A home loan helping hand
To recognise some of our key community professions that work hard to serve others, we're making it easier to buy a home, by giving them the ability to borrow up to 90% of the property value, without the need to pay Lenders' Mortgage Insurance 1 . It's available to buy or build a live-in or investment property, for new lending up to $1.2 million. Essential services workers such as police officers, ambulance officers and paramedics, nurses in hospitals and aged care facilities, as well as professional firefighters and school teachers may be eligible. See the full list of included professions below.
90%
LVR
Borrow up to 90% without the need to pay LMI 1
$0
LMI
If you're eligible, you won't pay LMI 1
$1.2M
Max loan
Available for new lending up to $1.2 million
$600
Application Fee
Includes one standard valuation and legal fees for one security property
Features and benefits
Simple
Make extra repayments on either the fixed or variable rate home loan without penalty and access these funds via redraw.
Flexible
Includes a 100% offset account (up to 2) at no extra cost. Plus, choose weekly, fortnightly or monthly loan repayments.
Low fuss
A simple, low fuss loan with no monthly or annual fees to fund the purchase or construction of your owner occupier or investment property.
Fixed rates - Community Advantage fixed home loans
1 year fixed
Principal and interest
|
6.14% p.a.3 |
Comparison rate:
|
6.55% p.a.* |
2 year fixed
Principal and interest
|
6.04% p.a.3 |
Comparison rate:
| 6.49% p.a.* |
3 year fixed
Principal and interest
|
6.04% p.a.3 |
Comparison rate:
|
6.45% p.a.* |
1 year fixed
Principal and interest |
6.44% p.a.3 |
Comparison rate:
|
6.85% p.a.* |
2 year fixed
Principal and interest |
6.34% p.a.3 |
Comparison rate:
|
6.79% p.a.* |
3 year fixed
Principal and interest |
6.34% p.a.3 |
Comparison rate:
|
6.75% p.a.* |
Balance Variable - Community Advantage variable rate home loan
Variable
Principal and interest
|
6.54% p.a.2 |
Comparison rate:
|
6.59% p.a.* |
Variable
Principal and Interest |
6.84% p.a.2 |
Comparison rate:
|
6.89% p.a.* |
Who's eligible?
To qualify, at least one borrower (not guarantor) must be employed/engaged in one of the occupations listed below.
- Police Department employee (sworn officer or civilian)
- Ambulance Officer (including specialist paramedics)
- Qualified Registered Nurse (including hospital and nursing home/aged care facilities)
- Professional Fire Fighter
- Qualified / Licenced Teacher (currently employed in a school)
- Accountant
- Medical Doctor
- Dentist / Orthodontist
- Judicial Officer
- Veterinary Surgeon
- Legal practitioner
What is LMI?
Lenders’ Mortgage Insurance (LMI), is an insurance that protects the lender, not the borrower against a shortfall in the sale of the home and the outstanding loan amount should they default on a loan. It's a one-off payment made by the borrower at the time of the loan settlement, and can cost thousands.
How to apply
You can apply online, over the phone or by visiting one of our financial services stores. One of our Mortgage Specialists will guide you through the process.
You can view Target Market Determinations here.
Credit eligibility criteria, terms & conditions, fees & charges apply. Community Advantage is available as principal and interest lending for home purchase and home construction purposes only.
Community First reserves the right to make final eligibility decisions on an applicant's profession for the Community Advantage home loan product.
1 Lenders' Mortgage Insurance applies where the loan to value ratio (LVR) exceeds 90%. Some suburb exclusions apply.
See other Community First Bank home loan products if your LVR exceeds 90% here
2 Rate for new loans is current as at 19/11/24 and subject to change without notice.
3 Interest rate is current as at 19/11/24 and is applicable for new loans and switches and is subject to change without notice. At the end of the fixed period your loan and interest rate will revert to the applicable Community Advantage Variable Home Loan and its relevant variable interest rate. Accordingly, your repayment amount may change. Alternatively, you can switch into a new fixed term home loan by paying a loan variation switch fee. Your interest rate and repayments may increase at the end of the fixed term based on the applicable interest rate in place at that time. Break costs will apply to fixed rate loans if you switch to another home loan product before the end of your fixed rate period.
At any time during the loan term you can request a valuation, at your cost, be completed on the security property. If the LVR has reduced to 80% or less, you can elect to switch into any other applicable Community First home loan product. A loan variation switch fee will apply, unless you select a package home loan. We recommend this action is completed during a variable loan term, as break costs apply to fixed rate loans.
*The comparison rate is calculated on a loan amount of $150,000 over a loan term of 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
Community First Credit Union LimitedABN 80 087 649 938 | Operating as Community First Bank | AFSL and Australian credit licence 231204| BSB 512-170