Give your budget some certainty with term deposits and limited access savings accounts

If your savings need some discipline, certainty or simply a sense of security, term deposits and limited access savings accounts can be the right solution

Term deposits and limited access savings accounts can be used to earn interest on your money and plan for your financial goals while keeping impulse spending in check by locking your money away securely.

Term deposits and savings accounts have many similarities but also some fundamental differences. They each offer benefits that might suit your needs at different stages along your savings journey.

Why use a term deposit?

With a term deposit, you lock away an amount of money for a set period of time (the ‘term’) and earn interest on it.

Term deposits can be a great tool if you struggle with the temptation to dip into your savings. They are a low-risk way to invest your money for a set amount of time and earn a fixed rate of interest, which is excellent when you want certainty about the interest you’ll earn. Better still, as your money is locked away for the period of your choosing, a term deposit can also help to control impulse spending.

Term Deposits are low maintenance because once they’re set up, you’ll rarely have to touch them until maturity.

Having your money tucked away in a term deposit can give you certainty and protect you when the returns from other savings accounts are falling. On the flipside, having money stashed away in a term deposit can moderate the effects of inflation by putting your hard earned to work by taking advantage of higher interest rates longer-term.

At Community First, you can open a term deposit with as little as $5,000 for a minimum term of 3 months. There’s also options to receive interest on maturity, annually or monthly, depending on your chosen term.

At the moment we are offering a 3.05%p.a.* interest rate on term deposits for 13 months with interest paid on maturity. To find out more about our Term Deposits, click here.

What is a limited access savings account?

Rising interest rates is good news for savers, who can access a range of different accounts with Community First to meet their savings needs. Generally speaking, interest rates paid on savings accounts are variable, so this can mean more volatility in the amount of interest earned over a set time period in comparison to a term deposit.

Limited access savings accounts such as Community First’s Christmas Saver account allow you to add to your savings as often as you like, except your funds are out of reach until the three months around Christmas, meaning you’re more likely to keep your savings in-tact so you can have a cracker of a Christmas. Find out more about this account here.

Save for end of year expenses with a Christmas Saver account

A limited access savings account such as our Christmas Saver account is a secure strategy to prepare for the big cost of Christmas of gifts and travel, avoiding the festive dread.

Having limited access means that you are less likely to dip into your savings (unless you really need to). Being only able to access your money around Christmas (November to January), means you can stay accountable and on track with your Yuletide goals.

Safe and Secure

The Australian Government’s Financial Claims Scheme guarantee is a government-backed safety net for deposits of up to $250,000 per account holder, per institution in the unlikely event that your bank, credit union or building society fails. ^[1][2] This means that you can have confidence depositing your money, and having it start earning interest for you.

Calculate your savings

If you’re keen to see how your future savings could look with Savings accounts and Term Deposits, you can use our Deposit Planner Calculator.

You can see how different interest rates, savings terms and interest payment frequencies can impact your projected savings.

^{1. APRA
2. MoneySmart}^{*Offer terms and conditions: *Rate is effective as at 15/07/2022 and is subject to change without notice. If you seek an early release of your term deposit prior to its maturity date, an early withdrawal interest penalty may apply. We may require up to 7 days written notice of your intention to make an early withdrawal. Offer can be withdrawn at any time. Offer is for new term deposits and is only eligible for funds that have not been with Community First or Easy Street in the last 14 days from the date of enquiry and where the offer conditions are met.}

Terms and conditions, fees and charges apply.

Tax Lodgment Email Scam 2022

It is essential that we all put our ‘Scam Cam’ on this tax season.

Last week the ATO reported that they are seeing an increase in email phishing scams claiming to be from the ATO.

These scams tell people their ‘2022 tax lodgment’ has been received.

The email asks them to open an attachment to sign a document and complete their ‘to-do list details’.

Opening the attachment takes you to a fake Microsoft login page designed to steal personal login details. Entering a password could give the scammer access to their Microsoft account, allowing them to reset passwords for other accounts like banking and online shopping.

If you get an email like this, don’t click on any links or open any attachments.

Forward the email to ReportEmailFraud@ato.gov.au and then delete it.

The real ATO will never send you an email or SMS with a link to log in to their online services.

