- Do I have to be a credit union member to take out a loan?
- How much can I borrow?
- How do I make repayments on the loan?
- How often will I receive information on my account?
- What security is required?
- What happens if I get sick, have an accident or lose my job?
- Do I need to take out Loan Repayment Insurance?
- Is a redraw facility available?
- What is Lenders Mortgage Insurance?
- What is Loan Repayment Insurance?
Do I have to be a credit union member to take out a loan?
The Credit Union is a mutual financial institution and as such is owned by its members, each one of whom is a shareholder. Yes, you must be a member of the Credit Union to have a loan.
How much can I borrow?
Would you like to calculate how much you may be able to borrow?
How do I make repayments on the loan?
Our preferred method is via automatic payroll deduction. However, you can arrange to make your loan repayments by direct debit from your savings or transaction account with the Credit Union or another financial institution.
How often will I receive information on my account?
Statements are produced quarterly and sent early in the months of January, April, July and October, or you can request to receive a monthly statement.
Account information is also available through our Internet and Phone banking services. ^
What security is required to take out a Home Loan?
Your home loan must be secured by a registered mortgage over non commercial real estate. ^
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.
Do I need to take out Loan Repayment Insurance?
It is recommended that you take out insurance on your loan, although not compulsory, it is designed to cover your lending obligations in the case of sickness, accident or involuntary unemployment. Although you do not have to purchase your insurance through us, we do offer a range of insurance policies.
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. Terms and conditions are available on application. The redraw facility is offered as a free service. ^
What is Lenders Mortgage Insurance?
Lenders Mortgage Insurance if applicable, covers the Credit Union against a loss in the unlikely event that we have to exercise our right to sell any property due to ongoing default of loan repayments. It must not be confused with Insurance designed to cover your lending obligations in the case of sickness, accident or involuntary unemployment. To avoid LMI a deposit of 20% of the property's value is required. ^
What is Loan Repayment Insurance?
Loan Repayment Insurance provides you with the peace of mind that if an unfortunate event, such as your death, disability, involuntary unemployment or trauma occurs, your assets will be safe and your loan repayments will be taken care of.
More Information
- Read more about the benefits of our loans
- Use one of our loan calculators to work out which loan is right for you
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Questions?
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