FAQs

• Do I have to be a Credit Union member to take out a loan?
• How much can I borrow?
• How do I make repayments on the loan?
• How often will I receive information on my account?
• What security is required?
• What happens if I get sick, have an accident or lose my job?
• Do I need to take out insurance on my loan?
• Do I need to take out insurance on my vehicle?
• Is a redraw facility available?

Do I have to be a Credit Union member to take out a loan?
The Credit Union is a mutual financial services organisation and as such is owned by its members, each one of whom is a shareholder. Therefore you must be a member of the Credit Union to have a loan. Learn more about becoming a member. ^

How much can I borrow?
The minimum amount you can borrow is $1,000. The maximum amount you can borrow is 100% of the purchase price for cars up to 5 years old or 80% of the purchase price for cars 5+ years old. The actual amount you can borrow is determined by your ability to meet the repayments of the loan. Wish to calculate how much you my you could borrow? Use one of our Loan Calculators . ^

How do I make repayments on the loan?
You can arrange to make your loan repayments either by payroll deduction, direct debit from your savings or transaction account, Internet or telephone banking transfer, at any of our branch or by a direct debit from another financial institution. ^

How often will I receive information on my account?
Statements are issued at least quarterly. More frequent or duplicate statements can be requested at any time from our branch, however a fee may apply for duplicate statements.

Account Balances and Statements are also available through our internet and telephone banking services. ^

What security is required to take out a Car Loan?
We will take a Bill of Sale over your vehicle as security. Loans over $35,000 require Stamp Duty to be paid. We will advise you of the amount for your loan. ^

What happens if I get sick, have an accident or lose my job?
The best way to obtain peace of mind that your repayment obligations will be met in the case of accident, illness or involuntary unemployment is to take out insurance. Learn more about our Loan Repayment Insurance. ^

Do I need to take out insurance on my loan?
It is recommended that you take out insurance on your loan, although not compulsory, it is designed to cover your lending obligations in the case of sickness, accident or involuntary unemployment. Although you do not have to purchase your insurance through us, we do offer a range of insurance policies. Learn more about our Loan Repayment Insurance. ^

Do I need to take out insurance on my vehicle?
If you take out a car loan with us, you will be required to have the vehicle comprehensively insured. ^

Is a redraw facility available?
The credit union gives you the option of making extra repayments on your loan and therefore save money in interest changes and than having the flexibility of being able to redraw on these extra repayments. You need to have your loan in advance by at least your next agreed loan repayment plus $100 and the minimum redraw is $100. Remember, redraws are FREE! ^

Apply

Decided that this loan is right for you? Apply using our simple online Car Loan application form.



Learn More

• Contact our friendly staff who will answer any questions you may have.
• Use one of our loan calculators to work out what loan is right for you.