FAQs

If you are a New Zealand citizen and over 18 years old, you can apply to borrow any amount over $500.

First Credit union's lending criteria, terms and conditions apply.

You can apply to borrow any amount over $500. The amount we approve will be subject to your financial circumstances meeting our lending criteria. Use our loan calculator to get an indication of what repayments for the amount you are wanting to borrow look like. 

Absolutely! You don’t need to be a member of First Credit Union to apply for a personal loan. You can apply online or by visiting one of our branches. If you get a personal loan from First Credit Union you will become a member and can benefit from all the products and services we offer.

Yes you can, subject to your financial circumstances meeting our normal lending criteria.

The application process for extending your personal loan is the same as a new loan and you will need to fill out the loan application form again. You can apply online or by visiting one of our branches.

First Credit Unions lending criteria, terms and conditions apply.

No. We don’t charge any early repayments fees.

You can also make extra payments to your loan and you won’t be penalised.

It’s up to you! We lend for a number of purposes. We can structure a loan to meet your needs. Get the new car, take that trip, consolidate your debts or simply get some extra cash, we’re here to help.

First Credit Union doesn’t charge any loan application fees, however, third-party fees such as credit check, credit sense, motor check, PPSR, Docusign and cloudcheck of up to $26.62 per applicant may apply. View our rates and fees here.

The team at First Credit Union are here to help. We understand that sometimes things go wrong and not to plan.

If you have missed a loan repayment it is important that you give us a call or visit your nearest branch as soon as possible.

Our team will work with you to get everything back on track, so the sooner you contact us the better.

If your personal loan is approved we will need to see some photo ID, such as a passport. If you are not a member we will also need proof of your current physical address such as a bank statement or utility bill addressed to you. Please check out our full list of ID requirements.

From time to time, First Credit Union offers special Personal Loan rates through approved employer and partner group schemes.

These rates are available only to:

·         current members of participating groups, or

·         currently employed staff of participating organisations.

Group scheme rates are not publicly displayed and require a valid promo code, issued by a participating organisation or an FCU staff member.

If you have a promo code, you can enter it in our Online Loan Application, where it will be validated as part of your application.

All applications are subject to FCU membership, lending criteria, and approval.

If you’ve seen a special rate promoted through your workplace or organisation, talk to us and we’ll confirm whether you’re eligible.

You can view these details of your loan on Internet or Mobile Banking:

• Start date
• Term
• Maturity date
• Current Balance
• Arrears Balance
• Available Balance
• Credit Limit
• Interest Rate
• Last payment date
• Last payment amount
• Projected maturity date
• Next payment due
• Next payment amount
• Payment frequency
• Payout amount and valid date
• Security

You may be eligible for a home loan depending on how much surplus income you have available for repayments. A home loan is a big commitment so we will look at your income, expenses and other debt you may have before we can make a decision.

To see how much you can afford, work out a budget for you and your family – this will give you an idea of how much you can afford to set aside towards the costs of owning your own home. Don’t forget to think about home ownership expenses such as rates when doing your budget.

We will need a completed home loan application, including some extra information in order to process your application. Come in and see us at one of our branches, or contact our call centre.

• A completed Home Loan Application form.
• Proof of Income. We’ll need to see three of your most recent payslips; or an original letter from your employer confirming your base annual salary and starting date. If you’re self-employed we’ll need to see signed final financial accounts for the last two years of self-employment (prepared by a chartered accountant).
• Your last three months bank statements – for your main transactional account/s.
• Proof of outstanding balances on any personal loans, hire purchases and credit cards if applicable.

• Copy of Sale & Purchase Agreement.
• Registered valuation on the property you want to buy (if applicable).
• Statutory Declaration of Gift - Deposit (If applicable).
• Life and/or Loan Repayment insurance
• House insurance

This will depend on how much you borrow and how much your repayments are.

Your repayments will be calculated by how much you borrow and how long the term of the home loan is. Repayments are usually made on a weekly, fortnightly or monthly basis. The lending officer assisting you with your home loan application will be able to give you an idea of what your repayments will be.

No. First Credit Union does not charge any application fees on home loans or personal loans. 

Insurance on the property you purchase is compulsory and we can make these arrangements for you (see House & Contents Insurance). However, if you so wish, you can arrange this yourself through another insurer.

Yes – your lawyer will act on your behalf, regarding all legal requirements in refinancing or purchasing the property.

Yes you can. Final approval is subject to your deposit and the property you are purchasing. We may also advise you that we require a registered valuation.

Click here for our current interest rates.

No, we will advise you if one is required.

If you have a floating home loan with First Credit Union, you can make extra payments without penalty or fees.

The maximum term of a First Credit Union home loan is 30 years.

Kāinga Ora insures First Home Loans that are issued by selected banks and other lenders so that home loans that sit outside normal lending criteria can be made to First Home Buyers. First Credit Union’s normal application process and terms and conditions still apply.

To be eligible for a First Home Loan you will need to have a 5% deposit and will need to meet the income cap and be looking to purchase a house within the regional price cap. At First Credit Union, we understand that a home loan is a big commitment, so we will look at your income, expenses and other debt you may have to ensure that you can afford repayments before we make a decision.

Yes, it is a condition of the First Home Loan initiative that you must live in the home you are buying. A First Home Loan can not be used to buy an investment property or rental.

As part of the First Home Loan initiative you will need to pay a 1 percent Lender’s Mortgage Insurance premium. This can be added to your home loan with First Credit Union.

