Community First Credit Union personal loans

Overview of Community First Credit Union personal loans

New car loan

Got your eye on a brand new set of wheels but don’t have the lump sum saved up just yet? A new car loan from Community First Credit Union could be the solution. It’s a secured loan, which means the car you’re buying will be put up as security against the amount you borrow, and you can choose between the certainty of a fixed rate or the flexibility offered by a variable rate loan. In terms of features, you’ll have the option to make extra repayments on your loan and the use of a redraw facility. Just remember that if you opt for the fixed rate offer and pay the entire loan off before the term is up, there’ll be an early repayment penalty. Also, make sure you budget for the upfront application and small monthly service fee.

Unsecured personal loan

Whether you’re buying a boat, going on holiday or consolidating debt, a personal loan will let you get your hands on the necessary funds. An unsecured loan from Community First Credit Union is a good option if you don’t have any assets to put up as security, and you’ll be able to choose between a flexible variable rate or a secure fixed rate. There’s an upfront application fee to budget for, but no ongoing fees, and you’ll get the chance to make free extra repayments and use a redraw facility. You can borrow between $5,000 and $35,000, and pay it back over a term ranging from 1 - 5 years.

Community First Credit Union personal loan features at a glance

Extra repayments: Pay off your loan quicker and save on interest by making free extra repayments. You can make as many of these additional repayments as you like - but remember, if you chose a fixed rate loan, there’ll be a penalty fee for repaying your entire loan before the term is up.

Redraw facility: Went a little crazy with your extra repayments and need some of that cash back? You’ll have use of a redraw facility with loans from Community First Credit Union, so you can get your extra funds back if you need to.

Flexible repayment schedule: Choose to make your repayments monthly, fortnightly or weekly - whatever will suit your budget schedule.

Fees: Remember to budget for an upfront application fee if you’re taking out a personal loan with Community First. And if you’re after the new car loan, don’t forget to factor in the small monthly service fee as well.

How to apply

Are you sold on a Community First Credit Union personal loan? Then the next thing you’ll want to know is how to apply. You can apply for a loan if you:

• Are over 18

• Are an Australian citizen or permanent resident

• Have a regular income

• Have been in your current job longer than 3 months

• Aren’t bankrupt

• Haven't defaulted on any Loans, Credit cards, or other credit sources in the last 5 years

When you go to apply, you’ll need to supply your personal details, like address, phone number and email, as well as details about your finances, including your income, assets and debts.