What calculation method does CUA use?
Our core banking system uses a monthly amortisation calculation. This means we calculate your repayment amount based on a monthly average of 31 days. We calculate interest on daily balances and charge monthly. The interest is debited to your loan on the last day of the month.
Will I be told if my repayment amount changes?
If your loan repayment amount changes, we send you a letter which details your revised repayment amount, the interest rate, when your new repayment will start, along with any action you may need to take.
What are my repayment options?
Loan repayments are usually monthly, however, you can choose to make weekly or fortnightly repayments depending on your product type (Interest Only loans and CUA Rate Breaker Package are monthly only).
What is redraw?
Redraw lets you access the additional payments you’ve made on your home loan. It’s a standard feature on most CUA Home Loans (except the CUA Fixed Rate Home Loan). It’s a free facility that gives you access to yours lump-sum and extra payments. You can use your redraw for the things that make life rich, like family holidays or renovating your home. You can also draw upon if you just need some financial breathing space.
Can I redraw using the CUA Online Banking for Mobile app?
Online redraw isn’t available on our mobile banking app. To access online redraw you need to log on to CUA Online Banking from our website www.cua.com.au, which you can also do on your mobile device.
Are there other ways to redraw?
As well as online redraw, you can call us on 133 282 to redraw over the phone or drop into your local branch and we’ll process your request for you. If you redraw over the phone or in the branch, a $200 minimum amount applies and your request will take up to 24 hours to process.
How can I check my redraw balance?
The best way to check your current redraw balance is on online banking. Go to Account Details on the Account Overview screen and select ‘View Details’. You can also call us or visit your branch to check your balance. Remember, your available redraw balance is less any uncleared and held funds.
Will I be charged a fee to use my redraw?
No. There are no fees to access yours redraw whether it’s online or in the branch.
Is there a minimum redraw amount?
There is no minimum redraw amount if you access yours redraw from online banking. If you redraw in branch a $200 minimum redraw amount applies.