Community First Credit Union Home Loans Review for Australian Expats
Community First Credit Union is the largest community based credit union located in Sydney, Australia. It offers a wide range of financial products and services, including savings accounts, loans, credit cards, and insurance. It also has a strong community focus and supports a variety of local initiatives.
Can Community First Credit Union help you with your property purchase goals in Australia?
- Borrow up to 90% of the property purchase price
- Community-minded credit union that supports local initiatives
- Flexible repayment options
Community First Credit Union Home Loan Options
Community First Credit Union offers the following home loan products. However, they may not be available to all Australian expats borrowing from overseas. You can contact us to confirm and find the right deal for you.
Home Buying
Refinancing & Equity
Construction & Land
Community First Credit Union offers a variety of home buying schemes to fit your situation. These schemes include fixed-rate mortgages, adjustable-rate mortgages, balloon mortgages, and 100% financing mortgages.
The best home buying scheme for you will depend on your individual circumstances and financial goals.
Community First Credit Union offers a variety of refinancing and equity schemes to help you use your equity to your benefit. These schemes include:
- Refinancing to a lower interest rate: This can save you money on your monthly mortgage payments.
- Refinancing to a shorter term: This can help you pay off your mortgage sooner and save money on interest.
- Taking out a home equity loan: This can give you access to cash for home improvements, debt consolidation, or other expenses.
- Using your equity to invest: You could invest the money in a retirement account or other investment that could grow over the time.
When you have found the perfect piece of land and picked out the floor plan that speaks to your needs, Community First Credit Union can help you turn your inspired idea into an inviting home. They offer a variety of construction and land loans to help you finance your project, whether you are building a new home from the ground up or renovating an existing one.
Community First Credit Union Home Loans Review
Here are the pros and cons of choosing a Community First Credit Union home loan to buy property in Australia.
| Pros | Cons |
|---|---|
Member-owned financial institution with lower interest rates and fees. | Smaller lender with fewer resources. |
Variety of home loan options for Australian expats. | May not have branches in all parts of Australia. |
Excellent customer service. |
Allow us to find you the perfect home loan.
Apply online to get expert recommendations with real interest rates and repayments.
Community First Credit Union Home Loan Features
Community First Credit Union can help you get the following home loan features.
| Feature | Details |
|---|---|
Fixed-rate home loan | Has an interest rate that remains the same for the life of the loan. This can provide peace of mind, as you know exactly how much your monthly payments will be. |
Variable-rate home loan | Has an interest rate that can change over time. This can be a good option if you think interest rates are going to go down, but it can also be risky if interest rates go up. |
100% financing home loan | Allows you to borrow 100% of the purchase price of the home. This can be a good option if you do not have a large down payment. |
Refinancing home loan | Allows you to take out a new loan to pay off your existing loan. This can be a good option if you can get a lower interest rate on the new loan. |
Facts About Community First Credit Union
Community First Credit Union was established in 1959 as Sydney Water Board Officers Credit Union and has since grown to become one of the largest credit unions in Australia.
It has over 100,000 members and has assets of over AUD 1 billion.
It is rated 5-star by the Australian Securities and Investments Commission (ASIC).
How Do I Apply for an Expat Mortgage with Community First Credit Union?
Here are the steps on how to apply for an Australian expat home loan with Community First Credit Union while living overseas.
- Contact a Mortgage Broker: A mortgage broker can help you compare different lenders and find the best option for your needs. They can also help you with the application process.
- Gather the Required Documentation: The lender will require you to provide a number of documents to support your application, such as proof of income from overseas and a copy of your passport.
- Complete the Application Form: They will provide you with an application form that you will need to complete. The form will ask for your personal details, financial information, and the details of the property you are looking to buy.
- Submit Your Application: Once you have completed the application form, you will need to submit it to the lender. You can do this online, by mail, or in person at one of their branches.
