Home Loan Key Facts Sheets are part of the Australian Government’s banking reforms effective 1 January 2012.
The Key Facts Sheet outlines loan information in a standardised format used by all financial institutions, therefore allowing you to compare CUA home loan products against those available from competitor institutions.
The Key Facts Sheet highlights important information, such as the total amount to be paid back over the life of a loan, and what the expected repayment is for every dollar borrowed.
A Key Facts Sheet is only applicable when the loan will be repaid by principal and interest repayments for the full term and the purpose of the loan is to purchase residential property or refinance a loan that was wholly or predominantly to purchase residential property.
Results are based on a single, full time PAYG income with no dependants. Any upfront costs that may be associated with the loan are capitalised in the loan amount. The results from this calculator should be used as an indication only. Results do not represent either quotes or pre-qualifications for a loan. The actual amount you can borrow may vary depending on factors including your verifiable net income, other debts or liabilities you have and the number of dependents you have. Lending is to approved applicants only and all lending is subject to a detailed credit assessment.
Fees and charges are payable. The calculations do not take into account fees, charges or other amounts that may be charged to your loan (such as establishment or monthly service fees or stamp duty). If you are borrowing more than 80% of the value of the property, Lenders Mortgage Insurance may apply. Any of these additional amounts will increase repayments under the loan.
Repayment is for principal and interest and is indicative only based on the stated information. Changes in interest rates, repayment frequency and loan term will affect the repayment amount.
Expense Details and Default Values The calculator initially assumes that the borrower has a minimum set of annual expenses of $17,004. Maximum percentage of income available - currently set at 100% of income
All months are assumed to be equal. In reality, many loans accrue on a daily basis this can lead to varying interest in different months.
Number of Weeks & Fortnights in a Year
One year is assumed to contain exactly 52 weeks or 26 fortnights. Thus the assumption is for a 364 day year.
The calculator uses the unrounded payment to derive the amount of interest accrued over the full term of the deposit, however, institutions round repayments to the nearest cent.
The calculations provided are estimates only and based upon the information entered into the calculator by the user. The calculations do not include upfront or continuing credit fees and charges. The resulting calculations do not constitute a loan application or variation to an existing CUA facility, loan offer or loan approval.
Rates current as at 7 November 2018 and subject to change.
Your needs and financial circumstances have not been taken into account. Terms, conditions and Lending critieria apply and are available on application. Other fees and charges may apply. A General Information , Terms & Conditions brochure and Schedule of Fees are available online or from your local CUA branch. You should read both these documents before deciding whether to purchase this product, issued by CUA.
Comparison rate calculated on a $150,000 secured loan over a term of 25 years based on monthly repayments. 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.
The extra costs of buying a home and how to minimise them
For most people, your home is the biggest thing you’ll ever pay for. Sadly the cost doesn’t come in one neatly packaged bundle. Expenses come in different shapes and sizes, and from sources you mightn’t expect.
Rates, including the rates by which loans are discounted, are current as at 7 November 2018 and subject to change.
Home loans issued by Credit Union Australia Ltd ABN 44 087 650 959, Australian credit licence 238317 to approved applicants only. Lending criteria, fees, charges, terms & conditions apply. Ask us for details.
1 Achieve Variable is available to new to CUA home loans only. Minimum loan amount $100,000. Not available for switching or restructuring of existing CUA home loans or to applicants for another CUA home loan fully approved prior to 7/11/2018 . Maximum LVR limits apply based on standard security types. Advertised discounted rate is available and applicable to owner occupier principal & interest repayments loans submitted on or after 7/11/2018. Interest rates and discounts may vary by loan purpose (owner occupied and investment) and by repayment type (principal and interest, interest only and construction loans). The discounts specified in your loan contract will not change for the life of the loan provided you do not vary your loan contract. If you vary your loan (for example, changing the loan purpose or repayment type), the rates and discounts may change.
2 Principal and interest (P&I) repayments only. Not available for construction purposes.
3 Payments are made on an interest only basis for first 12 months. After 12 months loan will revert to the relevant Achieve Variable P&I repayments rate reflecting the discount specified in your loan contract. Comparison rate based on a 12 month interest only period and P&I for balance of the term.
4 Maximum interest only period of 24 months for owner-occupier and 60 months for investor lending subject to credit assessment. At expiry of the interest only period loan will revert to the relevant Achieve Variable P&I repayments rate reflecting the discount specified in your loan contract. Comparison rates based on a 24 and 60 month interest only period respectively and P&I for balance of the term.
5 You must maintain a minimum balance of $500 in each offset account to obtain an offset benefit. The maximum in your offset accounts that is able to be offset against your Achieve Variable home loan when calculating interest is $15,000. Offset account balances in excess of $15,000 will not be taken into account when calculating interest on your loan. You will also not receive any interest on the funds in your offset accounts.
6 A $200 minimum withdrawal amount applies for redraws conducted in-branch.
* Comparison rate calculated on a $150,000 loan over 25 years based on monthly repayments. WARNING: Comparison rate true only for example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in different comparison rate.