Know what you can afford

By Simon Ruppert

In a time of market uncertainty, there are many reasons why you should choose a credit union, such as Goulburn Murray Credit Union (GMCU), over a public-listed bank.

Credit unions, mutual banks and building societies are customer owned and are not listed companies.

So, unlike those institutions that are, there is no overwhelming pressure to maximise profits to pay external shareholders.

Instead, the customer comes first and they put their profits back into better rates, fairer fees, responsible lending and customer service.

Credit unions, mutual banks and building societies exist for their members because they’re owned by their members.


Loans can be issued for any worthwhile purpose and can be divided into the following categories:

● Personal Loan
● Residential Home Loan
● Investment Property Loan
● Debt Consolidation Loan
● Business Loan
● Equity Access Loan
● Overdraft

An application is required in each instance and it is preferable that the application is completed at interview with a GMCU 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, for example, weekly or fortnightly.

Extra or higher amounts may also be paid at any time.

This is to a borrower's advantage because it reduces the interest charged.

Interest is calculated on a daily balance and added to the loan at the end of each calendar month.

Credit union 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 office.

Loans may include a co-borrower where that person also receives 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.


The goal of financial planning is more than just managing your savings and investments.

It’s about helping you plan for a future that is as good as it can possibly be.

Financial advice can make a big difference at every stage of life.

A financial planner can help you with different investment strategies for different circumstances, such as:

● Managing your investments tax-effectively
● Saving for a home
● Planning for the costs of marriage and the benefits of combined income and savings
● Making your income go further by investing wisely
● Structuring your assets effectively if you are self-employed
● Planning for a family and the loss of a regular salary while on maternity leave
● Helping you to make the most of your superannuation opportunities
● Planning your finances following a redundancy or when changing jobs
● Making the most of a maturing term deposit or a financial windfall such as an inheritance
● Maximising your eligibility for Centrelink benefits
● Planning for the retirement you want

Whether you’re in your carefree 20s, consolidating 30s, comfortable 40s or cruising 50s, the advice of a professional financial planner can be critical in helping you achieve your financial targets by developing a strategy that works for you.

● Start planning for tomorrow and phone GMCU today on 5762 3380 or email