Wondering how much a typical personal borrowing will really cost and how fast they can approve it?
This guide shows how a member or new applicant in New Zealand can apply for a First Credit Union loan today. It explains required documents, timelines and the main steps for online, branch and phone applications.
Rates start from 10.95% p.a. variable and can go up to 18.00% p.a. variable. There is no application fee and no early repayment penalties. Terms run from 3 months to 5 years, and third‑party checks may cost up to $29.90 per applicant.
Readers get clear information on weekly repayments and total cost. For example, borrowing $10,000 with a $29.90 third‑party fee at 10.95% p.a. variable could see weekly repayments around $59.73 over four years.
The section also outlines responsible lending, eligibility cues and practical items to have ready so the application moves smoothly and applicants can compare options with confidence.
How to apply for a First Credit Union loan today
You can begin an application online in under ten minutes, at a branch, or by phone. The Call Centre is available Monday 10:00am–5:00pm and Tuesday–Friday 8:00am–5:00pm for guided help. Applicants may apply using the channel that suits them best.
After submission, the lending team reviews the form and contacts the applicant within 1–3 working days. An email link lets applicants check progress in real time and see any requests for more information.
To speed approval, have your internet banking login ready to upload the last 90 days of statements via Credit Sense if wages are not paid into a first credit account. Also gather ID, details of any security (vehicle, savings or property) and information about loans you guarantee.
If approved, documents are signed in the easiest way the team arranges. Third‑party checks may include Credit Sense and secure signing and ID services such as DocuSign and Cloudcheck. Choose a loan term from 3 months up to 5 years and review repayment options to suit your budget.
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Rates, fees and total cost: what to know before you borrow
Seeing the full cost — not just the headline rate — gives a better picture of affordability. Normal floating rates range from 10.95% p.a. variable up to 18.00% p.a. variable, and the rate you receive affects weekly repayments and the total cost over the term.
There is no application fee and no early repayment penalty. However, third‑party fees for credit check, Credit Sense, motor check, PPSR, DocuSign and Cloudcheck may apply up to $29.90 per applicant. These small charges can affect the final balance, so plan for them.
Example total cost for a secured car loan: borrow $10,000 with no application fee and a $29.90 third‑party charge gives a principal of $10,029.90. At 10.95 p.a. variable over four years, total interest is about $2,393.94 and the total amount payable is approximately $12,423.84. Weekly repayments in this example total are around $59.73. Figures are indicative and exclude loan protection insurance.
Rates, terms (3 months to 5 years) and security affect the outcome. Applicants should consider costs involved and check which third‑party checks may apply for their case. Use this information to compare car loan offers and understand the real total cost before signing.
Eligibility, lending criteria and responsible borrowing
An application is assessed against standard criteria to protect both the borrower and the lender.
Applicants should expect normal lending criteria to include checks on income, living expenses, existing credit commitments and any security offered. This helps the team confirm that repayments fit the applicant’s budget.
Important information: borrowers are covered by New Zealand responsible lending laws and T&Cs apply. Recommendations about personal borrowing are not regulated financial advice.
Minimum terms run for 3 months and the maximum loan term is 5 years. There is no application fee and there are no early repayment penalties. A credit check and other third‑party checks may apply and fees such as Credit Sense, motor check, PPSR, DocuSign or Cloudcheck can apply up to $29.90 per applicant.
Gathering clear, up‑to‑date information speeds assessment. Consider savings like a christmas club and how year‑to‑year changes affect capacity to repay. A complete application reduces delays and helps the lender meet the lending criteria promptly.
Ready to get started? Apply for your loan with First Credit Union
When they are ready, applicants can apply online in 6–10 minutes, visit a branch, or call during Call Centre hours. The team offers help Monday 10:00am–5:00pm and Tuesday–Friday 8:00am–5:00pm.
There is no application fee and no early repayment penalties. Normal floating rates range from 10.95% p.a. variable to 18.00% p.a. variable. Terms run from 3 months to 5 years.
Per applicant checks such as a credit check, Credit Sense, motor check, PPSR, DocuSign and Cloudcheck may apply up to $29.90. Applicants should gather ID and income details and consider costs involved to understand the total cost and repayment options.
Visit 111 Collingwood Street, Hamilton, or start the application online today to get personalised rates and clear next steps.