- Wait for Approval: They will assess your application and let you know if you have been approved. If you are approved, they will issue you a loan contract.
- Sign the Loan Contract: Once you have received the loan contract, you will need to sign it and return it to the lender. Once they have received your signed contract, they will release the funds to you.
Who is Eligible?
To be eligible for an Australian expat home loan with Community First Credit Union, you must meet the following criteria:
- You must be an Australian citizen or permanent resident.
- You must have a valid passport and visa.
- You must have a good credit history.
- You must have a minimum income of AUD$70,000 per year.
- You must have a minimum deposit of 10% of the purchase price of the property.
In addition to these criteria, Community First Credit Union may also consider other factors, such as your employment history and your financial commitments.
It is important to understand the terms and conditions of any Australian expat home loan before you apply. You should also compare the different lenders available to you before you make a decision.
What Documents Do I Require?
Community First Credit Union requires the following documents for a home loan from overseas with them.
Proof of Income from Overseas
This can be a letter from your employer verifying your salary, or a bank statement showing your recent income.
Proof of Residency Outside of Australia
This can be a copy of your visa, or a letter from your landlord verifying your address.
Proof of Identity
This can be a copy of your passport, or a driver's license.
Proof of Assets
This can be a copy of your bank statements, or a letter from your financial advisor verifying your assets.
A Copy of Your Passport
This is a mandatory document that you need to provide to any lender in Australia.
In addition to these documents, Community First Credit Union may also require other documents, such as a letter from your accountant or a letter from your lawyer.
Other Related Products from Community First Credit Union
Low Doc Loan
A low doc loan is a type of home loan that is available to borrowers who do not have a lot of documentation to support their application. This could include borrowers who are self-employed, have recently immigrated, or have a poor credit history.
Low doc loans typically have higher interest rates than other types of loans, but they can be a good option for borrowers who do not have the traditional documentation required for a home loan.
Shared Equity Loan
A shared equity loan is a type of home loan that is offered by the Australian government. The government will share the equity in the property with the borrower, up to a certain amount. This can help borrowers who need help with a deposit or who have a low credit score.
Shared equity loans typically have lower interest rates than other types of loans, but they also have some restrictions, such as a maximum loan amount and a requirement to live in the property for a certain period of time.
Offset Account
An offset account is a type of bank account that is linked to your home loan. Any money that you deposit into the offset account will reduce the amount of interest that you pay on your home loan. This can be a good way to save money on your mortgage payments, especially if you have a large deposit.
Need a Home Loan with Community First Credit Union?
Community First Credit Union offers tailored home loan solutions, competitive interest rates, and a customer-centric approach that addresses the unique challenges faced by expatriates.
Whether you are looking for stability with a fixed-rate loan or flexibility with a variable-rate option, Community First Credit Union has something to offer. However, it can be challenging to qualify for a great deal or negotiate a better rate as an Aussie expat living overseas. That’s where we come in!
Odin Mortgage has years of experience dealing with lenders regarding overseas home loans. Reach out to us to discuss your requirements in detail and receive tailored solutions and help throughout the loan application process, even beyond settlement!
Other Australian Lender Reviews
Allow us to find you the perfect home loan.
Apply online to get expert recommendations with real interest rates and repayments.
FAQs About Community First Credit Union
What are the benefits of joining Community First Credit Union?
There are many benefits to joining Community First Credit Union, including:
- Lower interest rates on loans
- Higher dividends on savings
- Free checking and savings accounts
- ATM refunds
- Member discounts
- Access to a wide range of financial products and services
How do I join Community First Credit Union?
You can join Community First Credit Union by opening a share account. There is no minimum balance requirement to open a share account. You can join if you live, work, or worship in the community served by Community First Credit Union.
What types of loans does Community First Credit Union offer?
Community First Credit Union offers a variety of loans, including:
- Home loans
- Auto loans
- Personal loans
- Student loans
- Credit cards
- Business loans
Featured In
