FAQs

What can we help you with?

Personal Loans
  • Am I eligible for a First Credit Union Personal Loan?

    If you are a New Zealand citizen and over 18 years old, you can apply to borrow any amount over $500.

    First Credit union's lending criteria, terms and conditions apply.

  • How much can I borrow? What will the repayments be?

    You can apply to borrow any amount over $500. The amount we approve will be subject to your financial circumstances meeting our lending criteria. Use our loan calculator to get an indication of what repayments for the amount you are wanting to borrow look like. 

  • Can I get a personal loan if I’m not a First Credit Union member?

    Absolutely! You don’t need to be a member of First Credit Union to apply for a personal loan. You can apply online or by visiting one of our branches. If you get a personal loan from First Credit Union you will become a member and can benefit from all the products and services we offer.

  • Can I extend my Personal Loan?

    Yes you can, subject to your financial circumstances meeting our normal lending criteria.

    The application process for extending your personal loan is the same as a new loan and you will need to fill out the loan application form again. You can apply online or by visiting one of our branches.

    First Credit Unions lending criteria, terms and conditions apply.

  • Will I be penalised for early repayment?

    No. We don’t charge any early repayments fees.

    You can also make extra payments to your loan and you won’t be penalised.

  • What can I used my First Credit Union personal loan for?

    It’s up to you! We lend for a number of purposes. We can structure a loan to meet your needs. Get the new car, take that trip, consolidate your debts or simply get some extra cash, we’re here to help.

  • What fees will I pay?

    First Credit Union doesn’t charge any loan application fees, however, third-party fees such as credit check, credit sense, motor check, PPSR, Docusign and cloudcheck of up to $29.20 per applicant may apply. View our rates and fees here.

  • What happens if I miss a repayment?

    The team at First Credit Union are here to help. We understand that sometimes things go wrong and not to plan.

    If you have missed a loan repayment it is important that you give us a call or visit your nearest branch as soon as possible.

    Our team will work with you to get everything back on track, so the sooner you contact us the better.

  • What form of ID do I need to apply for a First Credit Union Personal Loan?

    If your personal loan is approved we will need to see some photo ID, such as a passport. If you are not a member we will also need proof of your current physical address such as a bank statement or utility bill addressed to you. Please check out our full list of ID requirements.

Home Loan FAQs
  • Am I eligible for a Home Loan?

    You may be eligible for a home loan depending on how much surplus income you have available for repayments. A home loan is a big commitment so we will look at your income, expenses and other debt you may have before we can make a decision.

  • What can I afford?

    To see how much you can afford, work out a budget for you and your family – this will give you an idea of how much you can afford to set aside towards the costs of owning your own home. Don’t forget to think about home ownership expenses such as rates when doing your budget.

  • How do I apply?

    We will need a completed home loan application form, including some extra information in order to process your application. Come in and see us at one of our branches, or contact our call centre.

  • What information will I need to provide?
    • A completed Home Loan Application form.
    • Proof of Income. We’ll need to see three of your most recent payslips; or an original letter from your employer confirming your base annual salary and starting date. If you’re self-employed we’ll need to see signed final financial accounts for the last two years of self-employment (prepared by a chartered accountant).
    • Your last three months bank statements – for your main transactional account/s.
    • Proof of outstanding balances on any personal loans, hire purchases and credit cards if applicable.
  • What is required on Pre-Approval?
    • Copy of Sale & Purchase Agreement.
    • Registered valuation on the property you want to buy (if applicable).
    • Statutory Declaration of Gift - Deposit (If applicable).
    • Life and/or Loan Repayment insurance
    • House insurance
  • How long will it take to repay?

    This will depend on how much you borrow and how much your repayments are.

  • How much and how often will the repayments be?

    Your repayments will be calculated by how much you borrow and how long the term of the home loan is. Repayments are usually made on a weekly, fortnightly or monthly basis. The lending officer dealing with your home loan application will be able to give you an idea of what your repayments will be.

  • Do I have to pay an application fee?

    No. First Credit Union does not charge any application fees on home loans or personal loans. 

  • What about insurance?

    Insurance on the property you purchase is compulsory and we can make these arrangements for you (see House & Contents Insurance). However, if you so wish, you can arrange this yourself through another insurer.

  • Do I need a lawyer?

    Yes – your lawyer will act on your behalf, regarding all legal requirements in refinancing or purchasing the property.

  • Can I get pre-approval?

    Yes you can. Final approval is subject to your deposit and the property you are purchasing. We may also advise you that we require a registered valuation.

  • What is the interest rate?

    Click here for our current interest rates.

  • Do I require a property valuation first?

    No, we will advise you if one is required.

  • Can I make extra payments to my mortgage without penalty?

    If you have a floating home loan with First Credit Union, you can make extra payments without penalty or fees.

  • What is the maximum term?

    The maximum term of a First Credit Union home loan is 30 years.

