- 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?
- Do I need to take out insurance on my vehicle?
- Is a redraw facility available?
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. ^
The minimum amount you can borrow is $3,000. The maximum amount you can borrow is $75,000 for a vehicle up to 1 year old or $50,000 for a vehicle 2 to 7 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 could borrow? Use our Loan Calculator. ^
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 branches or using bank@post. Learn more about these repayment methods. ^
Statements are produced six monthly or more frequently on request. Duplicate statements can be requested at any time from our office.
Account Balances and Statements are also available through our Internet and Phone banking services. ^
We will take a Bill of Sale over your vehicle as security. To enable this to be registered with REVS there will be a small fee involved. ^
If the credit union has taken security over your vehicle, you will be required to have the vehicle comprehensively insured. Credit Union can offer a quote on your vehicle before purchase to make the loan process more efficient. ^
The Credit Union gives you the option of making extra repayments on your loan and then having the flexibility of being able to redraw on these extra repayments. The minimum redraw is $500, therefore, you need to have your loan in advance by at least $500 and 1 loan repayment. This facility is free of charge and allows you to park extra funds on your loan, thus saving you interest and then redrawing them as required. ^