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Loans may be made for any worthwhile purpose and can be divided into the following categories:

  • Personal Loan - for a borrower's personal use e.g. cars, boats, home improvements, holidays, furniture etc.
  • Home Loan - residential
  • Home Loan - investment property
  • Debt Consolidation Loan
  • Business (Commercial) Loans - for use by borrowers in your own business or investment
  • Equity Access Loan
  • Overdraft


An application is required in each instance, and it is preferable that the application is completed at interview with a Loans Officer. Under normal circumstances, approval may be given within 24 hours, and sometimes within a few hours.

Repayments will be structured to suit a borrower's budget. Repayments are set on a monthly basis but borrowers may pay at any time, say weekly or fortnightly. Extra or higher amounts may also be paid at any time. This is to a borrower's advantage as it reduces the interest charged.

Interest is calculated on daily balance and added to the loan at the end of each calendar month. Credit Union loans have variable and fixed interest rates. The Credit Union will give members written notice of any variation in the variable interest rate. Current interest rates are available on request from any Credit Union office.

Loans may include a co-borrower where that person also recieves a benefit from the loan. If you are unsure about your rights or obligations as a co-borrower please discuss with one of our lenders.

Loan Terms & Conditions, brochures on borrowers' rights, obligations etc will be given to borrowers at application or signing stages. The provisions of the Mutual Banking Code of Practice also apply to this facility.

The Goulburn Murray Credit Union reserves the right to cancel an overdraft facility if its use is not conducted in accordance to the Terms of the Continuing Credit Contract.

LOAN CALCULATOR - Calculate the term of your loan and what interest you can save.

Product Affordability Criteria
Home Loan

The loan is capable of being repaid out of income over 30 years, assuming continuity of employment and subject to the applicant’s retirement age.

For investment &/or interest only.

  1. Interest is capable of being repaid out of net income generated from the investment property. If there is a shortfall from income, for example the property is not fully tenanted, the applicant has the intent and capacity to subsidise interest repayments from the applicant’s other income.
  2. Applicant intends to repay the loan principal from the sale of the investment property.
  3. The Credit Union will review continuation of the interest only loan at the expiry of the interest only period.
Equity Access

Minimum monthly repayment of $20 or 1% of the closing balance of the statement of account whichever is the greater.

Personal Loan

The loan is capable of being repaid out of income over four years (without security) or up to seven years (with adequate security).


Assuming that credit has been fully advanced, the loan is capable of being repaid out of income over eight years.

Term Loan

Affordability assessed by reference to past trading performance, and in some cases cashflow forecasts.

Bridging Finance

Principal is capable of being repaid by sale of an asset as identified by the applicant and agreed by the credit union, at the end of a specified short period of time.

Interest is capable of being repaid out of income.



Click here to talk to a GMCU lending expert. Or contact your local branch to discuss your needs and how we can help you, today!