Blog

Buying a house is exciting and life changing. It all starts with saving for the deposit. Set a clear goal. Ensure you’re clear on the type of property you’d like to be buy, with a clear idea of what you want. Consider some of the following: Ideal locations and distance to work. The type of home (e.g. stand-alone, townhouse or apartment). The number of bedrooms. Whether you want to buy or build. Be sure to understand what are non-negotiables and those areas you’re willing to compromise. Find your budget. It is a good idea to look at properties in the potential area you want to buy a house in. Once you have found a few properties that you are interested in and have a price-guide in mind, you will need to understand whether you can realistically afford the property. Deposit: A 20% deposit is ideal when purchasing a property. However, you may be able to buy with less. Borrowing: This is the time to talk to the GMCU team to assess your borrowing capacity, understanding how much you can borrow. Repayments: Consider the GMCU Home Loan Repayment Calculator to find out what your repayments could be. Save the deposit Now that you have a good idea of how much you need for a deposit, you can put a savings plan in place. If you are buying a house with someone else, make a savings plan together. Automating your Savings, with set-up transfers allow you to 'set and forget'. You can grow your savings without having to worry about transferring money each pay. Our local Lending Specialists can help you understand how much you’ll need for a deposit, and assist with achieving your savings goals. Talk to us today.

Did you know you can send money from your bank account to an overseas bank account with GMCU’s International Payments Service? You can send money to over 200 countries and territories in over 130 currencies. Benefits: Funds are generally credited within 2-3 business days No surprise overseas bank fees** Cost-effective; you can potentially save money by sending in the beneficiary’s local currency** What you need to send money overseas? You will need to provide your beneficiary's full name and details of the beneficiary’s bank account, including their ^IBAN (International Bank Account Number) if they are in Europe. Our local team are here to help. If you need assistance sending money overseas, we’re a phone call away. **You must provide the beneficiary’s full street address to comply with Australian Government regulations. Include the beneficiary bank’s code (sort code, SWIFT address, or routing number).

The best way to secure your assets is to start early. It can be hard to think too far ahead, however your future-self will thank you. In your 20’s: Learn how to budget so you can stay in control of your money. Start saving for assets, whether a house, car or travel. In your 30’s: Consider having life and contents insurance. Set up an emergency fund. Consider investing in shares or property. Prepare a will. In your 40’s: Consolidate the good habits you have formed, and keep saving. Consider reviewing your superannuation. Start planning what you may need for your retirement. In your 50’s: Consider making those extra mortgage payments to bring it closer and reduce the interest you’re paying each month. In your 60’s: Transition to retirement. Eligible to receive the Age Pension. Take advantage of concessions. Plan to make sure your assets are secured in the future. View all our transaction and savings accounts. Our local team are here to help. If you need assistance, we’re a phone call away.

Knowing how to store your money and personal belongings safely and securely could help you avoid the common travel risks of petty theft, robbery, or ATM tampering. Prep before you leave: Opening a Savings Account with incentives to exchange points for accommodation or flights on your next trip. Having a credit or debit card handy may help add convenience to your trip, as it could eliminate the need for carrying large amounts of hard cash. Before departing, it is a good idea to notify your bank of your plans to travel abroad. Inform them of the dates you’ll be overseas and the specific dates you’ll be in each country if you plan to travel to multiple locations. In the case of emergencies, travel insurance while overseas could be worth the investment. Protect your valuables: Keep your money in multiple places. Do not leave your valuables unattended, and consider keeping your wallet or physical cash in your front pockets wherever possible. Only use reputable ATMs. Our local team are here to help. If you need assistance ahead of planning an overseas trip, we’re a phone call away.

According to the Australian Bureau of Statistics (ABS), over half (55%) of all Australians aged 15 and over were exposed to a scam during 2020-21. At GMCU, we’re committed to keeping you and your money safe online. Which of the below are you doing to keep yourself safe? 1. Download the GMCU App Download the GMCU App and register using your Internet Banking login details. 2. Set up secure logins Set up your 4-9 digit PIN, pattern login, Touch ID (for Touch ID compatible iOS devices), or Face ID (for Face ID compatible devices). 3. Set up alerts Always use secure mail when using the GMCU App. Your mobile device is a way of accessing GMCU Internet Banking, so don’t keep your login information with your mobile device. Contact GMCU immediately if you’ve lost your mobile device or feel someone may know your login details. Ensure you log out of the app when you are finished. You can do this by tapping the padlock icon in the top right-hand corner. 4. Use new and private logins only Always ensure your GMCU App is up to date, consider setting up automatic updates on your phone. 5. Make sure your devices are secure Make sure you have passwords or biometric logins (like fingerprint, or Face ID) to your devices. And don't share passwords to your devices if you can avoid it. 6. Never send your credit card details online Never send your credit card details online, to anyone. 7. If you suspect something is fraudulent - act fast We use an Australian-based service to monitor unusual account activity 24/7. This monitoring helps us to detect and stop fraud quickly. If you receive a message asking you to return a call to us on 1300 705 750, please do so. If you receive an SMS text asking to confirm a transaction, please respond to it. 8. Understand more about scams and fraud Learn more about scams and fraud, and how to spot them (via Scamwatch from the Australian Government). Our local team are here to help. If you have any questions relating to scams or fraud, or perhaps you have concerns, please call us or visit your local branch.

You can make a big difference with small changes. The team at GMCU have landed on their top 10 tips to make your money work harder, with simpler ways to save money: 1. Try Online Grocery Shopping Supermarkets are designed to encourage spending. Buying only what you need is easier when you’re not walking down the aisles. 2. Limit Online Impulse Buys Consider setting a maximum online spend per pay week to ensure you don’t blow your budget. 3. Look for Coupons or Vouchers Next time you buy something online, take a minute to check the retailer’s website to see if they offer discounts for your first purchase or sign up for a newsletter. 4. Choose Efficient Heating Consider looking for a heater that has a five or six-star energy rating. 5. Try the Timer Setting the timer to turn on when you wake up in the morning and off during the warmest time of the day will help you use less power. 6. Keep Your Home Between 17 and 20° The higher your air conditioner’s thermostat is set, the more energy it will consume and the more it will cost. During winter, setting your thermostat between 17°C and 20°C is usually the most efficient and could save you money. 7. Close and Open Your Curtains at the Correct Times Closing your curtains when the sun goes down and opening them to let the light in is a great way to keep the warmth in without wasting money. 8. Shop Around for Better Utility Providers Many providers may offer new customers different sign-up incentives or lower rates, so comparing your internet and energy bills could save you hundreds of dollars. 9. Pay Yourself First Consider automating your savings by setting an automatic transfer every payday into a savings account. 10. Put Your Money to Work for You That extra interest incentive can be a great reason to avoid dipping into your savings so you can continue to watch it grow through the winter and beyond! Our local team are here to help. With Savings Accounts and Term Deposit options that will allow you to put your money to work. Talk to us today.