First Home Buyer's Advantage Loan
Special Offer - To assist you during the first 3 Years of your loan.
Fixed for 1 year and discounted by 0.50% for Years 2 and 3
We are pleased to be able to assist our members who are ready to purchase their first home. Our offer includes:
Don’t delay, contact your Credit Union Loans Officer today on 02 4350 5224 or apply online by clicking here.
To calculate loan repayments or make comparisons between our Home Loan Packages, click here for our Home Loan Key Fact Sheets.
Buying a home is exciting-and daunting. Many Australians have created wealth, a better lifestyle and security in retirement through the purchase of a quality property. Without care, however, the great Australian dream can turn into a nightmare.
Purchasing your first home, whether it's a house, townhouse or unit, it is likely to be the biggest financial commitment you will make-and yet many people are unprepared for the legal, monetary and emotional challenges of buying a home.
For a first home buyer, planning and research is crucial to ensure you get a property that suits your finances and lifestyle. At CCCU, we willassist you by providing you with the facts and information required to finance your first home.
Buying a residential property requires commitment, discipline and planning. Don't rush in - it is a choice that is likely to affect your life for years or even decades.
Define your goals. Do you want a house, a townhouse or a unit? What factors will ensure the greatest possible increase in the value of your home? There is no simple formula, but better research now is likely to pay off in the future. As a starting point, consider the following question: How much can you afford?
At CCCU, we can assess your situation, calculate exactly what you can afford and provide you with a pre-approved loan, then you will be ready to start looking for your dream home.
The first step is saving enough money for a deposit. At CCCU, we can lend you up to 95% of the purchase price. The loan aside, you will need additional funds to meet other costs such as stamp duty, conveyancing, Loan Mortgage Insurance and other legal fees.
Most first-home-buyers usually have to pay lender's mortgage insurance is they borrow more than 80% of the value of the property. The insurance covers the lender in the event that you default on payments. Avoiding Loan Mortgage Insurance can save you thousands of dollars, if possible try to save a minimum deposit of 20% as this will save you thousands to start with.
* Interest rate fixed for the first 12 months then reverts to a discounted rate of 0.50% below our Standard Variable Housing Rate for ta further two years, then reverts to our standard variable loan rate. Terms and conditions, fees and charges and approval criteria apply. ** This comparison rate is based on a $150,000 loan over a term of 25 years based on monthly repayments. First Home Buyers Advantage Loan is available for new borrowings up to $400,000.00. WARNING: This comparison rate applies only to the examples provided and does not include the discounted rate period during the 2nd and 3rd year of your loan. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees are not included in the comparison rate but may influence the cost of the loan.