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Community First Bank Fixed Personal Loan

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Community First Bank Fixed Personal Loan

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Interest Rate (p.a.)
9.99%
Comp. Rate (p.a.)
11.02%
Min Loan Amount
$3,000

Summary

Borrow from $3,000 up to $35,000. Rates for this loan are fixed, and interest rate and processing fees apply.

The Community First Bank offers a fixed rate unsecured personal loan. With a fixed rate, your repayments remain the same every month, making it easier to budget. You can borrow from $3,000 up to $35,000. Repayments can be made weekly, fortnightly or monthly and approvals are fast. Interest rates start from 9.99% p.a., with a comparison rate of 11.02% p.a. A loan processing fee of $249 applies.

Pros

  • No penalty for early repayment
  • Flexible repayment options of weekly, monthly and fortnightly
  • Redraw is available

Cons

  • Minimum loan amount of $3,000

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  • Details
    • Product details
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Details

Product details

Product Name Community First Bank Fixed Personal Loan
Interest Rate (p.a.) 9.99%
Comp. Rate (p.a.) 11.02%
Interest Rate Type Fixed
Min Loan Amount $3,000
Max. Loan Amount $35,000
Loan Security Unsecured

Things to consider about the Community First Bank Fixed Rate Unsecured Personal Loan

This loan combines the convenience of knowing what your repayments will be each month, with the flexibility of borrowing funds without having to tie up assets as security. The amount borrowed can only be between $3,000 and $35,000. You should also know that you will be charged between $15 and $30 every time you use the redraw facility and there is an initial processing fee of $249.

For those looking for lower fixed rates or larger loan amounts, finder.com.au also has comparisons on fixed rate secured personal loans.

Features of the Community First Bank Fixed Rate Unsecured Personal Loan

  • Fixed rates. This loan offers a fixed interest rate from 9.99% p.a. and the comparison rate 11.02% p.a.
  • Unsecured loan. This personal loan is unsecured, meaning you can borrow money without tying up assets.
  • Loan amount. Borrow between $3,000 and $35,000.
  • Loan term. Borrow money for a period of 1 to 7 years.
  • No penalty for extra repayments. Unlike many fixed rate personal loans, you will not be penalised for additional repayments.
  • Redraw facility. If you are ahead on your repayments, you can access your money via a redraw facility.
  • No monthly fees. This loan does not have any monthly or account-keeping fees.
  • Flexible repayment options. Make loan repayments on a weekly, fortnightly or monthly basis.
  • Fast approval and a convenient application process. You can apply for this loan online and upload all relevant documentation quickly and conveniently. The application process takes around 15 minutes and you will receive an instant decision once the application is submitted.

Fees and charges

  • Processing fee. A processing fee of $249 applies to all approved personal loans.
  • Redraw fee. Online redraws incur a $15 fee and staff-assisted redraws cost $30.
  • Late payment fee. A late payment fee of $25 is charged after 7 days if a loan repayment is not met, and again after 14 days if the repayment has still not been made.

How to apply for the Fixed Rate Unsecured Personal Loan from Community First Bank

You can apply for this loan by clicking on the green “Go to Site” button above. In order for your application to be successful, you must meet the following personal loan eligibility requirements:

  • Borrowing amount. You are looking to borrow between $3,000 and $35,000.
  • Age. You are at least 18 years old.
  • Income. A regular income or wage is required.
  • Residency status. You are an Australian citizen or permanent resident.
  • Good credit rating. This includes not having been bankrupt, and not having defaults on any loans, credit cards, interest-free finance or store cards in the last 5 years.
  • Continuous employment. You have held your current job for longer than 6 months.
  • Self-employed people are eligible. The Community First Bank also offers this personal loan to self-employed people who meet the above requirements.

In order to make the application as quick and seamless as possible, make sure you have the following documentation with you when you apply:

  • Personal documents. Personal documents such as your current and previous address, phone number and email address
  • Employment and income information. The details of your employment, wages and any other additional income you may have
  • Assets. Details concerning any assets (eg home, car or savings)
  • Debts and liabilities. Details concerning any debts or liabilities you currently have (eg mortgages, loans and credit cards)

The Community First Bank Fixed Rate Unsecured Personal Loan is a convenient personal loan product that has numerous advantages such as the certainty of a fixed rate, no collateral requirements, a penalty-free additional repayment option and a redraw facility. That being said, it comes with various fees and conditions and you should compare it with other fixed rate personal loans before deciding if this product is right for you.

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Latitude Variable Rate Personal Loan
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10.37%
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NAB Personal Loan Unsecured Fixed
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Interest Rate (p.a.)
6.99%
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Comp. Rate (p.a.)
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Application Fee
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Monthly Fee
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Monthly Repayment
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Pepper Money No Fee Unsecured Personal Loan
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NAB Personal Loan Unsecured Variable Rate
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6.99%
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Application Fee
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Monthly Fee
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Monthly Repayment
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Alex Finder

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Sally

November 04, 2018

I have a good credit score, and I need to consolidate some debt, but I need a guarantor. Can you do this through you?


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John Basanes Finder

November 05, 2018

Hi Sally,


Thank you for leaving a question.


You would need to visit the Community First Credit Union’s page for you to be able to do this. Please ensure that all of the requirements are met. Hope that helps!


Cheers,

Reggie


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morgan

October 23, 2018

I am after a loan with my mother as a guarantor as I have a bad credit.


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Charisse Finder

October 24, 2018

Hi Morgan,


Thanks for reaching out to Finder.


If you are pertaining to applying for an unsecured personal loan with Community First Credit Union, one of their eligibility requirements is for you to have a good credit rating so you will most likely not qualify for a loan application with them.


Instead, you can compare lenders that offer personal loans to bad credit borrowers.


If you want to consider applying for a secured personal loan in which your mother can be the guarantor, you can use our comparison table to help you find the lender that suits you.


Before applying, please make sure that you meet the lender’s eligibility criteria and read through the loan terms and conditions to see which option best suits your needs.


I hope this helps.


Cheers,

Charisse


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Jules

September 25, 2017

My son is 27 years old has never had a loan and needs a new (second hand car) He has found a 4 wheel drive that is a great price and condition but it is older than 7 years. I am willing to be cosignor or guarantor as he has had a few debit fails


Avatar

Jonathan

September 25, 2017

Hello Jules,


Thank you for your inquiry.


You can check our used car loans page for a list of lenders that may consider you and your son a loan. It is worth noting that they have a varying maximum age of cars to cater, so it important to read the column for “Maximum age of car”.


Credit application would depend on the lender’s requirements. Should regular application won’t be insufficient, you may consider secured car loans as an alternative.


Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.


Hope this helps.


Cheers,

Jonathan


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