CUA’s Financial Assistance Package
We are providing a Financial Assistance Package to help those impacted by the COVID-19 situation. It will help provide immediate relief to impacted members.
As a member-owned organisation, we’ve a proud history of standing by our members. It’s what we’ve done for more than 70 years and will continue to do as we face this current challenge together. In these uncertain times, one thing’s for certain, we’re here to support you – our members.
Support for members with home loans
Reduction to fixed home loan rates
New 2.29% p.a. 2-year and 3-year fixed home loan rates (comparison rates* of 4.11% p.a. and 3.94% p.a. respectively) for owner-occupiers making principal and interest repayments, effective Wednesday 1 April 2020 – a reduction of at least 0.55% p.a. These rates are available for new or existing members.
Note – These rates will be available to existing CUA members. However any members wishing to terminate an existing fixed rate contract early will be subject to applicable early payout fees and charges.
Repayment relief for members with home loans
You can defer your home loan repayments for up to six months if you are experiencing difficulty as a result of COVID-19. We can also extend your loan term by the same length of time to ease the pressure and minimise the increase to your repayments when you start to make them again. Apply online in just a few minutes.
You can access fee free redraw and offset if you have a variable or fixed rate loan with these features.
We’re offering the flexibility to shift from Principal and Interest payments to Interest Only for eligible members. (Note a change of interest rate will apply).
If you’re paying more than the minimum repayment each month, you can request to reduce this to the minimum payment amount, freeing up extra cash flow.
We don’t charge annual package fees or account keeping fees on our home loan products and will waive any late payment fees on home loan payments.
Support for members with deposits
We’ve increased our 12-month Term Deposit rate by 0.30% p.a., launching a special offer of 2.00% p.a. interest rate for all Australians and a 2.10% rate for members aged over 55 years. These rates are effective Wednesday 25 March 2020.
CUA does not charge account keeping fees on deposit products.
Support for members with personal loans or credit cards
We will waive late fees for personal loan repayments. Other assistance options may also be available for members on request.
Repayment relief for credit cards is available on a case by case basis, with no fees for replacement cards.
Support for members with CUA Health insurance
CUA Health will delay its 1 April premium changes for six months until 1 October 2020. Members do not need to do anything to take advantage of the delay to premium increases, as the change will be applied automatically. (Note that if members have been advised of other changes to their policy or level of cover, these changes will proceed on 1 April 2020 as planned.)
CUA Health policy-holders experiencing financial difficulty or a loss of income as a result of COVID-19 can suspend your policy and premium payments for three months by phoning CUA Health on 1300 499 260. If you require hospital treatment during the period of the suspension, you should contact CUA Health and we will work with you to reactivate your policy.
For the duration of the COVID-19 pandemic, CUA Health will cover members for all in-hospital COVID-19 treatment irrespective of their level of hospital cover, provided they have held the CUA Health hospital policy for at least two months.
Support for small business
Repayment relief for small business members: You can defer your business loan repayments for up to six months if you are experiencing financial difficulty as a result of COVID-19. We can also extend your loan term by the same length of time to ease the pressure and minimise the increase to your repayments when you start to make them again. Apply online in just a few minutes.
We’re reducing secured overdraft rates by 2.00% p.a for small business members.
We’re reducing variable rates on term loans for existing small business members from Wednesday 8 April 2020:
- We’re reducing the rate for term loans with residential security to a new variable rate of 4.39% p.a.
- We’re reducing the rate for term loans with commercial security to a new variable rate of 4.89% p.a.
* 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.
CUA Health Insurance is provided by CUA Health Ltd ABN 98 098 685 459 (CHL) which is not an authorised deposit-taking institution. While CUA Health Insurance may be distributed by Credit Union Australia Ltd ABN 44 087 650 959, AFSL 238317 (CUA), CUA is not liable for this product and does not stand behind CHL.