Home Loans

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 form, 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 dealing 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.