And while they may use email or SMS to ask you to contact them, they will never send an unsolicited message asking you to return personal identifying information through these channels.

To view the latest scam alerts please visit: ATO – Scam alerts

Last updated: 23 June 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.

Managing your money as interest rates rise

With the Reserve Bank of Australia (RBA) announcing on 7 June that the cash rate is going up by 50 basis points (or 0.5%) to 0.85%, and talk of more rate rises to come, home owners may be wondering how this will affect them.

Why are interest rates rising?

A resilient Australian economy combined with a strong labour market and higher than expected levels of inflation1 has prompted the RBA to move decisively and raise cash rates from historic lows.

The RBA will be monitoring key indicators such as household spending, inflation, the labour market and the global economy closely to see whether the rate rises are having the desired impact in slowing the rate of inflation.

How will higher interest rates affect me?

Rising interest rates can mean that your minimum monthly loan repayments will rise if you’re on a variable rate. If you’re currently on a fixed rate, when your fixed term ends, the variable rate you go to may also be higher than you anticipated.

What steps can I take to manage rising interest rates?

At Community First, we’ve recently rolled out new variable home loan pricing to bring members some excellent value options when it comes to their home loan. Here’s some other ways you can keep your home loan on track and navigate your way through home loan increases.

Put offset accounts to work

Offset accounts are a great way of making your money work for you. A 100% offset account is an account linked to your home loan where you can park your savings and spare cash to reduce the interest you pay. Then, when interest is calculated on your home loan, the balance in your offset account is deducted from the loan amount owing, and interest is only charged on what remains.

Pay extra where you can

We know that paying extra off your mortgage isn’t always possible, but any extra you can spare can add up in the long run. For example, why not round up your mortgage payment to the nearest $50 or $100 to start small, knowing you’ll build up a small emergency buffer over time.

Don’t over commit

When interest rates were at an all-time low, people found other ways to spend spare cash. From home renovations, subscriptions, to a new car or toy. If you do start feeling tight

on cash, these discretionary expenses may need to be the first items for you to re-think if you need to find some room in your budget.

Focus on budgeting and planning

With industry experts predicting more rate hikes to come, now is a good time to look at budgeting and planning for your financial future. We have a range of helpful tools and calculators online to help you develop a roadmap for your financial wellbeing.

Don’t have a home loan? Harness rising rates with savings accounts

While rising interest rates are not great news for borrowers with home loans, for those with savings, they are a welcome sign. Rising interest rates can mean a greater return on your savings and investments.

Click here to check out what savings options could be right for you.

1 https://www.rba.gov.au/media-releases/

2022/mr-22-14.html

How to stay vigilant at tax time

Tips on how to stay alert and be cautious during the tax season.

The Australian Tax Office (ATO) is urging the public to be cautious following an increase in reports of fake websites offering to provide Tax File Numbers (TFN) and Australian Business Numbers (ABN) for a fee but failing to provide the service.

How do these scammers do this?

These Tax File Number (TFN) application scams are designed to steal your personal information. The fake TFN and ABN services are often advertised on social media platforms like Facebook, Twitter, and Instagram. The advertisements offer to set up a TFN or ABN for a fee. Instead of delivering this service, the scammer uses these fraudulent websites to steal both money and personal information.

As stated by the ATO Assistant Commissioner:
“scammers are constantly developing new ways to target the community, and we expect to see more of these malicious attempts to steal identity details in the lead up to tax time.”

“We are concerned about a recent increase in the number of victims reporting scams around TFN and ABN applications. We are also still seeing scammers impersonating the ATO, making threats, demanding the payment of fake tax debts or claiming a TFN has been ‘suspended’ due to fraud.”

“We are encouraging everyone to be on alert and take the time to remind family and friends to be on the lookout and stay safe

online, so you don’t fall victim to a scam this tax time.”

What do to if you are unsure?

If you are unsure, don’t engage. If a call, SMS or email leaves you wondering if it is genuine, don’t reply. Instead, you should

phone the ATO’s dedicated scam line 1800 008 540 to check if it is legitimate.

You can also verify or report a scam online at: https://www.ato.gov.au/general/online-services/identity-security-and-scams/verify-or-report-a-scam/

Closure of NAB (08) BSB Member Chequing Facility

The NAB (08) BSB Member Chequing Facility will no longer be in operation from 1 June 2022.

