You have the choice to make repayments weekly, fortnightly or monthly. You may also make extra lump sum repayments when you want.
  • Repayment type. You can make interest-only or principal and interest repayments.
  • Redraw. Any extra repayments made by you can be redrawn as needed. If you access your redraw facility online, there will be no restriction on the amount of money you can redraw nor will there be any charge. If you redraw funds over the phone or in a branch, the minimum you will be allowed to take is $200.

Fees

There are no ongoing account keeping fees however below are the fees you will be charged with this loan:

  • Establishment fee. The fee for the application and execution of this loan is $600.

How to apply for the CUA Basic Variable Rate home loan

Before continuing on to the application if you like the terms of this variable rate loan, check to ensure that you meet the eligibility requirements:

  • Age. You will have to be at least 18 years of age to apply for this home loan.
  • Residency. Only permanent Australian residents may apply.
  • Income. You must either be employed or receive some form of regular income.

Have the following documentation and information available for quick reference:

  • Personal information. You will need to disclose your name, address and contact details.
  • Income. A description of your job along with the salary. You may use your last two payslips for verification.
  • Identification. You will need to supply identification. Accepted forms are a driver’s licence, passport, Medicare card or birth certificate.
  • Liabilities. A listing of all you owe towards other loans and credit cards.
  • Assets. You’ll need to provide information about any cars, property and shares you own.

Your CUA home loan consultant may ask for more information during your initial interview. This may be necessary in order for approval.

Compare the features of the CUA Basic Variable home loan with a range of other products on the market to ensure that you end up with the right home loan for your needs.


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CUA Basic Variable Home Loan Interest Rate History vs RBA Cash Rate Graph


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This page was last modified on 5 August 2016 at 17:28.

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CUA Basic Variable Home Loan

  • Interest Rate

    N/A

  • Comparison Rate

    N/A

  • App Fee / Annual Service Fee

    $600 / $0

  • Max LVR

    80%

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