CUA Loan Guide

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CUA (Credit Union Australia) is a credit union that offers CUA home loans along with financial and insurance products. With roughly 500,000 customers, it is the largest member-owned credit union in Australia. Despite its size, it aims to remain focused on serving members, and as a result has built a reputation for excellent customer service.

CUA was established in 1946 when several smaller credit unions joined together. In total, 171 credit unions have joined forces, and the CUA name was created in 2007. CUA has also offered health insurance through CUA Health for 40 years. In 2017 CUA helped 9,785 members buy or refinance a home or investment property.

Awards

CUA has won many awards for its home loans, customer service, and financial services. These include but are not limited to the following:

  • 2018, Australia’s Best Credit Union, Mozo Experts Choice
  • 2018, Excellent Customer Service, Mozo People’s Choice
  • 2017, Credit Union of the Year, Money Magazine Consumer Finance Awards
  • 2017, Outstanding Value – Construction Loan, CANSTAR Awards
  • 2017, Outstanding Value – Variable Home Loan – Owner Occupier, CANSTAR Awards
  • 2017, Outstanding Value – Fixed Home Loan – Construction, CANSTAR Awards
  • 2017, Outstanding Value – Premium Fixed Home Loan – Construction, CANSTAR Awards
  • 2017, Outstanding Value – Fixed Home Loan, CANSTAR Awards
  • 2017, Outstanding Value – Premium Fixed Home Loan, CANSTAR Awards
  • 2017, Outstanding Value – Construction Loan, CANSTAR Awards

CUA home loans are wide-ranging and can appeal to both owner-occupiers and investors.

 

Balanced Variable

A low rate home loan that doesn’t skimp on features.

  • No establishment fee, annual fee, or ongoing monthly fee
  • Offset up to $15,000 of your loan balance to save on interest
  • 3.65% p.a. owner occupier rate
  • Unlimited extra repayments and free redraw
Accelerate Variable

Competitive rate home loan with a premium range of features.

  • 100% offset facility across multiple accounts
  • No annual or ongoing monthly fees
  • 3.79% p.a. owner occupier rate
  • Unlimited extra repayments and free redraw
Fixed Rate

Lock in a low fixed rate with the option of making extra repayments.

  • No annual or ongoing monthly fees
  • Make up to $5,000 in extra repayments with free redraw
  • Owner occupier rates from 3.84% p.a. (depending on term)
  • Fix your loan for 1, 2, 3, or 5 years.
Premium Fixed Rate

Upgrade your features while retaining the security of a fixed rate loan

  • No annual or ongoing monthly fees
  • Offset up to $50,000 of your loan balance to save on interest
  • Owner occupier rates from 3.96% p.a. (depending on term)
  • Make up to $50,000 in extra repayments with free redraw
  • Fix your loan for 1, 2, 3, or 5 years.
Fresh Start Basic Variable

Low variable rate home loan good for those who don’t need many features.

  • No annual or ongoing monthly fees, plus no establishment fee for owner occupiers
  • Unlimited additional repayments with redraw facility
  • 4.07% p.a. owner occupier rate
Fresh Start Variable

A step up from the basic version of this loan, thanks to the addition of premium features.

  • No annual or ongoing monthly fees
  • 100% offset facility across multiple accounts
  • 4.26% p.a. owner occupier rate
  • Unlimited additional repayments with redraw facility
Equity Line of Credit

Instantly access funds from your home equity.

  • No annual or ongoing monthly fees
  • No maximum loan term
  • Interest rates of 5.56% p.a.
  • Interest charges calculated daily
Construction Loans

CUA offers award-winning construction loans, which are interest-only for the first 12 months of building. On completion, your loan will remain the same but your repayment structure will revert to principal + interest. If you are on a fixed-rate loan, your interest-only term remains in place for the duration of the fixed period.

All CUA home loans (with the exception of the equity line of credit) are available as construction loans.

CUA offers a range of features, including:

  • Offset account
  • Free redraw facility
  • Flexible repayment options
  • No monthly account keeping fees (all loans)
  • No establishment fees on certain loans
  • Split loan feature available
  • Ability to make extra repayments and pay off loan sooner

CUA offers a variety of repayment structures and interest rates. Choose from fixed rate, variable rate, or split-rate loans.

Depending on the loan, you can also choose from principal + interest repayments or interest-only repayments. Repayments can be made weekly, fortnightly, or monthly.

You can begin the CUA home loan application process online by completing an online enquiry. It’s a brief online questionnaire where you’ll provide information on the type of home you’re looking for, how much you’d like to borrow, and your financial situation. A home loan specialist will contact you to follow up with the next steps for your application.

Alternatively, you can contact 133 282 or visit a CUA branch.

Yes. Eligible CUA customers can redraw money that has been paid into the home loan, including lump sum payments.

Before redrawing funds, be aware of the following:

  • Due date of your next repayment: ensure there is enough money to cover it
  • Repayments are processed the evening of the day they are due
  • Funds can only be redrawn into your CUA deposit accounts
Online

To redraw funds online, you must first be registered for CUA Online Banking. For a home loan with multiple borrowers, all borrowers must be registered for Online Banking. Register by calling 133 282 or visiting a local branch.

When funds are redrawn online, there is no minimum amount and they are available immediately.

In Person or Over the Phone

You can redraw funds at your local branch, or over the phone though it may take up to 24 hours to process your request. There is a minimum redraw amount of $200.

Yes. CUA customers can make additional home loan repayments, which can help you pay down your loan more quickly. You can either increase your regular repayment amount, increase the repayment frequency, or make extra repayments when possible.

Eligible variable rate loan customers can make unlimited repayments, while fixed rate loans are restricted to the following:

  • Fixed Rate Loan: Up to $5,000 in extra repayments
  • Premium Fixed Rate Loan: Up to $50,000 in extra repayments

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