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Quick Summary

Founded

1959

Owned by:

Customer-owned

Funded by:

Retail deposits and wholesale capital markets

LMI Provider:

QBE LMI

Lender type:

Banks, Credit Union

Community First Credit Union was founded in 1959. Back then, it was called Sydney Water Board Officers Credit Union Co-Op. After multiple name changes, it has operated as Community First Credit Union since 1993. The credit union aims to help its members achieve their financial goals by prioritising them while offering its products and services. Since this lender is customer-owned, profits are distributed among the members, and they get fairer fees, as well as competitive interest rates on their savings and loans. Community First is one of the largest community-based credit unions in Sydney. It also has branches across Australia.

How do Community First Credit Union home loans compare?

Pros

Cons

  • They are not a major bank
  • Not great for Self-employed borrowers who cannot prove their income
  • Cannot do Non-resident mortgages, except for Australian expats
  • They don’t accept people with bad credit
  • Slow loan processing times during busy periods

What Home Loan Types Does It Have?

Investors Loans

Community First Credit Union offers investment loans to build, purchase or refinance your investment property. It allows you to borrow up to 90% of the property value for new apartments and 95% of the property value for other types of dwellings.

Accelerator Home Loan

You can use this home loan to purchase, build or refinance your residential property. This home loan allows you to borrow up to 95% of the property value with Lenders Mortgage Insurance. It also allows a maximum of two offset accounts.

Home Improvement Loan

The credit union offers unsecured loans to help homeowners fund the cost of home improvements. You can take a loan as low as $1,000 for a period of 1-10 years.

Green Loan

Community First offers a green loan for purchasing environmentally friendly products like solar panels, water tanks, grey water treatment systems, home ventilation systems and more. You can borrow a minimum of $1,000 for 1-10 years.

Requirements For Applying With Community First Credit Union

Here are some of the requirements to apply for home loans with Community First Credit Union:

  • Be 18 years of age and above
  • Australian citizenship or permanent residency
  • A regular source of income
  • Be working in your current job for six months or more
  • No bankruptcies (including Part IX agreements)
  • Need to show an acceptable Credit Risk Profile (Credit Score)
  • No defaults on any loans, interest-free finance, store cards or credit cards in the last five years

Are you eligible to become a member?

Anyone can become a member of Community First Credit Union. You need to pay a nominal fee and provide proof of identity to become a member and a part owner.

Compare Community First Credit Union With Other Lenders

Not sure which lender is right for you? Talk to one of the mortgage brokers at Home Loan Experts. Call us on 1300 889 743 or complete our free online enquiry form as we need to discuss your situation before finding the best lender options for you.

Find out if you are qualified to apply with this lender

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Tips For Applying With Community First Credit Union

  • The credit union is one of the participating lenders in the Home Guarantee Scheme.
  • If you are a single parent, you can apply for the Family Home Guarantee Scheme.

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