Update to our fees and charges

We’ve recently updated our fees and charges

On 1 January 2022, we removed the following fees on Club Rewards accounts and M Power Rewards accounts:

External Transfers  Was $1 Now FREE
Transactions completed at EFTPOS terminals Was $1.10 Now FREE
ATM balance enquiries Was $1.25 Now FREE


Effective 1 April 2022, the following changes to fees for services and specially requested transactions will occur:

SWIFT payment Was $6.60 Now $6.85
Coin deposits Was 1% of the amount Now $5 flat fee


From 1 April 2022, Bank@Post deposits and withdrawals will no longer be included as eligible transactions under the Member Rebate. These will be charged on the day of transaction and the fees remain unchanged.

Additionally, credit card holders will now be able to complete cash withdrawals, cash deposits and cheque deposits at Bank@Post. Existing transaction fees apply.


Last updated: 22 February 2022

The information contained in this article is only correct at the point of time of publication. It is general information and has been prepared without taking into account your personal circumstances, objectives or needs. Please consider if this information is right for you before making a decision to acquire any product.

Cash or finance for solar panels?

Like any other purchase, determining how you will pay for your solar system is an important consideration.

Moving to solar energy has never been more popular with over 362,000 roof-top systems installed in Australia in 2020 alone! 1 From saving on ever increasing energy bills or doing that little bit extra to help the environment, by considering solar you will be joining the 1 in 4 Australian households that have already made the solar switch!

Like any other purchase, determining how you will pay for your solar system is an important consideration. Paying cash is the most obvious method, however there are a number of different loan options that could help you keep your hard earned cash in the bank and still get solar on your roof with overall savings.

Is it best to get a loan for my solar or pay cash?

This will end up coming down to your personal situation. Before making a decision there are some questions you should consider;

• If you use cash to pay for solar, will you have sufficient savings for other purposes and emergencies?

• Do you have sufficient cash to purchase the most suitable system for your home?

• Are you eligible for a loan and can you afford the repayments?

Ok, so I am considering a loan for you solar, what about difference finance options?

Home Loans are one way of financing your solar. Home loans could give you a lower rate (that is the same rate as your existing home loan), but you could end up paying more in interest overall if the loan term for your solar runs the same as your home loan (i.e. 20 years). Application fees to increase your home loan may be higher and the application process tends to be longer with more documentation required.

Interest Free Finance (or Buy Now Pay Later) schemes can look attractive. They will typically offer approvals immediately with limited documentation – this could suit people with lower credit scores. These types of loans however come with “hidden fees” including a merchant fee of up to 20% that your solar installer pays if you take out this type of finance. This could mean you end up paying more for your solar.

Unsecured Personal Loans can assist you purchase solar. These loans do not require any security, can be fast to apply and get approved. A personal loan requires a credit check and some documentation to be approved and personal loans for solar can be offered on very low interest rate terms.

How do I find out more about the different solar payment options?

Your solar installer will be able to advise the different payment options available and can advise if any discounts for cash would be extended to different solar loan options. Discussing your specific loan options, interests costs and repayments with a solar loan provider will assist you make your decision on how to pay for your solar.

View our solar loan


This information is general advice only and does not take into account your objectives, financial situation or needs (your “personal circumstances”). Before deciding whether to buy any product on this website you should consider your personal circumstances.

1 https://www.csiro.au/en/news/news-releases/2021/australia-installs-record-breaking-number-of-rooftop-solar-panels

Credit eligibility criteria, terms and conditions, fees and charges apply.

Solar loan

Our Solar Loan gives home owners affordable funding choices to make ecofriendly changes to their home and lifestyle.

Many Australians are embracing a more sustainable lifestyle – not just to reduce their eco-footprint, but also to embrace the potential savings of lower utility bills. Community First is taking a leadership role in this movement through our low interest Green Loans (Solar Loans), that give members affordable funding choices to make ecofriendly changes to their home and lifestyle.

Our low rate Solar Loan can help you make environmentally-friendly purchases on products such as insulation, solar pool heaters, external awnings, rainwater tanks, double glazing and grey water treatment systems as well as energy efficient white goods and appliances.

Take the heat out of bills

Solar power is not just good for the environment. Solar power saves money for home owners by generating free electricity during daylight hours 1

According to the Clean Energy Council, households using solar power save an average of $540 every year on power bills (Source: www.cleanenergycouncil.org.au).

Solar loan features

The Community First Solar Loan is unsecured and offers loans from as little as $1,000 for terms up to 10 years. Plus, there’s no penalty if you pay the loan off early and it comes with a highly competitive variable interest rate.

