CUA Fresh Start Basic Variable Home Loan Review

Rates and Fees verified correct on December 5th, 2016

Only pay for the features you want with this basic home loan and enjoy no ongoing fees.

Don't pay for the extra features you don't want or won't use but keep a competitive interest rate. CUA’s Fresh Start Basic Variable Home Loan has no ongoing fees, flexible repayments and free redraw facilities.

New lending criteria

To be eligible for this loan, borrowers must also choose to use CUA for their everyday banking needs.

Upon applying for the CUA Fresh Start Basic Variable Home Loan you will have to fill out an Everyday Banking Set-up form. You will also have to switch your income payments to go into this banking account with a linked debit card.

Interest Rate Max Insured LVR Max LVR
Investor
4.39% p.a.
Comparison Rate
4.44% p.a.
90% 80%
Owner Occupier
3.89% p.a.
Comparison Rate
3.94% p.a.
90% 80%
Product NameCUA Fresh Start Basic Variable Home Loan
Interest Rate TypeVariable
Comp Rate^ (p.a.)
Minimum Loan Amount$10,000
Maximum Loan Amount$5,000,000
Minimum Loan Term1 year
Maximum Loan Term30 years
Maximum LVR80%
Maximum Insured LVR90%
Mortgage Offset AccountNo
Loan Redraw FacilityYes
Split Loan FacilityYes
Fixed Interest OptionNo
Loan PortableYes
Suitable for InvestmentYes
Extra RepaymentYes
Available as equity loan/line of creditNo
Repayment TypePrincipal & Interest and Interest Only Options
Application Fee$600
Lender's Legal Fee$0
Valuation Fee$0
Ongoing Fees$0 p.a.
Settlement Fee$0
Discharge Fee$200

Pros

  • $0 ongoing service fees.
  • $0 valuation fee.
  • Can make extra repayments to pay off the loan sooner.

Cons

  • $600 application fee.
  • $200 discharge fee.

Things to consider about the CUA Fresh Start Basic Variable Home Loan.

To take out the CUA Fresh Start Basic Variable Home Loan you are required to make CUA their main bank for everyday banking as well as their home loan. You must also be a new lending customer to CUA or be adding an extra $50,000 to your existing home loan.

This loan can be used for owner occupiers who are looking to purchase an existing property or build a new one. Investors can also take out this loan, however, be aware of the different interest rates that apply to investor loans.

Features of the CUA Fresh Start Basic Variable Home Loan.

  • Loan Amount. You can borrow from $10,000 up to $5,000,000with this loan.
  • Loan Term. You can take out this loan for a period up to 30 years which allows plenty of time to pay off your home.
  • Maximum loan-to-value ratio (LVR). You cannot borrow more than 90% LVR with this loan which means you will need a deposit of at least 20%.
  • Investor LVR. New CUA customers borrowing for investment without accompanying owner-occupied lending a 90% maximum LVR applies. However, investors who are existing customers of CUA or CUA Health can borrow up to 90% LVR. New customers who bring both their investment and owner occupied home loans to CUA can also borrow up to 90% LVR.
  • Repayment flexibility. Repayments can be setup to be weekly, fortnightly or monthly. You also have the ability to make extra repayments if you would like.
  • Interest-only repayment options. You can opt for interest-only repayments or stick to the principal and interest repayments.

Fees

There are no ongoing fees with this loan but below are some of the fees:

  • Application Fee: $600. This fee is for the processing of your application.
  • Discharge Fee: $200. This fee applies when you close your loan accounts.

How to apply for the CUA Fresh Start Basic Variable Home Loan

If this loan sounds like it could suit your needs, click on the green ‘Go to site’ or 'Enquire' button on this page. You will then be securely redirected to the CUA website or asked to fill out your details for a mortgage broker to contact you. On the CUA website you can then start the application process or just send an enquiry so a CUA banker can contact you.

To apply for this loan you will need to meet some eligibility requirements including:

  • Are you over 18 years of age?
  • Do you have a regular source of income?
  • Are you a resident of Australia?
  • Are you a new lending customer of CUA or are obtaining an additional lending of $50,000 or more?
  • Do you have a deposit of 20%?

Some the documents you'll be asked to supply during the application process are:

  • Personal details and contact details
  • Income information and employer details
  • Details that show your savings
  • Details of any other assets, debts and liabilities
  • Details of the property you will be using as security. This may include a copy of the signed contract of sale and possibly the receipt of the deposit you have paid.

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


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This page was last modified on 5 August 2016 at 13:07.

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CUA Fresh Start 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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