The Fresh Start Variable Home Loan offers a low variable rate, premium features and repayment flexibility
With a competitive variable rate and all the features and flexibility of a premium product, you can have a home and a life with a CUA Fresh Start Variable Home Loan.
You can take advantage of this deal if your home loan is new lending with CUA and you have a 20% deposit or 20% equity in your property or are adding an additional $50,000 to your current lending with CUA.
Changes to investment lending
From 31 March 2017, CUA paused all new lending to investors until further notice. As a result CUA does not currently accept applications for investor loans.
|Product Name||CUA Fresh Start Home Loan|
|Interest Rate Type||Variable|
|Comp Rate^ (p.a.)|
|Minimum Loan Amount||$10,000|
|Maximum Loan Amount||$5,000,000|
|Minimum Loan Term||1 year|
|Maximum Loan Term||30 years|
|Maximum Insured LVR||80%|
|Mortgage Offset Account||Yes|
|Mortgage 100% Offset||Yes|
|Loan Redraw Facility||Yes|
|Split Loan Facility||Yes|
|Fixed Interest Option||No|
|Suitable for Investment||No|
|Available as equity loan/line of credit||No|
|Repayment Type||Principal & Interest and Interest Only Options|
|Lender's Legal Fee||$0|
|Ongoing Fees||$0 p.a.|
- 100% offset account available
- $600 establishment fee
- $0 monthly fees
- Must be new lending with CUA to be eligible or adding an additional $50,000 to your existing CUA lending.
Things to consider about the CUA Fresh Start Home Loan
This secured home loan is available for owner-occupied purchases and for those looking to buy land and build a home. To be eligible for this loan your Loan-to-Value Ratio (LVR) must be below 80%, and your loan must be new lending with CUA. If you're an existing CUA customer, you can take advantage of this loan if you loan an additional $50,000 or more.
Features of the CUA Fresh Start Variable Home Loan
- Loan amount. You can borrow a minimum of $10,000 with this loan, and there’s a maximum of $5,000,000.
- Loan term. The maximum loan term this loan is available for is 30 years.
- Maximum LVR. You can borrow up to 80% of the property’s value with this home loan.
- Advance repayments. This loan allows you to make extra repayments, which can help to pay it off quicker and save in interest charges.
- Interest-only options. You can choose between principal and interest or interest-only repayments with this loan.
- Repayment flexibility. This home loan offers repayment flexibility, allowing you to make weekly, fortnightly or monthly repayments. As mentioned above, you can also make extra repayments and lump sum payments.
- 100% offset account. This home loan comes with a 100% offset account, which is a linked account which can help reduce the amount of interest which is payable on your home loan. For example, having $10,000 in your interest offset account on a home loan of $350,000 would see you only owe interest on $340,000.
There are no establishment or ongoing account keeping fees with this loan, below are some fees you will need to pay:
- Discharge fee: $200. This fee covers the administrative costs associated with preparing loan discharge documents, and can be avoided by not exiting the loan early.
- Legal fees. These fees vary from one applicant to the next, and are charged to cover the legal costs associated with your home loan.
- Security administration fee: $195. This upfront fee covers the cost of setting up your property as security for the loan.
How to apply for the CUA Fresh Start Variable Home Loan
Click on ‘Go to Site’ to start the application process. To apply for this loan you have to meet certain eligibility criteria, which includes the following:
- You should be over 18 years of age
- You should have a regular source of income
- You should be a resident of Australia
- You must be new lending with CUA
- You must not have an LVR above 80%
As part of the application process you have to supply the following information:
- Details of earnings
- Records of savings
- Details of assets, debts and liabilities
- A copy of the signed sale contract
- A copy of the receipt you receive upon paying the deposit
If you’re looking for a variable rate home loan that doesn’t attract any ongoing monthly or annual fees and offers a competitive interest rate, this loan is worth considering.