In many cases, the loan repayment could be less than or equivalent to the energy bill savings realised. This means your net effect is positive or no worse off. And when the solar loan is paid off, you can benefit even more from potential power bill savings.

Find out more here.

Cash or finance?

Like any other purchase, determining how you will pay for your solar system is an important consideration. Paying cash is the most obvious method (if you have it), however there are a number of different loan options that could help you keep your hard earned cash in the bank and still get solar on your roof with overall savings.

Read our article on cash versus finance for solar here.

Loans for a greener world

Our award-winning Green Loan is yet another step in allowing our members to make a personal contribution to a healthier eco-system. The continued popularity of our Green Loans reflects the way that environmental issues are a major concern to 77% of Australian households. 2

By offering a low rate product, we allow our members to achieve sustainability success in their home – a process that can also deliver valuable energy savings. This further enhances our commitment to supporting the communities that Community First is part of.

One of the great strengths of Australia as a nation, is that we have access to abundant solar power. Our continent has the highest solar radiation per square metre of any continent globally2 , which gives us access to some of the best solar energy in the world. Yet solar energy accounts for just 0.1 percent of the nation’s total primary energy consumption. 3 Community First is helping to change this while also meeting our members’ preferences for ‘green’ energy.


Credit eligibility criteria terms and conditions, fees and charges apply.

1 https://www.energy.gov.au/households/solar-pv-and-batteries

2 https://www.nielsen.com/au/en/insights/article/2019/finding-success-through-sustainability-aus/

3 https://www.ga.gov.au/scientific-topics/energy/resources/other-renewable-energy-resources/solar-energy  

Amazon SCAM – protect yourself now

Now more than ever keeping you and your money safe is of utmost importance. Scammers are using these unprecedented times to take advantage of us.

They are more sophisticated, ever-changing, clever and convincing. We’re writing to you to ensure you’re aware of what to look for and how to stay safe. Scammers are clever and if you aren’t vigilant, anyone can fall victim to a scam.

In the latest version of the scam, you get a call and a recorded message that says it’s Amazon. The message says there’s something wrong with your account. It could be a suspicious purchase, a lost package, or an order they can’t fulfil.

In this scenario, the scammers say you can conveniently press 1 to speak with someone (how nice of them!). Or they give you a phone number to call. Don’t do either. It’s a scam. They’re trying to steal your personal information, like your account password or your credit card number.

If you get an unexpected call or message about a problem with any of your accounts, hang up.

  • Do not press 1 to speak with customer support
  • Do not call a phone number they gave you
  • Do not give out your personal information

 

If you think there may actually be a problem with one of your accounts, contact the company using a phone number or website you know is real.

How to avoid this scam

  • Never give an unsolicited caller remote access to your computer.
  • Never give your personal, credit card or online details over the phone unless you made the call and the phone number came from a trusted source.
  • If you receive an unexpected phone call about your computer and remote access is requested, Hang Up, even if they mention a well-known company such as Amazon.
  • Don’t be pressured by a threatening caller, STOP, think and check whether their story is true.
  • Don’t use any contact details provided by the caller. Find them through an independent source such as a phone book, past bill or online search.

We’re here to help

  • Remember, we’ll never contact you to ask for your personal banking or account details. If you see any suspicious transactions on your account, contact us immediately.
  • If you would like to talk to us further please contact us on 1300 13 22 77 or visit your local financial services store. You can also visit the Australian Government website on scams – scamwatch.gov.au.

Last updated: 14 May 2021

The information contained in this article is only correct at the point of time of publication. It is general information and has been prepared without taking into account your personal circumstances, objectives or needs. Please consider if this information is right for you before making a decision to acquire any product.

Refinancing and your home loan podcast

Listen to our podcast on refinancing and your home loan. Hosted by Carley Eldridge at Wiseberry Heritage and our very own Regional Partnership Manager, Shane Cridland.

https://podcasts.apple.com/au/podcast/our-heritage/id1548304490?i=1000517058475

Last updated: 11 May 2021

The information contained in this article is only correct at the point of time of publication. It is general information and has been prepared without taking into account your personal circumstances, objectives or needs. Please consider if this information is right for you before making a decision to acquire any product.

Save big by reducing your credit card interest

Do you know what your credit card interest rate is? A lot of people don’t and the truth is, many credit cards charge very high interest each month.

You could save big by reducing your credit card interest

Do you know what your credit card interest rate is? A lot of people don’t and the truth is, many credit cards charge very high interest each month. So while the convenience of paying off your credit card cannot be argued, you need to make sure you’re not really paying for it later with high interest and other fees and charges that can add up each month.

