Home loans from one of Australia's largest customer-owned brands
CUA, formerly known as Credit Union Australia, offers home loans, transaction and savings accounts, personal loans, credit cards, insurance and financial planning. As a 100% customer-owned institution, CUA is able to reinvest profits to help it offer affordable home loan options by reducing fees and interest rates.
CUA offers a range of home loan options to allow homebuyers to choose the option that best meets their financial needs and helps them meet their personal goal of homeownership. It also offers competitive rates and personalised customer service.
Changes to investor 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.
CUA Home Loan Offer
With CUA Kick Start 2 Year Introductory Variable Home Loan enjoy a low interest rate for the first 2 years and no ongoing fee. Borrow up to 90% of the property value.
- Interest rate of 3.79% p.a.
- Comparison rate of 3.97% p.a.
- Application fee of $0
- Maximum LVR: 90%
- Minimum borrowing: $100,000
Compare CUA home loans
Home loans offered by CUA
Basic Variable Home Loan
The Basic Variable Home Loan is a simple and easy-to-manage loan offering unlimited redraw, and flexible repayment options with no penalties for extra, lump-sum repayments. You can opt for an interest-only repayment plan, though an establishment fee does apply.
Fresh Start Basic Variable Home Loan
The Fresh Start Basic Variable Home Loan option is a basic home loan with no ongoing fees, flexible repayments and free redraw facilities. In order to take out this loan you will need to move all your day-to-day banking to CUA which you can do upon application of your home loan.
Fresh Start Variable Home Loan
The Fresh Start Variable Home Loan has a competitive interest rate and can be taken out by new borrowers to CUA with at least a 20% deposit, or existing CUA borrowers who are increasing their loan by at least $50,000. It comes with a 100% offset account, the ability to make additional repayments and redraw facilities.
Standard variable home loan
CUA's Standard Variable Home Loan provides a redraw option and allows lump sum payments to be made, which can lower the overall amount of interest due. This loan only uses the variable interest rate option, though interest-only repayment plans are available. Offset accounts are also available. There are no monthly account-keeping fees associated with this loan. An establishment fee does apply.
Fixed Rate Home Loan
The Fixed Rate Home Loan is designed for home buyers who want a loan with a consistent repayment plan. At the conclusion of the fixed term, the loan will automatically convert to a Standard Variable Rate Home Loan. Interest-only repayment plans are available. There are no account maintenance fees, but the loan does carry an establishment fee.
Premium Fixed Rate Home Loan
The Premium Fixed Rate Home Loan option is similar to the Fixed Rate Home Loan option, but allows you to offset up to $50,000, make additional payments into your loan of up to $50,000 during the fixed period and has a redraw facility. You will receive the competitive fixed home loan rate for a set period. At the end of this set period, your home loan will revert to the Standard Variable Home Loan.
How to apply for a CUA home loan
- Online application. The first step in applying for a loan with CUA is to complete a short online application. This process only takes a few minutes to complete. You must be over the age of 18, a permanent resident of Australia, and receive regular income from wages or self-employment.
- Mobile call with CUA agent. After you submit your online application, an agent from CUA will contact you by phone. This agent may ask you for additional information and will explain the loan options available to you.
- Face-to-face meeting with CUA. The next step will be to have a face-to-face meeting with an agent from CUA. At this point you may be required to provide CUA with paperwork to complete your loan application.
Documents needed to apply for a CUA home loan
Personal documentation is the first type of information that CUA is likely to require from you. Below we summarise the most common types of personal documents you may need to provide to CUA:
- Proof of identification. Before your loan application can be approved, you will need to provide at least 100 points worth of identification.
- Tax File Number. You will also need to provide CUA with your Tax File Number (TFN) when applying for a home loan.
In addition to personal information, you will also need to provide documentation relating to the property you are purchasing. CUA uses this paperwork as assurance that the home is being properly sold and that the purchase value is correct.
- Property valuation. You will need a property valuation on the home you want to purchase to ensure the loan amount matches the actual value of the property.
- Property title. You will need to provide CUA with a copy of the title of the property you are purchasing. This ensures that the party you are buying the home from has the legal right to sell the property.
- Home inspection. Depending on the type of home loan you obtain from CUA, you may be required to have a home inspection done prior to purchase. This will help to alert you to any potential problems with the home before you buy it.
You will also need to provide CUA with documentation relating to your personal finances, so CUA can assess your ability to repay your home loan.
- Income. You will need to provide CUA with proof of your wages or self-employment earnings. This may be in the form of regular payslips or year-end tax reports.
- Additional assets. If you have substantial assets or income other than wages, you will need to provide CUA with documentation of these. CUA will use this information to determine the amount of your home loan.
- Major outstanding debt. Depending on your specific set of circumstances, you may need to provide documentation for any major outstanding expenses you have. CUA check to see how much you still owe and if you are current with your payments.
CUA’s home loan range may very well offer the right deal for you, but make sure to do your research and compare other loans on the market before you sign on the dotted line.