After 31 May 2022, members will no longer be able to use the NAB BSB beginning with ’08’:

Cheques presented using a BSB beginning with ’08’ (e.g. BSB: 08X-XXX) will be dishonoured and a message will appear as “Account Closed”
Electronic credits to a BSB beginning with ’08’ (e.g. BSB: 08X-XXX) will be returned to the originating financial institution and a message will appear as “Account Closed”
Deposits via a NAB branch into a BSB beginning with ’08’ (e.g. BSB: 08X-XXX) will not be accepted.

Deposits via deposit/cheque slips can continue to be made through NAB branches however you must use the updated BSB 512-170.

If you have any questions or would like more information, please feel free to give us a call on 1300 13 22 77 or visit us in-store.

Last updated: 29 September 2020

Jargon busting your way into a home

Buying a home is a significant purchase. Let us break down the home buying jargon.

Buying a property is one of the most significant purchases you’ll ever make, and we’ve taken the time to break down all the home buying jargon for you.

Buying at auction vs private treaty – There are a few key ways in which homes are sold, they include private treaty, public auction and silent auction.

The first option is a private treaty, this is where the seller sets a price, and buyers are free to negotiate until an agreed price is reached.

The second option is sale at auction, this is where interested buyers gather in public either onsite or at a specialist auction room to make individual bids on a property. The owner of the property usually sets a reserve price before the auction. This is the lowest price they are willing to accept. This price is kept secret from bidders. However, when you hear the auctioneer declare the property is ’on the market’ it usually means the reserve price has been reached.

Lastly, silent auctions are conducted in a private manner where bidders send their offers to the real estate agent. Similar to a public auction the highest bidder will win the property, this option is generally used to entice the highest offer being put forward from the beginning.

Auctions can be fast-paced, and stressful for buyers. Importantly, if you’re the highest bidder when the hammer falls, you are committed to buying the property. There is no cooling off period for homes sold at auction.

This makes it important to have a loan pre-approval in place – so you know your bidding limit, and can keep a clear head during the auction.

Bridging Finance – bridging finance is designed to cover the cash gap that occurs if you buy a new home before you’ve sold your current property. It’s only designed for the short term, usually up to 12 months. It gives you the option to buy a place you love while your current home is still on the market.

Certificate of Title – a certificate of title is the official written record of who owns a piece of land. There is a certificate of title for every property in Australia though land titles are managed by separate state/territory offices.

Comparison rates – a loan’s comparison rate takes into account the interest rate you’ll pay plus most (though not all) of the fees and charges relating to a loan. These fees can include the loan application fee, registration fees, plus any ongoing monthly fees. If it’s a fixed loan or an introductory rate, it’ll also take in to account the rate you’ll be on once the fixed or honeymoon period is over.

A Home Loan Key Facts Sheet can be referenced for each product to give you a good indication of the true cost of a loan, and allows borrowers to make an apples-for-apples comparison between different loans and lenders.

Contract of Sale – the contract of sale is an important legal document that spells out the details of any property you buy (or sell) including any fittings or fixtures such as curtains and appliances that may be sold along with the property.

The contract of sale can also include special conditions that may work in the seller’s favour, which is why it’s so important to have the contract reviewed by a solicitor or conveyancer before you sign on the dotted line.

Cooling off period – if you buy a home through private treaty (where you and the seller negotiate privately on price) you may be entitled to a cooling off period. This can let you back out of the purchase even after you’ve signed the Contract of Sale. There is no cooling off period if you buy at auction.

State/ territory	Length of cooling off period	Possible cost
NSW	5 business days	0.25% of the agreed purchase price ¹
VIC	3 business days	$100 or 0.2% of the purchase price, whichever is greater ²
QLD	5 business days	0.25% of the agreed purchase price ³
ACT	5 business days	0.25% of the agreed purchase price ⁴
SA	2 business days	$100 ⁵
TAS	No cooling-off period applies to any sale of property in Tasmania ⁶	N/A
WA	No cooling-off period applies in WA unless the buyer and seller have both agreed to add this to the Contract of Sale ⁷	N/A
NT	4 business days ⁸	N/A

Equity – simply means, the value of what you currently own on your home. As a guide, if your home is worth $600,000 and there’s $400,000 remaining on your home loan, you have home equity of $200,000.