The great news is, there are some fantastic credit cards out there that not only charge lower interest, but also minimise fees and offer great benefits for cardholders. In particular, now could be a great time to look at transferring your balance to a credit card that offers an interest free period, to really save some money in the coming months.

The key is to do your research, shop around and make sure you’ve got the best deal for your situation. So, what should you look for in a good low interest rate credit card?

Finding a low or no interest rate credit card

You may be surprised to learn that many credit cards come with a hefty interest rate of around 20% p.a. Of course you don’t get charged any interest on purchases if you pay your balance off each month, but it’s not always possible to pay the full balance each month.

While some of these credit cards offer perks like retail discounts, frequent flyer points or even cash back offers, they may not make up for the high interest rate you’ll pay. By shopping around, you can find credit cards that charge a lower rate of interest, with some as low as 8.99% p.a.1 , like the Low Rate Blue & Pink Visa cards from Community First.

Even better, there are some great deals to be found by opting to transfer the balance of your existing credit card to a new credit card with a provider offering 0% p.a. 2 interest on balance transfers.

That’s right, you’ll pay no interest on the balance transferred for a set period of time.  That can save you some serious cash in interest payments, and ultimately help you pay back the balance more quickly. If you want to pay down your card, it’s a good idea to use the interest free period to pay off as much as possible.

Check the interest rate at the end of the interest free period

Before you dive right in and switch over your credit card, make sure you check what the interest rate will revert to after the interest free period ends. There’s no point saving money for 6 months if you’ll then be paying even more interest at the end of the initial interest free period.

Also worth considering is the fact that while you could look for a new interest free balance transfer offer when your interest free period ends, continually changing credit cards in order to take full advantage of these balance transfer offers can actually harm your credit rating over time.

A better plan is to find a great credit card with an interest free period on balance transfers, and a low on-going rate. The Community First Low Rate Blue & Pink Credit Card is currently offering 0%p.a.2 interest on balance transfers for 12 months, and a low on-going rate of just 8.99% p.a.1 for purchases and cash advances which is extremely competitive.

Other benefits to look for in a low interest rate credit card

While a great interest rate is appealing, it’s also important to check the other fees and charges, as well as any other benefits that are on offer before switching your credit card over.

Be sure to check if there is a balance transfer fee, as some lenders charge this up front when you transfer your balance over from another credit card.

Also check the annual fee on the card. Most credit card providers charge an annual fee that can range from $40 up to $299 per year. Generally, the higher the fees, the more benefits such as frequent flyer points, discounts on goods and services and other rewards you’ll receive each year. So it’s important to do your homework and understand what benefits you’ll get from the credit card.

Feel good about using your credit card

Last but not least, it’s possible to feel good about your credit card. Some providers, including Community First Credit Union, will make charitable donations on your behalf each year from your annual fees.

The Low Rate Blue & Pink Credit Cards come with a low annual fee of just $50, with $25 of this fee donated to the Prostate Cancer Foundation of Australia and the McGrath Foundation respectively, each year. Now that’s a reason to switch credit card providers.

Ready to pay less credit card interest?

With 0% p.a.2 interest on balance transfers for 12 months, a low on-going interest rate of just 8.99% p.a.1 and a $25 donation to the Prostate Cancer Foundation of Australia or McGrath Foundation, the Community First Credit Union Low Rate Blue & Pink Credit Card could save you money while doing a little bit of good for our community. Find out more

Credit eligibility criteria, terms and conditions, fees and charges apply.

 

1 Rate is current as at 05/03/2024 and subject to change.

2 This is an introductory rate for 12 months only on eligible balance transfers from the date the balance transfer is processed. The balance transfer must be processed by us via BPAY®. Your existing credit card must have a BPAY® Biller code to be eligible for the balance transfer offer. After the initial 12 month introductory period, the interest rate on the remaining balance transferred will revert back to the standard credit card rate at the time – currently 8.99% p.a. Offer available for new and existing card holders where new balances are transferred to the card and offer can be withdrawn at any time. Excludes internal balance transfers. Community First donates half the annual fee ($25) from the Low Rate Blue Card to the Prostate Cancer Foundation of Australia and half the annual fee ($25) from the Low Rate Pink Card to the McGrath Foundation each year you hold these cards. The Prostate Cancer Foundation of Australia raises money to reduce the impact of prostate cancer on Australian men, their partners and families. The McGrath Foundation raises money to fund McGrath Breast Care Nurses in communities right across Australia and increase breast awareness in young Australians, with a particular emphasis on young women.


