CUA (formerly Credit Union Australia) is one of the country’s largest customer-owned financial services companies.
Launched in 1940, CUA has grown to have a nationwide member base of over 400,000 customers. As a 100 per cent customer-owned institution, CUA reinvests its profits and passes the reduced fees and interest rates to its customers. It offers a wide range of products including bank accounts, credit cards, insurance and home loans.
At the 2016 Australian Retail Banking Awards CUA won ‘Mutual of the Year’ and in 2015 won Money Magazine’s ‘Best of the Best Gold Award’ in the Best Savings Account – Regular Deposits category. CUA was named ‘Member-Owned Bank of the Year 2015’ by the Financial Review Smart Investor’s Blue Ribbon Awards.
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When considering a home loan there are several different factors to take into account. If you want to live in the property, or buy it as a future investment, will determine whether you should apply for an owner occupied loan or an investment loan. You can also browse by company to see the different types of home loan offered as some loan providers offer basic products, as well as inclusive package deals.
You will also need to consider what sort of payment plan suits you. Home loans are offered either at a fixed or variable rate of interest. Fixed rate plans suit those who may be on a budget or prefer to know exactly what they pay back each month. However, a variable rate loan could work to your advantage as you could pay back less overall if interest rates fluctuate.
When considering any type of home loan, it is recommended to get an expert’s opinion. They will help you choose a home loan that’s right for you as well as determining what sort of payment plan will work best for you and your money.