First Home Loan
  • What is a First Home Loan?

    Kāinga Ora insures First Home Loans that are issued by selected banks and other lenders so that home loans that sit outside normal lending criteria can be made to First Home Buyers. First Credit Union’s normal application process and terms and conditions still apply.

  • Am I eligible for a First Home Loan?

    To be eligible for a First Home Loan you will need to have a 5% deposit and will need to meet the income cap and be looking to purchase a house within the regional price cap. At First Credit Union, we understand that a home loan is a big commitment, so we will look at your income, expenses and other debt you may have to ensure that you can afford repayments before we make a decision.

  • Do I have to be living in the home I want to buy?

    Yes, it is a condition of the First Home Loan initiative that you must live in the home you are buying. A First Home Loan can not be used to buy an investment property or rental.

  • What is the Lender’s Mortgage Insurance?

    As part of the First Home Loan initiative you will need to pay a 1 percent Lender’s Mortgage Insurance premium. This can be added to your home loan with First Credit Union.

  • How do I apply?

    We will need a completed home loan application, as well as some further documents in order to process your application. Come in and see us at one of our branches, or contact our call centre.

  • What information will I need to provide?
    • A completed Home Loan Application. If you don’t have an application form or you need assistance with it, give us a call or come in to one of our branches and see us to go over your application in person.
    • Proof of Income. We’ll need to see three of your most recent payslips; or an original letter from your employer confirming your base annual salary and starting date. If you’re self-employed we’ll need to see signed final financial accounts for the last two years of self-employment (prepared by a chartered accountant).
    • Last siz months bank statements – for your main transactional account/s.
    • Proof of outstanding balances on any personal loans, hire purchases and credit cards (including Farmers card, Warehouse card, Q-card etc).

    Required on Pre-Approval

    • Copy of Sale & Purchase Agreement.
    • Registered valuation on the property you want to buy (if applicable).
    • Statutory Declaration of Gift - Deposit (If applicable).
    • Life and/or Loan Repayment insurance
    • House insurance
  • How much will my repayments be?

    This will depend on how much you borrow and for how long. First Credit Union will work with you to tailor repayments that will suit your budget.

  • Do I also have to pay an application fee?

    No. First Credit Union doesn’t charge any application fees on their home loans- which could save you hundreds!

  • What about insurance?

    Insurance of the property you purchase is compulsory.

  • Do I need a lawyer?

    Yes – your lawyer will act on your behalf, regarding all legal requirements in refinancing or purchasing the property.

  • Can I get pre-approval?

    Yes you can. Final approval is subject to your deposit and the property you are purchasing. We may also advise you that we require a registered valuation.

  • What is the interest rate?

    Visit rates and fees for information about First Credit Union’s home loan rates.

Hardship
  • What if I missed a payment on my loan?

    Please call our Call Centre and ask to be put through to the Collection Solutions team to discuss some options.

  • What should I do if I cannot make a payment/s?

    If you are having difficulty making a payment please phone our call centre team and asked to be put through the Collection Solutions team.

    We are here to assist you and work with you to decide on a suitable payment arrangement.

    If you took out Loan Protection Insurance with your loan it might cover your payments.

    You may be able to make a Financial Hardship application. If you meet the criteria, we may be able to make changes to your repayments to develop a solution that is within your financial means.

  • What if I default on my First Credit Union loan?

    If you default on your loan payments, it may affect your credit rating.

    If your loan is in default and is secured by a vehicle, enforcement action may be taken against the security, or we may commence court action against you.

    If you are struggling to meet your loan repayments, please get in touch with the Collection Solutions team. If you meet the criteria, we may be able to make changes to your repayments to develop a solution that is within your financial means.

  • How do I apply for Hardship?

    You need to apply in writing on our Financial Hardship application and explain your reason for Hardship.

    Please make contact with either your local branch or our Call Centre if you would like a Financial Hardship Application form.

    Someone from the Collections Solutions team will advise you of the outcome of your application within 20 working days of receiving it. If we require further information we will ask for it within 10 working days. You can email us your completed application and any supporting information at hardship@firstcu.co.nz.

  • Hardship and your Credit file

    When a member applies for financial hardship, and it is approved, your financial hardship status is included in our reporting to our credit bureau as an ‘H”, on your individual credit file.

    This status remains on your file until you are no longer in financial hardship.

    All approved financial hardship applications will be reviewed in six months from approval date.

  • Are there services that can assist me with my finances?

    If you believe you are experiencing financial difficulties, we recommend you make an appointment with a budgeting service (google: “Local Budgeting Services”) or building financial capability service provider such as Ministry of Social Development Service Money Talks.  You can contact them on 0800345123, text 4029 or email help@moneytalks.co.nz. You can also contact your local Citizens Advice Bureau.

     

  • Debt collection agencies First Credit Union engage

    You can find a full list of their contact details here

Debit Card