® Registered to BPAY Pty Ltd ABN 69 079 137 518



Last updated: 3 January 2025

The information contained in this article is only correct at the point of time of publication. It is general information and has been prepared without taking into account your personal circumstances, objectives or needs. Please consider if this information is right for you before making a decision to acquire any product.

Community First and PCFA unite with launch of new credit card

Community First has partnered with the Prostate Cancer Foundation of Australia (PCFA) to launch a low rate credit card.

The card helps raise money to reduce the impact of prostate cancer on Australian men, their partners and families.

Prostate cancer is the most diagnosed cancer in men in Australia, and alarmingly, Australia has one of the highest incidence rates globally, with one in every six Australian men likely to be diagnosed during their lifetime[i]. Prostate cancer also takes the lives of approximately 3,500 Australian men every year. Of the new card’s $50 annual fee, half ($25) will be donated to the Prostate Cancer Foundation to help fund their important work. The new Low Rate Blue Credit Card will offer a low ongoing interest rate of 8.99%p.a.* for purchases, cash advances and balance transfers.

“We’re incredibly proud to have the opportunity to help raise awareness and support for the PCFA while giving more Australians access to a great value credit card,” said John Tancevski, CEO of Community First.
The Blue Credit Card joins Community First’s existing products that fulfil our commitment to the community, including the Pink Credit Card proudly supporting the McGrath Foundation and loans for environmentally friendly home improvements such as solar hot water systems, solar panels and insulation.
Applications for the Low Rate Blue Credit Card are welcome from across Australia from 2 March 2020. Applications can be made online, by phoning 1300 13 22 77 or visiting your nearest Financial Services Store.
Find out more about the product here
What are the prostate cancer risk factors?
The factors that are most strongly linked to an increased chance of developing prostate cancer are:
  • Age: Prostate cancer is an age-dependent disease, which means the chance of developing it increases with age. The risk of getting prostate cancer by the age of 75 is 1 in 7 men. By the age of 85, this increases to 1 in 6 men.
  • Family history: If you have a close male relative with prostate cancer, you have a higher chance of developing it than men with no such history. The risk increases again if more than one male relative has prostate cancer. Risks are also higher for men whose male relatives were diagnosed when young.
Source: Prostate Cancer Foundation of Australia
*Credit eligibility criteria, terms & conditions, fees & charges apply. Rates are current as at 31/03/2018 and subject to change without notice.

Last updated: 3 January 2025

The information contained in this article is only correct at the point of time of publication. It is general information and has been prepared without taking into account your personal circumstances, objectives or needs. Please consider if this information is right for you before making a decision to acquire any product.

Trademark win is good news for members

We are pleased to reveal the defence of the ‘Community First’ name via a trademark dispute with Bendigo and Adelaide Bank has been run and won in the Federal Court of Appeal in favour of Community First.

John Tancevski, CEO of Community First, said, “Our brand has a proud 62-year legacy, and the federal court victory served to send a strong message that Community First will defend its rights when challenged.

“Community First Bank, and other mutuals, have provided community banking for many years, and I am confident that our members share our passion for the right to use and defend our longstanding name and business model. “We fought the case because a franchise-like business should not own the “Community Bank” concept. As a “Customer-Owned Bank”, our community-based stores located around Sydney can rightfully call themselves ‘Community Banks’.”

In a significant show of support, the community banking industry swung in behind Community First, including the Customer-Owned Banking Association and Business Council of Co-operatives and Mutuals (BCCM), which congratulated Community First on successfully winning the legal stoush.

BCCM CEO Melina Morrison said, “Community banking is more than a trademark or marketing strategy. It is a philosophy of service that sees the bank support the community that supports them,” Ms Morrison said.

“Community-owned banks are a key pillar of Australia’s co-operative and mutual business sector. In 2019, this was formally recognized by the Commonwealth Government who changed the Corporations Act to ensure co-operatives and mutuals were properly defined and able to raise capital.

“It is important that all Australians are able to have choice in who they bank with and how they bank.”

This information is general advice only and does not take into account your objectives, financial situation or needs (your “personal circumstances”). Before deciding whether to buy any product you should consider your personal circumstances. You should read and consider the Terms and Conditions when deciding to use any product (terms and conditions, fees and charges may apply). Our product Conditions of Use are available on this website.

Remote access scam warning

A reminder to remain vigilant in light of recent reports of remote access scams

Remote Access Scam Alert

We have received reports that scammers are calling people pretending to be from telecommunication companies, government agencies including the Department of Home Affairs and parcel delivery companies.

Reports of this scam are coming from areas in lockdown due to COVID-19 as they may be vulnerable, housebound and easy to contact.

