The Credit Union Australia (CUA) is Australia’s largest credit association, so customers are completely assured of the products that this lender provides. Today we will introduce you to the steps to register your Credit Union Australia personal loans.

Credit Union Australia personal loans
Get Credit Union Australia personal loans in SIX steps

In the previous post, Info Credit Free introduces people to some of the necessary information that is useful for getting Latitude Loans personal loans in Australia, to get more information people can read the article You can get the Latitude personal loans at least $3,000. Now, let find knowledge about the Credit Union Australia personal loans in the post today.

CREDIT UNION AUSTRALIA PERSONAL LOANS

Just like a lot of article posts such as credit check agencies, open bank account online Australia, Harmoney personal loans…, this post about the Credit Union Australia personal loans also includes some main parts. They are:

1. Somethings about the Credit Union Australia personal loans

Some of the characteristics that CUA personal loans give to such customers are:

  • There is a competitive fixed interest rate. Customers will be charged a fixed fee of 9.89% p.a.
  • Tenor. Customers can choose to pay their loans for a period of 1 to 7 years.
  • Flexible repayment method. The demand for payment of debt depends on you, the terms of choosing flexible payment methods. Customers can also make additional refunds without having to worry about penalties or fees if the loan is paid earlier than expected.
  • Redraw. Customers can redraw any additional refunds using the convenient redraw utility attached to this loan. There is a minimum of 200 dollars to redraw in the branch.
  • Customers are provided with personal loans ranging from 5,000 to 50,000 dollars.
  • No monthly fee. Customers do not have to pay any ongoing fees during the loan period
CUA Unsecured Fixed Rate Personal Loan
Interest Rate (p.a.) 9.89% (fixed)
Comparison Rate (p.a.) 10.14% 
Interest Rate Type Fixed
Min Loan Amount $5,000
Max. Loan Amount $50,000
Loan Security Unsecured

2. Some steps to get the Credit Union Australia personal loans

2.1. The purpose of the loan

Here are some of the most commonly used personal loans for:

  • Buy car
  • Merge your debt
  • Home improvement
  • Pay for a wedding
  • Travel/holidays
  • Payment of medical expenses

For smaller purchases, other financial types such as credit cards, with different features and benefits, can be a better option.

Second, you will need to decide how much you want to borrow. This will depend on a number of factors, including:

  • How much will the item/vacation/wedding cost, or how much debt are you looking for to merge into the new loan?
  • Are you looking for a loan to pay the full amount, or will you use your savings to pay part of it?
  • How much can you afford to borrow and return safely?
Credit Union Australia personal loans
Get Credit Union Australia personal loans in SIX steps

2.2. Calculate how much people can borrow safely

Before you consider specific types of loans and start the registration process, you should have a clear idea of how much you can afford to borrow safely.

You can do this by using a calculator that allows you to enter your income (salary is usually the main here) and your regular expenses and expenses (rent payment, bills, living expenses, childcare, etc.).

It is important to be as accurate and thorough as possible when entering these details so that you get realistic estimates of how much you can borrow. Finally, you will need to provide these details as part of your loan application and be able to provide documents to support them. If you are unable to provide these documents, your loan may not be approved.

Based on the estimated amount you can borrow, you can also calculate how much your weekly/fortnightly payment is and how much you will pay. This will give you another good indication of whether the loan amount is appropriate or not.

2.3. Choose the loan that’s right for you

There are several different types of personal loans in Australia to choose from. The main choices you will have:

  • Loan secured or unsecured
  • A loan with fixed or variable interest rates

Deciding which type of personal loan is appropriate will depend on the purposes such as the purpose of the loan, the amount you want to borrow (some loans with a minimum/maximum amount) and you want the flexibility of Rate of change or peace of mind of a fixed rate.

It is a good idea to talk to a loan specialist if you are not sure what the best option might be.

2.4. Submit an application

With CUA customers can apply:

  • Online
  • Over the phone (133 282)
  • In person at the nearest branch

Before you start, a good idea is to have all the information you need so that you can complete the application once without updating it with additional details at a later date.

Every time you apply for a loan, it is added to your credit record, so it is very important to get it right the first time. It’s also worth remembering that in order to complete the application, you need to agree to perform a credit check.

2.5. Provide documents to support your application

Documents that you will be asked for may include:

  • Proof of income such as the most recent paycheck, employment contract, rental property report, child support agreement, government benefit report, etc.
  • Evidence of other financial expenses and living expenses such as the most recent trading account statement or loan account statement.

If you make a general application, you will need to provide documentation for each applicant.

2.6. The loan will be funded, the repayment will begin

If your application and supporting documents meet the lender’s criteria, the loan will be approved.

At this point, the lender will give you a loan agreement confirming the loan details and any other terms and conditions.

When you accept the contract, your loan will be funded, and it usually takes at least one business day to receive the money. How the funds distributed by the lender will depend on the type of loan. For example, money can be transferred electronically to your trading account, paid via BPay or issued as a check. Any specific details about your loan type will be explained in your contract.

The interest, APR, Fees of Credit Union Australia personal loan

  • From 9.89% to 12.15% per annum
  • APR: Max 12.15%/year
  • A loan between 6 months and 7 years
  • Fees: Free profile and disbursement

Loan description table:

Loan Amount

Term of Loan

Interest Rate (APR) Expected Monthly Payment
$50.000 12 months 10% $5.000

Credit Union Australia Ltd

  • ADDRESS: GPO Box 100 Brisbane, QLD 4001 Australia
  • Phone: 61-7-3552-4713

Important information

Rates current as at 09 Oct 2019 and subject to change.

Your loan contract will state the minimum monthly repayment amount. You can arrange with us to make repayments on a weekly or fortnightly basis.

Loans are issued by Credit Union Australia Ltd ABN 44 087 650 959 AFSL and Australian Credit License 238317 to approved applicants only. Lending criteria, terms, conditions, fees and charges apply. Ask us for details.

Loan term for a CUA Unsecured Variable Personal Loan or Discount Variable Personal Loan ranges from 1 to 7 years. For a loan amount of $30,000 over 5 years:

  • with a maximum variable interest rate of 11.89% p.a. (12.15% p.a. comparison rate) for the Unsecured Variable Personal Loan, the estimated total amount payable (including fees) is $40,115.02.
  • with a maximum variable interest rate of 10.89% p.a. (11.15% p.a. comparison rate) for the Discount Variable Personal Loan, the estimated total amount payable (including fees) is $39,212.69.

Comparison rate calculated on a loan amount of $30,000 over a term of 5 years based on monthly repayments. Rates are for unsecured loans only.

WARNING: Comparison rates are 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.

  • A $200 minimum withdrawal amount applies for redraws conducted in-branch. Redraw facility is available for CUA Personal Loan products on offer from 6 June 2017.
  • Drop in to your local branch for a loan from $1,000.

This post is about Credit Union Australia personal loans. We provide this information to offer you some of the necessary information that is useful for getting the Credit Union Australia personal loans. Also if you are looking for information about the personal loans from MyState Bank, please refer to Somethings you should know about the MyState Bank personal loans are the best choices for you link we just provided in the previous article. 

Hillary (Team Content) – Info Credit Free