However, if you’re planning to borrow against this equity, keep in mind that most banks will only allow you to borrow against the available equity that is less than 80% LVR.

Genuine savings means savings you have built up over time, usually over a 3 month period and not a lump sum that has been gifted. This helps the lender determine you have the discipline to meet your home loan repayments.

Guarantor Loans – Is when a guarantor, usually a family member, agrees to back all or part of the home buyer’s application with the equity in their home. This is a way for home buyers to get into the market without a 20% deposit, without paying lenders’ mortgage insurance.

LMI – lenders’ mortgage insurance (LMI) is a type of insurance that applies if you buy a home with less than a 20% deposit. This insurance that is paid by you protects the lender against financial loss in the event that you are unable to afford to meet the home loan repayments.

It involves a one-off premium paid at the start of your loan, and your lender will organise insurance cover on your behalf. Home buyers don’t have to shop around for LMI.

The catch is that LMI can be expensive, potentially costing several thousand dollars. However, some lenders will let you add the LMI premium to the loan so that it can be paid off over time.

The upside of LMI is that it can allow buyers to get into the market sooner, potentially beating future price rises.

LVR – if you’re in the market for a home loan, chances are you’ll come across the term ‘LVR’.

It measures the ‘loan to valuation ratio’ – in other words, how much of your home’s value you are taking a loan out for. If you buy a home worth $500,000 with a deposit of $100,000, you are borrowing 80% of the home’s value, so the LVR is 80%.

The LVR matters because lenders have limits on the maximum LVR they will accept – often 90%, meaning you need at least a 10% deposit. Having a lower LVR can also mean paying a lower interest rate.

Offset Accounts – depending on your bank, offset accounts are generally transactional or savings accounts linked to your home loan where you can park your savings. The account itself earns no interest. Instead the balance of the offset account is deducted from (or ‘offset’ against) the value of your home loan when monthly interest is calculated.

For example, if you have an offset account with a balance of $50,000 and a $400,000 home loan, interest will be based on a loan value of $350,000. This calculation only applies if your offset account offsets 100% of your loan.

Your monthly repayment won’t change, but by lowering the interest cost, more of your money goes towards paying down the loan balance. In this way, an offset account can help you put spare cash to work paying off your home loan sooner.

Off the Plan – off the plan purchases occur when you agree to buy a property that is not yet built.

You may only need to pay a small deposit to secure a property. This can give you extra time to save more money towards the cost of your home when construction is completed.

The risk is that you are committing to a property without seeing it fully completed, and a lot can happen between agreeing to buy off the plan, and the date when construction is finished.

Owner Occupied vs Investment – when you buy a home to live in, you are said to be an owner occupier. If you buy a property to rent out to tenants, you are an investor.

The distinction is important as interest rates can vary between owner occupier home loans and loans for property investors. Check out our loan repayments calculator to explore different owner occupier and investor rates.

Pre-approval – Where your bank/lender approves you (in principle) to borrow an agreed some of money subject to further financial checks.

It’s a smart idea to have pre-approval because you know how much you will be able to offer a vendor to purchase a property.

Your home loan won’t be fully approved however, until you select a property to buy as the lender will likely want to have the place valued to be confident you are paying a fair price.

Settlement – settlement is the final stage of the home buying journey and simply put, it is a legal and financial process, once completed enables the transfer of ownership between the buyer and the seller – an exciting milestone!

On settlement day, your solicitor/ conveyancer together with your lender meets with your sellers representatives and will organise for the balance of the purchase price to be paid to the seller. By this point, your solicitor will have arranged for your name to appear on the property’s Certificate of Title, your loan will be in place, and you will be invited to make a final inspection of the property to be sure all is well.

If everything stacks up, you’ll be given the keys to your new home – and all you have to do is settle in!

Stamp Duty – stamp duty, also known as transfer duty, is a state-based tax that applies when you buy property in Australia.

How much you pay depends on the state/territory the property is located in. But stamp duty is worked out as a percentage of your home’s value. On the plus side, a number of states offer big savings on stamp duty for eligible first home buyers. See our stamp duty calculator to determine what this could mean for you.

