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Community First Credit Union Personal Loans


Community First


Community First is one of the larger credit unions in the metropolitan Sydney area and provides a wide range of banking services throughout this area. Although a medium sized credit union in national terms, it is 23rd in size in Australia; its regional focus means that it is the largest credit union within Sydney and one of the largest in New South Wales. 

Community First started in 1959 as a credit union helping office workers of the Metropolitan Water, Sewerage and Drainage Board, the predecessor of Sydney Water.  It later expanded to cover all Water Board workers no matter what their status, and in order to make it possible to open local officers started banking with the general public throughout the Sydney area.

One of the things that differentiates Community First from other lenders is that they have mobile lending officers who will visit applicants at home or in the workplace rather than expecting the borrower to come to the branch.  As well as a more personal and convenient service it also means that the loans can be quickly approved and can be well tailored to the borrower.

There are a number of personal loans offered by Community First.  For small amounts of up to $5,000 the credit union recommends its Personal Line of Credit.  This is an unsecured loan and generally has quite a high interest rate.  However interest is only charged on the amount borrowed at the time rather on the whole amount approved.  This can mean that in effect the interest paid is lower.

For sums up to $35,000 there are two types of unsecured loan, the Personal Best Loan and the Car Cash Loan.  The Personal Best Loan is a standard personal loan that offers both a fixed payment and a variable interest option.

The Car Cash Loan can either be taken for new or used cars.  For a car over three years old there are no special terms, and the borrower is required to get either a secured or unsecured loan.  If a car is younger than three years old then there are some special terms, with the car being able to be used as security and no deposit needed for the car.  This is available for loans between $10,000 and $60,000.  It is also available for new motorbikes, although not nearly new motorbikes as it is with cars.

Over $35,000 unsecured loans are not available and lending is done through Mortgage Secured Loans, which is almost always secured over a property.  This is allowed for up to $1 million. 

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* The products compared on this page are chosen from a range that has access to track applications from and is not representative of all the finance products available in the market. You should always consider seeking independent financial advice and your personal financial circumstances when comparing loan products.

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