First Choice Credit Union home loans
First Choice Credit Union has expanded its product range to offer home loan benefits to more Australians.
Originally formed to serve employees of New South Wales (NSW) city councils, the First Choice Credit Union has expanded membership to all residents of NSW.
With over 4,000 members, the credit union provides its community with loan options including home loans for private and investment purchases.
Who is First Choice Credit Union?
First Choice Credit Union allows members to structure a home loan that meets their needs with a number of different features to choose from. You can borrow up to 90% of the property value to purchase a home to live in, or one for an investment. There are no monthly fees, and you can choose to have your repayment made directly from your salary.
Compare First Choice Credit Union Home Loans
Home loans offered by First Choice Credit Union
Mortgage owner occupied
This loan can be for the first time home buyer or a homeowner who wants to change location. You have the choice of weekly, fortnightly and monthly repayments with no penalty for an early payoff.
By linking your owner occupied home loan with a savings account, you can reduce the amount of interest owed monthly with a 100% offset account.
Without an increase in the interest rate over the owner occupied home loan, investors can take advantage of the same benefits. Loan amounts are available for up to 90% of the property value with terms that extend up to 30 years.
Investors are also offered the 100% offset account and a flexible repayment schedule to suit individual circumstances.
Using your home mortgage as security, you may use money from your savings account past its available balance. Interest is only charged on the amount you borrow, not on the amount available to you.
An overdraft account is reviewed by the credit union each year. At that time you will be charged an annual fee of $50.
Home equity loan
You can borrow money using the equity you have built into your home to secure the loan. These monies can then be used to make improvements on the house or to fund another purchase.
The home equity loan includes a monthly fee of $10. The fee will be debited to your account each month.
Benefits and considerations of a First Choice Credit Union home loan
The First Choice Credit Union home loans allow you to pick the features that fit your circumstance:
- Flexible repayments. Choose between weekly, fortnightly or monthly repayments.
- 100% offset account. You can save money on interest with each repayment when it is linked to a savings account with a balance.
- Convenient repayments. Repayments may be made by a direct debit from your payroll.
- Fees. There are no monthly fees as a part of the home loan.
- Establishment fee. At the time that your application is approved, you will be charged $150.
- Redraw facility. The redraw facility allows you to access a minimum of $5,000, plus you will be charged $100 each time you make a withdrawal.
How to apply for First Choice Credit Union home loans
You can download a home loan application from the First Choice Credit Union website to complete at your convenience. Before doing so, the credit union asks that you read the following information:
- Privacy notification. This pamphlet goes over the ways in which information collected is used by the credit union.
- Credit guide. This advises you of the laws and policies regarding the offer of credit, your credit assessment and how to dispute any findings.
- Terms and conditions. This document outlines the loan contract.
It's also advisable to review the interest rates and fees which you can find in the above table before filling out the application. Once complete, you can either send it via email or fax to be reviewed.
Documents needed to apply for a First Choice Credit Union home loan
Proving your identity is a part of any loan application. In order to do this you will need at least one identification document with photograph. This could include a:
- Driver’s licence. Your current driver’s licence meets the identification requirements.
- Passport. A valid passport also serves as an acceptable identification document.
The credit union will be interested in seeing the following documents regarding the property you are purchasing:
- Sales contract. This is the document outlining the details of your agreement with the seller.
- Title certificate. Lender’s require this as proof that the seller is the current owner of the property.
- Transfer of land. This provides proof that the land purchased is going to be transferred into your name.
First Choice Credit Union provides you with a checklist of documents they require regarding your finances. These include:
- Savings statements. Six months worth of your statements with the credit union.
- Current loan. If you have an existing home loan, the most recent statement.
- Credit cards. The three latest statements for each credit card you are responsible for.
Home Loan OffersImportant Information*
UBank UHomeLoan Variable Rate - Discount offer for Owner Occupiers (*now 3.09%, drops to 2.84% on 29 Oct), P&I $200K+
Take advantage of a low-fee mortgage with a special interest rate of just 2.84% p.a. and a 2.84% p.a. comparison rate.
Owner occupiers looking to refinance can get one of the lowest rates in the market with this variable rate mortgage. $0 application fee and $0 ongoing fees. Refinancers only.
Buy your home and lock in a low rate for the first two years. Available with a 10% deposit. Earn Velocity Frequent Flyer Points at settlement, monthly and every three years, plus extra bonus points for a limited time.
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