Members come first at Country First Credit Union.
Building their business on trust and mutual financial prosperity, Country First Credit Union provides home loan financing that allows members the flexibility and freedom to achieve their home-owning goals.
All about Country First Credit Union
Country First offers its members personalised, efficient service in all their financial endeavours. Like all credit unions, Country First is owned by its members, which means that when the members do well, the whole credit union does well. Profits are ploughed back into the business so that the products and services are constantly being improved.
Owning a share also means having a voice in how things are managed and by whom - not always the case at a traditional bank. Besides three different home loans, Country First Credit Union also offers varied products like personal and vehicle loans, insurance and transaction accounts.
Country First merger with Beyond Bank
As of June 2016 Country First Credit Union ceased trading as they merged with Beyond Bank, existing customers will keep their Country First Credit Union products but may have been renamed they will also have access to a range of new products.
Due to this merger, this page is simply for informational purposes as the products are no longer available, for information on products that are available look at Beyond Banks products here. For any further information please contact Beyond Bank directly.
Home loans provided by Country First Credit Union
Incentive Home Loan
The option to make interest-only payments helps members make more affordable payments and at a frequency (weekly, fortnightly or monthly) they can afford. Members can make additional payments to settle the loan quickly or even repay the loan in full without penalty. Whether for a first home or investment purposes, this loan is available for up to 95% of the desired property’s value (but only if taken with LMI) and for a maximum loan period of 25 years. You can also apply for Mortgage Repayment Insurance (MPI) so that the loan amount is covered if you can’t continue making payments (death, disability, loss of employment).
Standard Variable Home Loan
With competitive variable rates for borrowed amounts as little as $20,000, members who choose the Standard Variable Home Loan gain access to a full set of benefits including a free redraw facility to access additional repayments, waived monthly fees and the option to pay off the whole amount without penalty fees charged. Available for a maximum loan period of 25 years, members can borrow up to 80% of the property value (up to 95% if they take out LMI). Valuation and solicitor fees are included in the establishment fee, but borrowers don’t pay monthly ongoing fees.
Pros and cons of Country First Credit Union home loans
Buying your home with Country First means benefitting from personal service and expert advice.
- Trust and real advice. Country First makes a point of helping their members through every step of the process. As a credit union, they have nothing to gain from pushing you towards a product you can’t afford.
- No monthly fees. Country First charges no monthly fees for any of the three home loan products.
- Flexibility. Borrowers make payments according to what they can afford. They also have the option of paying off the loan in lump sums or in its entirety.
Some of the downsides include:
- Steep additional fees. Besides the establishment fee, borrowers also need to consider registration fees and legal fees, the total of which could be upward of $3,000.
How to apply for a Country First Credit Union home loan
If you would like to apply or find out more information about a home loan from Country First, please click on ‘more info’ to be taken to a mortgage broker enquiry page. By entering a few of your details, you can request for a mortgage broker to call you at a convenient time.
A mortgage broker is a home loan expert who is equipped to find the best home loan for your needs.
Documents needed to apply for a Country First Credit Union home loan
- Personal information. Besides the personal details provided on the application form, you’ll have to supply supporting documentation to prove your identity. These documents must comply with the 100-point check. Birth certificates, driver’s licence, passports and citizenship certificates should be sufficient.
- Contract of sale. Before accepting the application, you must provide a signed contract of sale confirming that you and the seller have come to terms. The contract is only binding if it’s signed by both parties.
- Deposit receipt. Include proof of deposit paid if applicable.
- Building inspection report. This document describes the structural integrity of the property.
Country First has to confirm your financial position before considering your application.
- Salary information. As per the checklist on the application form, you have to provide two recent payslips and confirmation of your annual salary.
- Assets. This includes vehicles, additional properties, savings statements for the past three months, household contents and leisure items. Anything - including stocks and shares - that contributes towards your income should be noted here.
- Liabilities. You’ll have to provide a list of expenses like rent, credit cards, other mortgages or overdraft and child support.
Country First Credit Union promises its members five-star service, starting with the application process. That said, buying a home is a huge commitment: it might be a good idea to really think about the people you’d like managing your finances for the better part of 25 years.