An application is required in each instance, and it is preferable that the application is completed at interview with a Lending Officer. Repayments will be structured to suit a borrower's budget. Repayments are set on a monthly basis but borrowers may pay at any time, for instance 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. gmcu loans have variable and fixed interest rates. gmcu will give members written notice of any variation in the variable interest rate. Current interest rates are available on request from any gmcu 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. gmcu reserves the right to cancel an overdraft facility if its use is not conducted in accordance to the Terms of the Continuing Credit Contract. Goulburn Murray Credit Union Co-operative Limited ABN 87 087 651 509 AFSL/Australian Credit Licence No. 241364. Terms & conditions, fees & charges and eligbility criteria apply.