CUA Discount Fixed Personal Loan (Loans over $30,000)
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Unlimited additional repayments and a discounted interest rate are available with the Discount Fixed Rate Personal Loan from CUA.
The CUA Discount Fixed Rate Personal Loan is an all-purpose lending product that can be used to cover the cost of any major purchase.
Those borrowing over $30,000 can enjoy a discounted interest rate, while unlimited repayments and no added fees will help you pay this personal loan off quickly. Find out more about how this loan works in this review.
3 things you should know about this loan
- Discounted rate for large borrowing amounts. Receive a discounted rate of 10.99% p.a. when you borrow more than $30,000
- Fees. There are no monthly fees with this product, however you will need to pay a $175 establishment fee.
- Redraw facility. If you make extra repayments, you can redraw these at any time for free. However, keep in mind that there is a $200 minimum for redraws made in- a CUA branch.
| Product Name | CUA Discount Fixed Personal Loan (Loans over $30,000) |
|---|---|
| Interest Rate (p.a.) | 10.99% (fixed) |
| Comparison Rate (p.a.) | 11.25% |
| Interest Rate Type | Fixed |
| Min Loan Amount | $30,000 |
| Max. Loan Amount | $60,000 |
Pros
- Free redraw
- Flexible repayment options
- No penalties for extra repayments
Cons
- Discounted rate only available for loans over $30000
Main points to consider with the CUA Fixed Rate Personal Loan
If you borrow less than $30,000 this loan will come with a rate of 11.99% p.a., while loans over $30,000 come with a discounted interest rate of 10.99% p.a. There are no monthly fees associated with this loan.
For those who are looking for personal loans for a new car, CUA has a Fixed Rate Car Loan to consider. The interest rate is 6.79% p.a. and just like with the personal loan, you can choose a flexible repayment schedule that fits in with your budget.
Features of the CUA Unsecured Fixed Rate Personal Loan
This is a competitive personal loan that's worth considering when you're trying to meet a high-priced personal need. The features include:
- Fixed interest rate with a discounted rate available. You will be charged a fixed rate of 10.99% p.a. if you borrow more than $30,000, while a fixed rate of 11.99% p.a. will be applied to all other loan amounts.
- Loan terms. You can choose to pay your loan off over a period of 1 to 7 years.
- Flexible repayments. The repayment terms are flexible for this loan and can be made according to your pay schedule. You can also make as many additional repayments as you wish with no worry of penalties or charges if the loan is paid off sooner than expected.
- Redraw. You can redraw any additional repayments you make using the convenient redraw facility attached to this loan. Keep in mind there is a $200 minimum for in-branch redraws.
- How much you can borrow. You can borrow between $5,000 and $60,000 with this personal loan.
- No monthly fees. You'll be charged $0 for the monthly maintenance of your account.
How to apply for the CUA Unsecured Fixed Rate Personal Loan
You can apply for this personal loan product from CUA online, and to do so just click "Go to Site" to start your application. Before you begin, make sure that you are able to meet the following eligibility requirements:
- Be at least 18 years of age
- Be an Australian permanent residents or citizen
- Be able to provide proof of a regular income
- Have not declared bankruptcy or insolvency
- Have had no defaults on any forms of finance in the past five years
If you can meet these requirements, click ‘Go to Site’ to begin the application. Have the following documentation ready to help with the questions you will be asked on the application:
- Personal information. Your name, birth date and current address will have to be disclosed. You may also need to provide an e-mail address in order for a representative from CUA to contact you.
- Income. A detailed description of your current employment situation including contact information and earnings.
- Identification. Your driver’s licence number, passport or Medicare card may be required.
- Liabilities. A complete listing of your current debts. Include any other loans and credit cards.
- Assets. Your personal assets. This could include property, vehicles and savings accounts.
This is a good personal loan to consider if you need money to cover the cost of a major expense. When comparing this to other personal loans, look carefully at the varying interest rates and other fees that may be included so that you can find the right loan for your needs.
Hi,
I was wondering if I could get a personal loan. I have been self employed for 4 months will this be an issue?
Hi Con,
Thank you for leaving a question.
