CAPE Credit Union home loans

CAPE Credit Union can help you if you're looking for flexible home loan.

CAPE Credit Union has been offering its customer-owned banking services for more than 40 years. All of the credit union’s profits are returned back to its customers in the form of improved financial products and services. In addition to savings and transaction accounts, insurance and superannuation, CAPE also offers loans to customers looking to buy a home. Features of a home loan from CAPE include a competitive rate, minimal fees and a range of flexible options.

CAPE Credit Union merger

On August 2018 CAPE Credit Union officially merged with Community First Credit Union.

Who is CAPE Credit Union?

CAPE Credit Union aims to offer a competitive banking alternative to the ‘big four’ banks. It does this by offering competitive rates and a range of flexible loan features to customers. CAPE offers loans to customers who are buying a home, renovating their existing home or looking to purchase an investment property. The credit union provides assistance with issues like financing and stamp duty concessions, plus it gives customers the choice of a range of repayment options.

Although loan products can be accessed online via internet banking, CAPE also has three branches across Australia, two of which are in New South Wales and one in Queensland.

Home, home improvements or investment property Loan

This is the only home loan offered by CAPE Credit Union, but customers can tailor the loan to suit their needs. As the name suggests, the loan is available for home buyers, home renovators and those looking to purchase an investment property. CAPE offers a standard variable interest rate for the loan, although a fixed rate option is also available.

Customers must borrow a minimum of $1,000 and can borrow up to 95% of the property’s value. Interest is calculated daily and charged monthly, with a maximum loan term of 30 years. Principal and interest or interest-only options are offered, while repayments can be made weekly, fortnightly or monthly.

Variable and lump sum payments are available and borrowers can pay off their loan early without incurring a fee. Other loan features include a redraw facility (for a fee), offset facilities and no ongoing or termination fees.

Pros and cons


  • Customer-owned banking. Rather than working in the best interests of shareholders, CAPE Credit Union works only to benefit its members. This results in real-world savings for customers.
  • Competitive rates. The interest rates offered by CAPE are regularly lower than those offered by the big banks.
  • Early repayment. CAPE allows you to pay off your loan early without incurring any penalty, which enables you to get out of debt quicker.
  • No ongoing fees. There are no monthly or annual fees attached to the loan.


  • Redraw fee. You’ll need to pay a fee if you want to take advantage of the loan’s redraw facility.
  • Loan establishment fee. A loan establishment fee of $195 also applies.

How to apply for a CAPE Credit Union home loan

Personal information

You’ll need to prove your identity in order to apply for a home loan, which means you’ll need to provide 100 points of identification. Acceptable documents include:

  • Passport
  • Birth certificate
  • Driver’s licence

You’ll also need to be over the age of 18, a CAPE Credit Union customer and will need to provide a range of personal and contact details.

Property information

In order to approve your loan, the lender will require certain details about the property you are planning to buy. These include:

  • Contract of sale. This document contains details of the property in question, how much will be paid for it and information about the parties involved.
  • Copy of certificate of title. This is needed to prove ownership of the property.
  • Copy of transfer of land. This outlines the transfer of the property into the new buyer’s name.
Financial information

CAPE Credit Union will request the following details from you in order to assess your ability to repay your loan:

  • Employment information. You’ll need to provide details of your employment and your annual income.
  • Assets. The lender will require details of any assets you own, such as cars, shares or savings.
  • Liabilities. You’ll need to provide information about any outstanding debts or ongoing expenses you may have.

The Home, home improvements or investment property loan from CAPE Credit Union offers a range of attractive features to borrowers. However, it’s important to compare the benefits of this loan with other offerings on the market to ensure you find the best loan for your needs.

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