The criminals are asking for personal details and then using applications such as Team Viewer or Zoho Assist to remotely gain access to people’s devices, log into your bank account and online accounts, and steal your details for financial gain.

What you should do

If you receive a call like this, you should hang up immediately. You should never provide personal or financial details to anyone who contacts you, regardless of how legitimate the call sounds. It is also a good idea to change any banking passwords. Call us immediately if you are suspicious of any transactions on your account or statement. 

More information about remote access scams can be found here

Last updated: 21 August 2020

The information contained in this article is only correct at the point of time of publication. It is general information and has been prepared without taking into account your personal circumstances, objectives or needs. Please consider if this information is right for you before making a decision to acquire any product.

Unlocking your home equity

Australian real estate is enjoying its best returns in decades, with national home values rising by 13.5%[i] for the financial year. With these improved values in mind, it might be time for you to reap some of the rewards by unlocking some of this stellar real estate growth to improve your wealth and lifestyle prospects.

The good news is that the extra value or ‘equity’ you have in your family home means you might now be able to achieve your goal of buying an investment property. Or perhaps it’s time to ditch the ageing Holden Commodore (VX) for a new set of wheels or join the thousands of grey nomads caravanning around this magnificent country we call Australia. Alternatively, you may want to renovate a kitchen or bathroom or adding a few rooms to your home.

Once you have made an investment or lifestyle decision, you’re going to need to fund your next move somehow. Using the extra equity locked up in your family home is often a sensible method for financing your next venture.

What is equity?

The equity in your home is the market value of your property, less the balance owing on the mortgage. Let’s say your property is worth $800,000, and you have $500,000 left to pay on the mortgage. This leaves you with $300,000 in equity, however you will generally only be able to borrow up to 80% of the property value.

Loans with an LVR greater than 80% are then required to pay lenders’ mortgage insurance. The LVR is the ratio of the amount you are borrowing against the value of the property, expressed as a percentage.

In the above example, this means you’d have about $140,000 in equity you could borrow against. Then, your lender would be able to help you work out how much they would be willing to lend you. They determine this by assessing things like your current income and expenses.

Remember accessing home equity is debt, not savings, and you must repay the money to your lender. It is different to redraw which is payments you have made in advance on your loan that are available to access.

To understand your options, please chat with one of our Mortgage Specialists to discuss your borrowing capacity and equity guidelines.

How to access your equity?

If you’re ahead with home loan repayments, the simplest way to access some equity is to use a redraw facility. A redraw enables you to access the extra capital you’ve paid off the mortgage, not the entire balance of your equity.

To illustrate, let’s assume you bought a property worth $750,000 with a mortgage of $500,000 three years ago. You’re an excellent budgeter and have been able to pay $100,000 off the mortgage value in the meantime, so now you owe just $400,000. With the surge in property values, let’s assume the property is worth $1,000,000, which means you have $600,000 in equity ($1 million – $400,000).

Using the redraw facility attached to the mortgage, you can access any additional repayments (over and above your minimum monthly repayments), no questions asked, which might cover the cost of a new car, caravan, a swimming pool, or a kitchen or bathroom refurbishment. Though, this amount may not be enough if you plan more significant projects such as a substantial renovation or the purchase of an investment property.

Buying an investment property with home equity

Accessing the equity in your home is one strategy that’s commonly used for buying an investment property, especially as your tenants can help you pay off your investment loan.

Instead of a cash deposit, homeowners can use equity to buy a rental property, while investment property loans are often structured around using home equity. Moreover, lenders generally allow borrowers to borrow up to 80% of the property’s value, minus any outstanding debt.

To find out how you can access the equity in your home to buy an investment property, talk to us today by calling 1300 13 22 77 or visiting one of our local financial services stores to find out more.

Always seek advice

Unlocking all your equity to improve your lifestyle or wealth will not only increase your level of debt but involves taking on more risk too.

To make sure you are making the right move, it’s always a sensible move and best to speak with an expert such as your accountant or financial planner before dipping into your equity.

For more information about our broad range of banking services, just call us on 1300 13 22 77.

[i] https://www.corelogic.com.au/news/australian-dwelling-values-finish-financial-year-135-higher-loss-momentum-clear

Credit eligibility criteria, terms and conditions, fees and charges apply.

This information is general advice only and does not take into account your objectives, financial situation or needs (your “personal circumstances”). Before deciding whether to buy any product you should consider your personal circumstances. You should read and consider the Terms and Conditions when deciding to use any product (terms and conditions, fees and charges may apply). Our product Conditions of Use are available on this website.

Last updated: 19 July 2021