CommFCU Home Loans: The 2026 Review

Community First Credit Union, also known as Community First Bank, is a community-owned financial institution in Australia. While specific details about its founding year are not available, the credit union has established itself as an independent entity, not affiliated with the Big 4 banks. This independence allows it to maintain a focus on community values and customer service, distinguishing itself from larger financial institutions.

Today, Community First Credit Union operates with a business model centred around flexibility and customer-centric service. With 61 products and variations available both online and through branches, the credit union provides a range of financial solutions tailored to meet the diverse needs of its members. Its community ownership and focus on building strong member relationships set it apart in the financial landscape.

Targeting a broad customer base, Community First Credit Union offers products that cater to various demographics, including self-employed individuals. Its value proposition includes features such as no penalties for extra repayments and a redraw facility, enhancing accessibility and flexibility for borrowers. The credit union's commitment to community initiatives and customer loyalty underscores its role as a viable alternative to traditional banks.

• Legal Name: Community First Credit Union Limited
• ABN: 80 087 649 938
• Type: Credit Union
• Ownership: Independent

• Website: https://www.communityfirst.com.au
• Phone: 1300 13 22 77

CommFCU offers flexible home loan options with no penalties for extra repayments and a convenient redraw facility, catering to a variety of borrower needs, including self-employed individuals.

• No Penalty for Extra Repayments: Borrowers can make additional repayments without incurring penalties, allowing them to reduce their loan balance faster and save on interest over time.
• Redraw Facility: This feature provides borrowers with access to extra funds they have repaid, offering financial flexibility for unexpected expenses. Note that redraw fees may apply.
• Early Repayment Fee: While extra repayments are penalty-free, an early repayment fee may apply if the loan is paid out during the fixed rate term, encouraging careful financial planning.
• Debit Card Access: Borrowers can access their loan account with a debit card, enhancing convenience for everyday transactions and financial management.
• Online Banking: CommFCU offers robust online banking features, allowing borrowers to manage their loans and make repayments digitally, ensuring ease and accessibility.
• Loans for Self-Employed: The credit union accommodates self-employed applicants, expanding eligibility and providing more Australians with access to home loan products.
• Split Loan Option: Borrowers can divide their loan into fixed and variable portions, offering a balance between stability and flexibility in managing interest rates.

CommFCU maintains a transparent fee structure, offering borrowers clarity on costs associated with their home loans. The credit union provides detailed information on both upfront and ongoing fees, ensuring members understand potential charges.

• Construction Loan Application Fee: $1500 - Includes application, inspection, and draw-down fees during construction. Legal fees are additional and charged at cost.
• Additional Valuation Fee: Variable - Charged at cost, applicable when additional property valuations are required.
• Search Fees: Variable - Charged at cost for property searches during the loan application process.
• Boost Package Annual Fee: $395 (Annual) - Annual fee for maintaining the Boost Package Home Loan, providing bundled features and benefits.
• Special Attendance Fee - Mortgage Discharge: $696 - Charged at the time of mortgage discharge, covering administrative costs.
• Early Repayment Fee (ERF): Variable - Applies if the loan is paid out during a fixed rate term. Specifics are detailed in the loan contract.
• Late Payment Fee: $25 - Charged to the loan account if a payment is missed or delayed.
• Redraw Fee - Staff Assisted: $30 - Fee for accessing extra funds through a staff-assisted redraw from the loan account.
• Safe Custody Fee: $50 - Annual fee for the safe custody of documents like certificates of titles and wills.

Community First Credit Union (CommFCU) provides flexible loan options to Australian citizens and permanent residents, catering to a diverse range of borrowers including self-employed individuals.

• Applicants must be at least 18 years old.
• Must be an Australian citizen or hold permanent residency.
• Applicants must be natural persons, not legal entities.
• Proof of stable income is required to demonstrate the ability to repay the loan.
• A satisfactory credit history is necessary for approval.
• Loans available for self-employed individuals with relevant documentation.

• Lenders Mortgage Insurance (LMI) may be required for loans with an LVR above 80%.
• Some products may allow a 5% deposit with a guarantor.
• Early repayment fees may apply if the loan is paid out during a fixed rate term.