Valuation – the value of any property you buy is important to lenders. That’s because the property acts as security for your home loan.

To be confident you are paying close to market value, a lender will likely conduct a market valuation of your property. In some cases, lenders will use a ‘desktop valuation’, which looks at home values in your area compared to the price you have agreed to pay.

For other properties – such as acreage or truly unique homes, the lender may arrange for a professional valuer to inspect the property in person.

Vendor – the vendor (or seller) is the owner of a property listed for sale.

Variable vs. Fixed – home loan interest rates can be either fixed or variable.

A fixed rate is locked in for whatever term you choose – usually between one and five years (3 years is the maximum term at Community First). During this time, the rate, and your loan repayments, will stay the same no matter what happens to market interest rates. This makes a fixed rate useful for budgeting the cost of a home loan.

By contrast, variable rates will rise and fall in line with market interest rates. This can also see your home loan repayments increase or decrease depending on how rates are moving. The appeal of variable rate home loans is that they tend to be more flexible than fixed rate loans.

If you’re not sure which way to go – fixed or variable, many lenders let you split your loan so that part of it has a fixed rate while the remainder has a variable rate. Try out our loan comparison calculator here

Principal and interest (P&I) vs interest only (IO) – the repayments made on a home loan can be either principal and interest, or interest only. The principal means the amount you borrowed.

Most home owners choose principal and interest payments. This is where each repayment is made up of interest plus a small portion of the loan balance (or principal). In this way, the loan is steadily paid off over time.

Interest-only payments will be lower because they are only comprised of interest charges. You do not repay any of the loan balance at all and you are generally only allowed to do this for a maximum of 5 years however this may vary from lender to lender. Some investors use interest only loans as part of their investment strategy as they plan to sell the home when the value has gone up and take advantage of the capital gains to pay back the loan while pocketing some profit along the way. This is why interest-only loans are best suited to investors. The property may need to be sold to pay off the loan, which is not what most home owners have in mind!

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

¹ https://www.fairtrading.nsw.gov.au/housing-and-property/buying-and-selling-property/buying-a-property/contracts-and-deposits

² https://www.consumer.vic.gov.au/housing/buying-and-selling-property/buying-property/planning-to-buy-property

³ https://www.qld.gov.au/law/housing-and-neighbours/buying-and-selling-a-property/buying-a-home/making-an-offer-on-a-home/cooling-off-period

⁴ https://conveyancingcanberra.com.au/faq/

⁵ https://www.sa.gov.au/topics/housing/buying-a-home/ways-to-buy/home-buying-process

⁶ Consumer, Building & Occupational Services Tasmania

⁷ https://www.commerce.wa.gov.au/consumer-protection/real-estate-purchase-price-deposit-and-finance-term

⁸https://nt.gov.au/property/buying-and-selling-a-home/get-help-with-the-contract/contract-of-sale

Juggling your finances?

If you want to kick off 2022 with a bang, getting your finances in order may be a good starting point.

Whether you’re looking to increase your savings or simply be more comfortable financially, there are literally thousands of possible money saving ideas. We’ve chosen to focus on money saving ideas that relate to your savings and loans.

Don’t let fees eat away your savings

Choose savings accounts that are fee free. Fees only eat away at your savings and reduce the return you get on your hard earned money.

Your budget is your friend not your enemy

It’s amazing what your budget can tell you. For some, it can be a confronting experience. Do you really spend $1,200 a year on coffee or $1,000 a year on car washes? Perhaps you’re spending $1,600 a year on that extra night a week you and your partner have take away or an extra $500 a year more than you need to on high priced pet food. Wherever your money is going, your budget can tell you. You may think a splurge of $25 here and $15 there doesn’t deserve much thought. But when you add up how much you are splurging on these sorts of purchases over a 12 month period (not a weekly period), you could get a shock.
• Revisit your budget on a regular basis to identify where you need to start making some savings
• Don’t start by making dramatic changes- they will be too hard to stick to.

• Keep all your receipts so you can keep track of the cost of individual items – it will help you hunt down cheaper alternatives

You will then quickly find you’ll have cash freed up to put towards your savings. Our budget planner calculator can be a useful tool when putting your budget together.