We will need a completed home loan application, as well as some further documents in order to process your application. Come in and see us at one of our branches, or contact our call centre.

This will depend on how much you borrow and for how long. First Credit Union will work with you to tailor repayments that will suit your budget.

No. First Credit Union doesn’t charge any application fees on their home loans- which could save you hundreds!

Insurance of the property you purchase is compulsory.

Yes – your lawyer will act on your behalf, regarding all legal requirements in refinancing or purchasing the property.

Yes you can. Final approval is subject to your deposit and the property you are purchasing. We may also advise you that we require a registered valuation.

Visit rates and fees for information about First Credit Union’s home loan rates.

If you have lost your income and have a loan with First Credit Union, please call us as soon as possible so that we may best assist you with your situation.

Please call our Call Centre and ask to be put through to the Collection Solutions team to discuss some options.

If you are having difficulty making a payment please phone our call centre team and asked to be put through the Collection Solutions team.

We are here to assist you and work with you to decide on a suitable payment arrangement.

If you took out Loan Protection Insurance with your loan it might cover your payments.

You may be able to make a Financial Hardship application. If you meet the criteria, we may be able to make changes to your repayments to develop a solution that is within your financial means.

If you default on your loan payments, it may affect your credit rating.

If your loan is in default and is secured by a vehicle, enforcement action may be taken against the security, or we may commence court action against you.

If you are struggling to meet your loan repayments, please get in touch with the Collection Solutions team. If you meet the criteria, we may be able to make changes to your repayments to develop a solution that is within your financial means.

You need to apply in writing on our Financial Hardship application and explain your reason for Hardship.

Please make contact with either your local branch or our Call Centre if you would like a Financial Hardship Application form.

Someone from the Collections Solutions team will advise you of the outcome of your application within 20 working days of receiving it. If we require further information we will ask for it within 10 working days. You can email us your completed application and any supporting information at hardship@firstcu.co.nz.

When a member applies for financial hardship, and it is approved, your financial hardship status is included in our reporting to our credit bureau as an ‘H”, on your individual credit file.

This status remains on your file until you are no longer in financial hardship.

All approved financial hardship applications will be reviewed in six months from approval date.

If you believe you are experiencing financial difficulties, we recommend you make an appointment with a budgeting service (google: “Local Budgeting Services”) or building financial capability service provider such as Ministry of Social Development Service Money Talks.  You can contact them on 0800345123, text 4029 or email help@moneytalks.co.nz. You can also contact your local Citizens Advice Bureau.

You can find a full list of their contact details here.

Your physical debit card should arrive by mail within 7–10 working days, depending on your standard NZ Post delivery schedule.

In the meantime, you can start using your digital card immediately for online payments.

To access your digital card details:

1. Open the FCU Mobile Banking app.
2. Go to Services > Manage Cards, tap on your card, and select Show Card Details.
3. You’ll see your card number, expiry date, and dynamic CVV (valid for 24 hrs)  for online transactions.

If you haven’t received your card within ten working days please call us.

1. Open the FCU Mobile Banking app.
2. Go to Services > Manage Cards, tap on your card, and select Pin Card.
3. Enter your desired Pin and confirm.

When your card is about to expire, we will send a new one in the mail. It will come ready to use with your current PIN loaded.

When you use Mastercard® contactless technology as a payment method the funds take a little longer to clear from your account therefore the differences in available and current.

You can link it to any of the following accounts:

• Everyday Account
• Special Purpose Account
• Bill Pay Account
• Expense Account

You just need to advise us at the time of ordering your card what account you want it linked to.

If you think a transaction shown on your statement is incorrect, the first step is to reach out to the merchant.

Failing a resolution with the merchant you can dispute the transaction via us. Give us a call us or visit nearest branch.

If you have any further questions please contact us, our team will be happy to help.

If you dispute any transaction, you must notify us within 60 days of the date of the transaction.

Once you have notified us of the disputed transaction, we will investigate the matter and acknowledge your complaint within five days. Failure to report the incorrect, invalid or unauthorised transaction within 60 days of the date of the transaction will mean we cannot reverse the transaction and you will have to pay for it.

If you have checked your First Credit Union accounts via Internet or Mobile Banking you may notice that some of your recent transactions have Pending next to them.

When you make a transaction/payment using your First Credit Union Mastercard Debit Card the funds come out of your account immediately, however, if they have 'pending' next to them there are a few reasons why this may happen:

• Authorisations
• Pre-authorisations
• Verifications

These are retailer/merchant payment transactions that have been authorised by First Credit Union, but the transaction hasn’t yet been ‘processed’ to your First Credit Union account. Your available balance will be your account balance less the amount of the transaction, this is also known as a hold placed on your account balance. But in most cases the transaction will be completed/fully processed within 1-2 working days and can in some instances can take up to 9 days depending on the merchant processing the payment. An example of an authorisation hold is when you use payWave in store or use your card online to purchase an item.

A pre-authorisation impacts your available balance. Examples of when you may see a transaction like this is when you visit a self-serve or unattended fuel pump, stay at a hotel or when dealing with a rental company. A pre-authorisation is used when the full amount of the transaction is not known. The pre-authorisation amount will disappear once the final transaction has been processed.

Sometimes a company will want to verify your card details. If this is the case, they will place a small ‘hold’ (around the $1 mark) on your card. This will not be processed; however, the balance of your account will reduce by the amount of the ‘hold’ until the final transaction is processed. An example of when this is used is when you check in to a hotel.