Loans may be made for any worthwhile purpose and can be divided into the following categories:
- Consumer or Personal Loan - These are loans for a borrower's personal use e.g. cars, boats, home improvements, holidays, furniture etc.
- Housing Loans - borrowers own residence
- Business (Commercial) Loans - for use by borrowers in your own business or investment
- Real Estate Mortgage Loans
- Equity Access Loans
- Overdraft facilities
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.
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,
Minimum monthly repayment of $20 or 1% of the closing balance of the statement of account whichever is the greater.
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.
Affordability assessed by reference to past trading performance, and in some cases cashflow forecasts.
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.