Rid yourself of high interest debts

High interest debts can include credit cards, interest free loans that have expired (which can revert to rates as high as 25%p.a.) and other high priced personal loans. These types of high interest debts can result in you paying so much interest, you are reducing the amount you actually borrowed so slowly that you’re still years away from paying it off. Until these debts are dealt with, you’re simply throwing money down the drain. If you have any high interest debts, reducing the amount of interest you pay will help you pay more off the principal. And that means getting rid of the debt sooner.

Consider the following:

Complete a balance transfer on your credit card or store card to a low rate card. Look for a card that gives you a low ongoing rate, and be sure to check that the rate for purchases and cash advances is competitive as well. Our low rate credit cards give you an ongoing rate of 8.99% p.a. ¹ and 0%p.a.* on Balance Transfers for 12 months.

If you have more than one high interest debt, consolidate them in to a competitively priced personal loan. This will give you just one loan payment instead of a few, making it easier to keep up with your loan repayments and direct debit arrangements. Your overall interest rate should be lower than your high interest debts so you will save money on interest and you could relieve some financial pressure by choosing a longer loan term to lower your regular repayments, helping you to free up some money to manage your day to day bills and expenses.

Our low variable rate personal loan might be a good option if you are looking at consolidating some high interest loans.

Think ahead

Are you still paying off Christmas? If you found you had to use credit card debt, buy now pay later solutions and store credit to pay for Christmas, now is the time to think ahead. The costs over the silly season aren’t just presents. There’s Christmas parties, holidays, school holiday entertainment and more. The festive season can put a strain on your finances if you aren’t careful, it can slow your efforts to get on top of your finances in the New Year.

Sometimes saving an amount you won’t miss will give you a pleasant surprise later. For example, if you put away just $20 a week from February to the end of October this year, you’d have $780 to put towards the cost of next Christmas. Once you’re use to this and don’t miss the $20, then increase it to $30.

Community First’s Christmas Saver account is designed to help you do just that, by rewarding you with interest on your savings, and best of all, restricting access to your savings until the silly season is upon us (Nov – Feb each year) so you won’t be tempted to dip in.

The same rules apply for other things you need to save for. Whether it’s holidays, home improvements, bigger purchases, school costs and just rainy day savings. Think about what you’re planning for and set up an automatic regular payment of an amount you won’t miss to start with, and watch it grow over time.

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

1 Rates are current as at 31/03/2018 and subject to change without notice. *Offer terms and conditions: Rate is current as at 5 March 2024 and subject to change without notice. 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 for the balance transferred will revert back to the standard credit card rate at the time – currently this is 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 Balance Transfers from Community First or Easy Street cards.

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 products 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).

® Registered to BPAY Pty Ltd ABN 69 079 137 518

Open Banking

Find out what Open Banking is, how to manage your data and what the benefits are.

Open Banking is a new system that makes it easier for consumers to share their banking and financial data with organisations accredited by the Australian Competition and Consumer Commission. It’s part of the Consumer Data Right (CDR) which is designed to give consumers greater access and control over their personal banking information across the industry.

Community First is now a Data Holder under CDR

A data holder is an accredited CDR business that holds consumer data and must transfer the data to an accredited data recipient at the consumer’s request. To view a copy of our Data Holder Policy, you can visit our Open Banking information page here.

Simply put, if you have consented to share your data under the CDR, when an accredited data recipient requests your details to help you compare, switch or manage products or services, we will securely pass that information to them.

The choice is yours

It’s important to note that your data will only be used if you give consent for it to be. It is your choice whether or not you want to give a business access to your data and you can withdraw that consent at any time. You can also ask for data to be deleted if it is no longer needed.

Rest assured, the process is very secure, and those businesses who are involved have been through an accreditation process with the Australian Competition and Consumer Commission (ACCC) to ensure that they adhere to high standards.

Managing your data

Through your internet banking channel Community First now provides you with a Consumer Dashboard where you are able to review all your Data Sharing arrangements. You can also request us to stop sharing your data.

This dashboard is available from within Community First Internet banking by clicking Accounts then Data sharing from the top menu.

For more information

To view more information on Open Banking, including our FAQs, visit our open banking information page.