Yes, self-employed applicants can still apply for a CUA Unsecured Fixed Rate Personal Loan as long as you would be able to show that you have a steady income coming in apart from the requirements mentioned below:
Be at least 18 years of age
Be an Australian permanent residents or citizen
Be able to provide proof of a regular income
Have not declared bankruptcy or insolvency
Have had no defaults on any forms of finance in the past five years
Hope this helps!
Cheers,
Reggie
Hi, I would like to find out if it is possible with my low credit score to apply for a loan to consolidate some of my debt. I want to pay off my credit card and get a personal loan.
Hi Dylan,
Thanks for your comment.
If you are on a low credit score and wanted to apply for a loan, you may refer to our page for debt consolidation even if you have bad credit.
I hope this helps.
Regards,
Jhezelyn
I need to find finance options for gender reassignment Surgery in Australia. I’m expecting it to cost up front 20,000 although 3/4 should be eligible for a refund. I’m on a disability pension, but desperately need this surgery to complete my journey.
Hello Alice,
Thank you for sending your inquiry over. :)
We understand that this is a very important step for you. Most lenders of our medical loans would require employment which currently doesn’t match your form of income.
You may consider this page for list of lenders which may qualify you for a loan. We have listed lenders ranging from banks, government and community financial assistance. You may use the calculator on that page to know how much you can borrow.
Kindly review the eligibility requirements of each lender. You may click “Go to Site” green button of your chosen lender to proceed with your application.
Hope this helps.
Cheers,
Jonathan
HI,
If you know of, I am wandering if you know if i can apply for a personal loan from CUA to repay my flexiloan from another banking institution which has much higher interest rate and also compound interest
Thanks
Hi Simone,
Thanks for reaching out.
If you meet CUA’s eligibility and documentation requirements listed above then you’ll be able to apply for this loan. You can click the ‘Go to Site’ to begin the application. For more loan refinancing options, you can check our comparison on this page.
I hope this helps.
Cheers,
Liezl
CAN A CANADIAN MAKE AN APPLICATION FROM CANADA
Hi Negusco,
Thank you for your inquiry.
Unfortunately, this loan is only available to Australian permanent residents or citizen. This is same is true for all other lenders listed on our pages. You might want to contact a bank or a lender in Canada instead.
I’m sorry I couldn’t be of more help.
May
My husbands application has been with your verification team for over a week now. We have asked for a call back from them 3 times with no response. Is this normal. I am very frustrated at the lack of communication.
Hi Sue,
Thanks for reaching out.
Please note that we are finder.com.au, a financial comparison and information website that helps consumers make better decisions. We are not CUA.
You can directly call CUA on 133 282 to verify the status of your loan application.
Please do note that other loan options are available on this page.
Cheers,
Anndy
Hallow, my name is Akile George Akile. Am from Tanzania and am doing small business. Can I please get loan from your organisation for expanding my business?
Hi Akile,
Unfortunately these loans are only for current Australian residents. You may need to find a lender in Tanzania to expand your business.
Sorry I couldn’t be of more assistance,
Elizabeth
Hi I was just wondering if you earn under 15000 are you still eligible to get a loan for 8000!?
Hi Chanel,
CUA will only approve you for a loan amount you can afford. To determine this it takes into account your employment, your income, your assets, debts and liabilities. You might find this borrowing power calculator useful, it gives you an estimate of how much you can borrow.
Hope this helps,
Elizabeth
Hi,
I am wanting to get a loan but have just started working. How long do I have to have a regular income for before I can apply for a loan?
Thanks
Hi Karen,
Most lenders require at least three months of bank statements to show a stable working history, they may also require that you have been working for a certain amount of time (usually three months but can be as high as six or 12 months for casual/part-time employees) to show that you’re out of your probation period.
If you have questions regarding your eligibility you may want to contact CUA directly.
Hope this helps,
Elizabeth
I already have a CUA personal loan – can I apply online to increase the loan amount to consolidate debt?
Hi A,
Thanks for your inquiry.
CUA Fixed Rate Personal Loan is available to new and existing customers, so yes, you can apply for this loan. Before submitting your application, please contact CUA first as they may have to require you to supply additional documents.
Cheers,
May