FAQs
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Do I have to be a Credit Union member to take out a loan?

The Credit Union is a mutual financial services organisation and as such is owned by its members, each one of whom is a shareholder. Therefore we require that you must be a member of the Credit Union to be approved for a loan. ^

How much can I borrow?

The minimum amount you can borrow with both a secured and unsecured variable rate loan is $1,000. You may wish to consider an overdraft for smaller amounts. The maximum amount you can borrow is limited to $10,000 for an unsecured loan or 66.6% of a commercial property or 80% of a residencial property for a secured loan. Both loans are limited by your ability to meet your repayments. Wish to calculate how much you could borrow? Use our Loan Calculator. ^

How do I make repayments on the loan?

You can arrange to make your loan repayments either by payroll deduction, direct debit from your savings or transaction account, internet or telephone banking transfer, over the counter at our office, or at any branch of the National Australia Bank with a specially encoded deposit book. ^

How often will I receive information on my account?

If you have an S5 account, statements are produced monthly, for all other accounts statements are quarterley. Duplicate statements can be requested at any time from our office.
Account Balances and Statements are also available through our telephone and internet banking services. ^

What happens if I get sick, have an accident or lose my job?

The best way to obtain peace of mind that your repayment obligations will be met in the case of accident, illness or involuntary unemployment is to take out insurance. The Credit Union does not offer Loan Repayment Insurance on Commercial Loans. ^

Do I need to take out insurance?

It is recommended that you take out insurance on your loan, although it is not compulsory it is designed to cover your lending obligations in the case of sickness, accident or involuntary unemployment. The Credit Union does not offer Loan Repayment insurance on Commercial Loans. ^

Is a redraw facility available?

The Credit Union gives you the option of making extra repayments on your loan and then having the flexibility of being able to redraw on these extra repayments. You need to have your loan in advance by at least $500 & one loan repayment, and the minimum redraw is $500. This facility is free of charge and allows you to park extra funds on your loan, thus saving you interest and then redrawing them as required. ^

Decided which loan is right for you?

Apply Now Apply using our simple online Commercial Loan application form

 

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You can be assured of getting great value, competitive interest rates and personal service from a credit union that puts members first.

Matthew Bow, General Manager