Family First Credit Union provides its members with great value home loans, whether it’s for personal or business use
Family First Credit Union has been looking after the financial needs of its members since 1967. Originally formed by employees of the Small Arms Factory in Lithgow, NSW, Family First offers customer-owned banking solutions to more than 9,000 members.
In addition to savings accounts, access accounts, financial planning advice and insurance, it also offers a range of home and investment loans to its customers.
Who is Family First Credit Union?
As a credit union, Family First is run in the best interests of its members. This means it aims to pass profits on to customers in the form of savings, discounts and competitive rates.
Family First specialises in offering a wide range of home loans to help its members fund what will most likely be the biggest purchase they will ever make. Loans are available with competitive variable and fixed rates, while flexible repayment options are a common feature.
In addition to loans for first homebuyers, the credit union also offers a Bridging home loan for those who want to buy a new property while still waiting for the sale of their current home, as well as an interest only home loan for property investors and renovators.
Compare Family First Credit Union Home Loans
Home loans offered by Family First Credit Union
Discounted Variable Rate Home Loan
This loan offers a rate that is guaranteed to be 0.25% under the standard variable rate from Family First for the initial 12 months of the loan. Available for first-time home buyers, investors and those looking to refinance, this loan offers a redraw facility (for a fee) and flexible repayment frequencies. Borrowers can make additional repayments without incurring a penalty and can take advantage of the fact that there are no monthly services fees.
Standard Variable Rate Home Loan
The Standard Variable Rate Home Loan offers a competitive interest rate for first-time home buyers, those looking to upgrade to a bigger home, investors and those wishing to refinance. It offers a redraw facility and enables borrowers to make lump sum payments without penalty. Other loan features include flexible repayment options, no monthly service fees and a maximum loan term of 30 years.
Fixed Rate Home Loan
The Fixed Rate Home Loan gives borrowers the confidence of having fixed repayment amounts for a set period. With the option to lock in an interest rate for up to three years, this loan can be paid back for a period of up to 30 years. Repayments can be made weekly, fortnightly or monthly, while you can also make lump sum repayments towards your loan without incurring a penalty. There are no monthly service fees, but if you want to use the redraw facility you will have to pay a fee.
Construction Home Loan
This loan is offered to help borrowers access the funds they need to build their dream home. Featuring a competitive variable rate, this loan allows borrowers to make repayments weekly, fortnightly or monthly. No principal repayments need to be made until you have drawn the full loan amount, with the loan available for a period of 12 months. Other features include the ability to make variable and lump sum interest-only repayments without penalty, and no monthly service fee. There is no redraw facility with this loan.
Interest Only Home Loan
This offering from Family First Credit Union is designed with home renovators and property investors in mind. Borrowers only need to make repayments on the interest earned during the term of the loan, while no monthly account-keeping or service fees apply. Weekly, fortnightly and monthly repayment schedules are available, but no variable and lump sum repayments are allowed.
Bridging Home Loan
Family First offers the Bridging Home Loan for borrowers who are looking to buy a new home while they are still waiting for their current home to sell. Featuring a 100% offset account, this loan is available to a one- or two-year fixed term. There are no monthly account-keeping fees to worry about, and repayments can be made on a weekly, fortnightly or monthly schedule.Back to top
What are the pros and considerations around Family First home loans?
- Flexible repayment options. You can choose to make your repayments weekly, fortnightly or monthly - whatever suits your budget.
- No monthly fees. Many Family First loans do not charge monthly account-keeping fees.
- Wide range of choice. Family First offers a wide range of home loans to suit the requirements of different borrowers. This means you can choose a loan that matches your specific needs.
- Competitive rates. Compare Family First Credit Union’s interest rates to see how they stack up against those offered by other lenders.
- No free redraw. On loans where a redraw facility is offered, you’ll have to pay to access your funds.
How do I apply for Family First Credit Union home loan?
If you’ve compared your options and decided that a Family First home loan is right for you, click on the relevant secure link to apply now. You can apply online, over the phone, or by visiting one of Family First’s branches in NSW. In order to apply for a loan you will need to:
- Be 18 years or older
- Be an Australian citizen or permanent resident
- Have a clear credit history
- Be a Family First member
Once your application has been received, Family First Credit Union will assess your details and contact you promptly.
Documents needed to apply for a Family First Credit Union home loan
You’ll need to supply the following when applying for a home loan:
- Your name
- Your address
- Your contact details
- Your date of birth
- 100 points of identification. Passports, driver’s licences and birth certificates can help with this
The lender will also require certain information about the property you are buying. With this in mind, you’ll need to provide the following:
- Contract of sale. This contract contains all the information about the sale, including details of the property and how much was paid for it.
- Copy of certificate of title. The certificate of title is used to prove that the person selling the property actually owns the property.
- Copy of transfer of land. This important document provides proof that ownership of the property in question has been transferred into your name.
Finally, you’ll need to provide details of your financial circumstances to Family First Credit Union, including details of your:
- Income. This will take the form of recent payslips or, if you’re self-employed, tax returns for the previous two years.
- Assets. Any cars, shares, homes and other assets you own will increase your borrowing power.
- Liabilities. If you have any outstanding debts, you’ll need to provide details of them to your lender. You’ll also need to supply information about any ongoing expenses you may have.
Family First Credit Union offers a number of competitive home loan options for prospective borrowers. Compare the features of these loans with other products on the market to find the right loan for your needs.