Home loan eligibility criteria

To be eligible for a Community First home loan, applicants must be at least 18 years old, earn a stable income, and hold either Australian citizenship or permanent residency. A sound credit history is also an important factor in determining approval.

In addition to meeting age, income, and residency requirements, applicants must have a solid financial track record. This means no history of bankruptcy and no defaults on loans, credit cards, store cards, or interest-free finance in the last five years. You’ll also need to have been employed in your current role for at least six months, showing financial stability and reliability.

What is required for approval?

To assess your application, the bank requires a range of personal and financial information. This includes:

• Proof of identity and residency, such as a driver’s licence or passport

• Your current and previous address, along with phone number and email

• Verification of income, like recent payslips or financial statements

• Employment details, including your job type and how long you’ve been with your employer

• A breakdown of your assets (such as savings, a car, or property) and liabilities (like loans, mortgages, or credit cards)

• A transaction history from the bank account where your income is deposited — submitted via Community First’s secure Bank Statements service

Repayment flexibility with Community First

Community First offers flexibility for those who want to get ahead on their home loan. If you're on a variable rate loan, you can make extra repayments at any time without incurring penalties, helping you reduce interest and pay off your loan faster. While early or lump sum repayments are also permitted on fixed-rate loans, it's important to note that these may come with break costs or exit fees.

If you've made extra payments and need to access those funds later, a redraw facility is available. For members facing tough times, such as financial hardship or parental leave, Community First also provides support through options to pause or reduce repayments temporarily.

Do you need to pay LMI with Community First?

If you're borrowing more than 80% of a property's value, Lenders Mortgage Insurance (LMI) may apply. This cost helps protect the bank if you're unable to repay your loan. However, Community First may waive LMI if you're eligible for certain government schemes or special loan packages.