Products & Services
Transaction Accounts
- Personal Account (S1)
- Reward Account (S8)
- 55 Plus Account (S3)
- Business Account (S2)
- Community Account (S6)
Personal Account (S1)
Personal Account (S1) is a personal account for day-to-day banking. Funds in your S1 account are available at call, subject to clearance of cheques and any outstanding Visa authorisations.
You can access your funds in a number of ways, such as by presentation of a signed withdrawal form, cheque withdrawals, withdrawals via Merchants, ATM or EFTPOS using your VISA card, by Direct Debit or by an authorised Periodical Payment. Some of these facilities require an application to be completed prior to them being available on your S1 account, and may be subject to fees or charges. Please refer to the Fees and Charges section for associated costs.
You may wish to have an overdraft attached to your S1 account. Once again, this facility requires an application, and is subject to some fees and charges. The variable rate of interest is calculated on daily balance and charged at the end of each month.
Interest is calculated on the minimum monthly balance and is credited on March 31 each year or when the account is closed.
Reward Account (S8)
Reward Account (S8) is a personal transaction account with a fee rebate for qualifying large depositors and Home Loan borrowers. Funds in your S8 account are available at call, subject to clearance of cheques and any outstanding Visa authorisations.
You can access your funds in a number of ways, such as by presentation of a signed withdrawal form, cheque withdrawals, withdrawals via Merchants, ATM or EFTPOS using your VISA card, by Direct Debit or by an authorised Periodical Payment. Some of these facilities require an application to be completed prior to them being available on your S8 account, and may be subject to fees or charges. Please refer to the Fees and Charges section for associated costs.
You may wish to have an overdraft attached to your S8 account. Once again, this facility requires an application, and is subject to some fees and charges. The variable rate of interest is calculated on daily balance and charged at the end of each month.
Interest is calculated on the minimum monthly balance and is credited on March 31 each year or when the account is closed.
55Plus Account (S3)
55Plus Account (S3) is a transaction account for persons aged 55 years and above and who no longer work full time. Funds in your S3 account are available at call, subject to clearance of cheques and any outstanding Visa authorisations.
You can access your funds in a number of ways, such as by presentation of a signed withdrawal form, cheque withdrawals, withdrawals via Merchants, ATM or EFTPOS using your VISA card, by Direct Debit or by an authorised Periodical Payment. Some of these facilities require an application to be completed prior to them being available on your S3 account, and may be subject to fees or charges. Please refer to the Fees and Charges section for associated costs.
Interest is calculated on the minimum monthly balance and credited to the account on March 31 each year or when the account is closed.
55Plus Account is only available to members who are aged 55 years or older and no longer working full time.
Business Account (S2)
Business Account (S2) is a day-to-day transaction account for businesses. Funds in your S2 account are available at call, subject to clearance of cheques and any outstanding Visa authorisations.
You can access your funds in a number of ways, such as by presentation of a signed withdrawal form, cheque withdrawals, withdrawals via Merchants, ATM or EFTPOS using your VISA card, by Direct Debit or by an authorised Periodical Payment. Some of these facilities require an application to be completed prior to them being available on your S2 account, and may be subject to fees or charges. Please refer to the Fees and Charges section for associated costs.
You may wish to have an overdraft attached to your S2 account. Once again, this facility requires an application, and is subject to some fees and charges. The variable rate of interest is calculated on daily balance and charged at the end of each month.
Interest is calculated on the minimum monthly balance and is credited on March 31 each year or when the account is closed.
Community Account (S6)
Community Account (S6) is a day-to-day transaction account for community organisations (e.g. non-profit organisations that have a formal documented structure, incorporated clubs, charitable organisations, sporting clubs, schools, recognised religions, community groups, non-profit organisations – approval is at the discretion of the GMCU).
You can access your funds in a number of ways, such as by presentation of a signed withdrawal form, cheque withdrawals, withdrawals via Merchants, ATM or EFTPOS using your VISA card, by Direct Debit or by an authorised Periodical Payment. Some of these facilities require an application to be completed prior to them being available on your S6 account, and may be subject to fees or charges. Please refer to the Fees and Charges section for associated costs.
Interest is calculated on the minimum monthly balance and is credited on March 31 each year or when the account is closed.
Contact your local GMCU branch to discuss your needs and how we can help you, today!
Click here to review the terms and conditions for Accounts
Saving Accounts
- Christmas Club Accounts (S4)
- iSave Account (S5)
- Bonus Saver Account (S10)
- Cash Management Account (S15)
- Mortgage Offset Account (S7)
Christmas Club Accounts (S4)
Christmas Club Accouint (S4) is a great way to spread your christmas savings over the whole year.
Interest is calculated on daily balance and is credited to the account on the 15th of November each year. These funds are then transferred to your S1, S8, S3 or S2 Account, and you can withdraw the funds from that account at any time. Deposits are accepted for any amount, and can be deposited as frequently as you wish.
iSave Account (S5)
iSave Account (S5) is a special savings account for electronic use.
Funds can be deposited by internet and phone transfer, payroll allocation or direct credit.
You will need to nominate an eligible account (this is a GMCU S1, S8, S3 or S2 Account in the same name as the iSave), and withdrawals can only be made by Internet or Telephone transfer to your eligible account.
