Home Loans

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Let us help you get the house of your dreams!

Buying your first home, renovating, or building- we're here to help. At First Credit Union we take the time to understand your financial goals and your home loan application is reviewed on an individual basis.

We’re member-owned, which means all decisions made are with your best interests at heart. We offer competitive rates, no application fees, and a bit more flexibility around deposit size than you might be used to.

Don’t have the 20% deposit required by the banks? We may be able to assess home loan applications with a smaller deposit, depending on your individual circumstances.

Our Rates

Floating 6.49% p.a.

 

1 Year Fixed

 2 Year Fixed

Special

(Less than 80% LVR)

5.29% p.a

5.79% p.a

Standard

(Greater than 80% LVR)

5.89% p.a

6.39% p.a

 Note: The above rates apply to owner occupied home loans only.

Start your application today!

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First Home Buyers 

With rents and house prices continuing to rise, saving a 20% deposit can feel like a moving target. If that sounds familiar, First Credit Union may still be able to help. We consider applications with smaller deposits on a case-by-case basis.

Getting pre-approved before you begin house-hunting gives you a clear understanding of your budget, so you can house hunt with confidence and act quickly when you find the right home.

Refinancing 

There's no application fee when you refinance your home loan with us. And because we're member-owned, our focus is on finding the right outcome for you. Our team can guide you through the process and explain what switching to First Credit Union could look like.

Renovating 

Planning a renovation, an extension, or a new build? We take a more flexible, personalised approach. Tell us what you have in mind, and we'll work with you to explore the options.

Upsizing

Need a home with more room to grow? Whether you need extra bathrooms, a bigger backyard or simply more space for the next chapter, First Credit Union can help make your move possible. We'll take the time to understand your goals, explore your options and help you get a home that better fits your situation.

Existing Members 

Is your fixed term coming up for renewal? As a member, refixing your home loan is designed to be straight forward. We already understand your situation, so there is no need to start the home loan process again. We'll let you know when your fixed rate is due to expire and let you know your options. 

Once you've decided what you want to do, we'll take care of the rest.

Why Us 

Don't have the 20% deposit the banks usually ask for? That doesn't automatically rule you out with us. We take the time to understand your situation and assess your application based on your individual circumstances.

There's no application fees, whether your applying for the first time, refinancing, or moving your home loan to First Credit Union from somewhere else. When you apply, your application is reviewed by a real person, who wants to help you achieve your financial goals. We think that's important, because everyone's goals are different.

We're also member-owned, which means our focus is always on what is best for our members, not delivering profits to shareholders. 

Tip: Get pre-approved before you start house hunting- you'll know exactly what you can afford.

IMPORTANT - You are protected by responsible lending laws. Because of these protections, the recommendations given to you about our home loans are not regulated financial advice.

This means that duties and requirements imposed on people who give financial advice do not apply to these recommendations. This includes a duty to comply with a code of conduct and a requirement to be licensed.

Frequently Asked Questions

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

  • Loans over 80% LVR sit on our standard rate rather than our special rate - you can see both on our rates and fees page. Talk to our team about what applies to your specific situation.

  • A completed home loan application, proof of income (three recent payslips, or an employer letter confirming your salary and start date - or two years' signed financial accounts if you're self-employed), your last three months of bank statements, and details of any other loans, hire purchases or credit cards you're paying off.

  • Once you've got a place in mind, we'll ask for a copy of the sale and purchase agreement, a registered valuation if one's required, a statutory declaration if part of your deposit is a gift, and confirmation of house insurance and life or loan repayment insurance.

  • No. We don't charge an application fee on home loans, whether you're buying for the first time, refinancing, or switching over from another bank.

  • Yes, if you're on a floating rate - no fees, no penalties. If you're on a fixed rate, extra repayments may trigger break costs, so check with us first.

  • 30 years.

  • Yes. Your lawyer handles the legal side of things - checking the title, working through the sale and purchase agreement, and registering the mortgage.

  • Yes, insuring the property you're buying is compulsory. We can help arrange this, or you're welcome to sort it with your own insurer.

  • Yes, and it's worth doing early. Pre-approval means you're house-hunting with a real number in mind, so you can move quickly and confidently once you find the right place.

  • No - we're a member-owned financial institution rather than a registered bank. That means we're owned by our members instead of shareholders, and any benefit that comes from running things well goes back to the people who bank with us. We're still held to the same responsible lending laws as banks when it comes to home loans.

  • For more information, check out our FAQs page.

  • For all home loans, First Credit Union's normal lending criteria, fees, interest rates, terms and conditions apply and are subject to change.

    If a home loan is greater than 80% of the property's value, a low equity interest rate premium does apply.

    Owner Occupied lending is:

    • Where there is a minimum 20% equity in the property, and the member(s) applying for the home loan intends to occupy the property; or
    • A First Home Loan.

    For fixed home loans - If you repay your home loan before the fixed term is finished, you may be charged early repayment fees. View our rates and fees here.