Open Banking Information page

Last updated: 1 November 2021

n0w – the new interest free credit card

In a credit union-first, we’ve launched the innovative n0w credit card.

Sydney, October 2021: In a credit union-first, Community First Credit Union has launched the innovative n0w credit card, an interest-free card that charges extremely competitive monthly fees based on chosen credit limits.

Community First is the first credit union to launch an interest-free credit card with monthly fees well below those charged by the bank’s equivalent products.
The n0w credit card’s features include a zero-interest rate, no late payment fees and cash advances.
Members pay a monthly fee based on their chosen credit limit. For example, there is a $9 monthly fee for $1,000 credit limit and $14 a month for a $2,000 limit.

John Tancevski, CEO of Community First Credit Union, says, “The n0w card will supplement the very competitive suite of traditional credit card products but target consumers that want more simplicity, no interest charges or late payment fees.

“n0w is also the only interest-free card in the market that allows for cash advances, and it will appeal to people who don’t like traditional credit cards, as card users don’t need to track interest-free days or worry about late fees.”

n0w with competitive monthly fees

Significantly, the monthly fees charged to n0w credit cardholders are below those imposed by the banking competition. The credit card fees and limits are as follows:

$9 monthly fee for $1,000 credit limit
$14 monthly fee for $2,000 credit limit
$19 monthly fee for $3,000 credit limit

“We can consistently provide competitive banking products because we are a mutual organisation, owned by our members, who are also our customers,” says Mr Tancevski. “Unlike the big banks, for example, we don’t have the same financial pressure to generate large profits to pay dividends to investors. “We deliver value back to our members through superior service, an extensive range of banking products that includes the n0w credit card, lower fees and very competitive interest rates.”

A credit alternative for financially savvy Millennials

The zero interest cards such as n0w offer a payment alternative to the Buy Now, Pay Later (BNPL) products popular with Millennials, notes Mr Tancevski. “Younger Australians are increasingly shunning traditional credit cards in favour of alternative payment methods such as BNPL.

“However, with BNPL products, shoppers generally must pay back their debts in relatively quick-fire instalments and will be hit with fees if they are late with repayments.

“Plus, relying on BNPL solutions can also restrict where you shop or result in you having to sign up to multiple BNPL services for greater shopping choice. Merchants also benefit as they aren’t hit with additional fees typically charged by BNPL services”

Mr Tancevski adds, “We are putting the purchasing power back in the hands of the consumer as n0w cardholders can shop guilt-free knowing there is no interest to pay and that they can shop anywhere Visa is accepted, worldwide. Plus, they can pay amounts back on their terms, along with a low minimum monthly repayment.

“We have recognised that Millennials are looking for innovative banking products and in response, we have developed a flexible and low-cost Visa card that will prove a handy companion when they go shopping.”

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

Making your home greener

Some of the ways you can reduce your overall household energy consumption.

Installing solar panels is a popular start to help reduce your environmental footprint and potentially save money. However there are a number of ways you can make your home greener. Community First’s green loan can be used for a wide range of home improvements that help make your home more energy efficient. It’s just one way Community First has been supporting home owners create more sustainable communities.

You can finance energy efficient improvements using our Green Loan including, but not limited to;

Solar (PV) and Battery Hybrid Systems
Solar pool heating
LED lighting
Double glazing
Home insulation
Home ventilation systems
Rainwater tanks
Grey water treatment systems
4 star + air conditioning systems
5 star heating systems

Did you know?

A number of these purposes can supplement Solar and Solar Hybrid installations by reducing the overall household energy consumption, reducing the need to draw from the grid and helping your solar panels work harder.

A history of helping develop sustainable communities

Community First Bank has been offering low-rate, simple and transparent solar loans since the Federal Governments Green Loans Program in 2009 where we were a major participant. From our involvement in the Green Loans program, to offering interest free loans to NSW Central Coast residents during Level 4 water restrictions in 2009, we have a history of delivering solutions to the communities to truly make a different to the planet and your pocket.

Take the next step today

A local solar or home improvement business will be able to discuss what improvement options you have available to you for your home. Community First Bank can discuss your specific loan options, interest costs and repayments and can assist you make your decision on how to pay for green improvements.

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