Funds are at call and interest is calculated daily and paid monthly.
Bonus Saver Account (S10)
Bonus Saver Account (S10) is a savings account for those dedicated to a regular saving plan. Funds in your S10 account will earn a bonus rate in a month where you make no withdrawals and deposit at least $20.
Interest is calculated on a daily balance and credited to the account monthly, or when the account is closed.
Please refer to our interest rate sheet for more information on savings rates.
Cash Management Account (S15)
Cash Management Account (S15) is a savings account with higher returns for higher balance accounts. The minimum deposit is $10,000 for this "at call" account.
Interest rates are tiered depending on balance of account and are available at all Credit Union branches.
Interest is calculated daily and credited to accounts monthly.
A minimum withdrawal amount of $500 applies to the Cash Management Account.
Relevant government charges apply and please refer to our terms and conditions booklet located at any of our branches for further information.
Mortgage Offset Account (S7)
Mortgage Offset Account uses your savings balance to reduce the interest charged to an eligble Home Loan.
Contact your local GMCU branch to discuss your needs and how we can help you, today!
Click here to review the terms and conditions for Accounts
Investment Accounts
Fixed Term Deposits
The Credit Union accepts lodgement of monies on Term Deposit. The minimum deposit is $100 and terms vary from a minimum of three months, to a maximum of 24 months.
Interest is calculated on a daily basis and paid on maturity or, for a 24 month term, interest is paid every 12 months.
Monthly Income Deposits
The minimum deposit is $3000, and we offer terms of 6 months, 12 months or 24 months
Interest is calculated on a daily basis and paid monthly, on the first day of each month, and on maturity. Interest can be paid by transfer to a specified GMCU account.
Please refer to our interest rate sheet, for more information on relevant terms and rates.
Information on Fixed Terms and Monthly Income Deposits.
Additions to the principal cannot be accepted during the unexpired term of the deposit, only on renewal.
A certificate confirming deposit details will be issued by mail, following the lodgement of a new deposit, or renewal of a current deposit.
You will receive notification of maturity prior to maturity date, and all you need to do is to complete this form and return it to one of our branches, prior to the deposit maturity date. Where no written instructions are received by maturity date, the deposit will be automatically renewed for the same period at the interest rate applicable at the time of renewal. The interest amount will also be paid in accordance to any previous interest instructions, otherwise transferred to your S1, S2, or S3 Account.
Principal may be withdrawn prior to maturity by competing a request at your branch. Funds withdrawn early will be subject to an interest reduction and will not be available until the next working day.
Contact your local GMCU branch to discuss your needs and how we can help you, today!
Click here to review the terms and conditions for Accounts
Direct Payments
GMCU offers a range of choices for making direct payments.
- Direct Entry Credits
- Osko & PayID Payments
- Direct Entry Debits
- Periodical Payments
- BPAY and BPAY View
Direct Entry Credits
You can instruct your payroll office to directly credit your wages into your gmcu account.
All direct credits are automatically credited to your S account when you quote your member number and BSB, or to your specific account by using your Alternate Account Number and BSB. In any case, you can have any portion of these funds redirected to any other account by simply signing an authority at your branch with the appropriate instructions. Use this as an easy and fuss-free way to pay your loan payments, or to save into a Christmas Saver account.
Osko & PayID Payments
gmcu members can register their mobile number, email or ABN as a PayID to receive payments. Find more about PayID and Osko by clicking here.
Direct Entry Debits
You can instruct an authorised supplier, in writing, to debit funds from your transaction account by quoting your member number & BSB, or from your specific account by using your Alternate Account Number and BSB.
This instruction must be on the particular supplier's Direct Entry Authority form and lodged with the supplier. This agreement is with the supplier, so gmcu has no control over the amount or date of each drawing.
We will not process any particular payment where there is an insufficient available balance in the account. Any dishonour fee charged to us by the central processing authority will be debited against your account.
Stopping a Direct Entry Debit
You can ask us to stop an existing Direct Entry Debit from debiting your account, and we will decline future payments that match the previous payments.
We also suggest that you cancel the instruction directly with the supplier. This is important as some suppliers use mutiple Direct Entry User Numbers and they can attempt to debit your account using a number they didnt use previously.
Periodical Payments
You can instruct us to transfer funds from one account to another account (held at the gmcu or elsewhere). You must sign an authority if you wish for this arrangement to be put into place.
BPAY and BPAY View
The Easy way to pay household bills.
The GMCU offers BPAY, a flexible and convenient new bill payment service. Just look for the BPAY symbol on your household bills and then call our Telephone Banking Line on 03 5831 6666 or 1300 652 822. Or if you have access to our Internet Banking this can also be accomplished on the site under Bpay. Pay all your gas, electricity, telephone, water bills and many more at your convenience.
BPAY View is an online bill viewing service that allows you to receive and view your monthly bills online. You can use this service by registering your eligible bill (e.g. Telstra) whilst logged on to Internet Banking. When a bill is delivered to us, you will receive an email notification that it is ready to be viewed next time you log into Internet Banking.
You can view a list of BPay View billers at BPAY View
Click here to review the terms and conditions for Access Facilities
Loans
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.
|
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). |
Overdraft |
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!