Interested in Joining the Credit Union?
Be a member for 4 months, contribute towards your shares every fortnight and be eligible for loans up to your share value or an excess (conditions apply)
MEMBERSHIP FEES
$5 per
CONTRIBUTIONS
At a minimum of $10 per fortnight
(or multiples of $10 i.e. $20, $30, $40 etc)
TAKE LOANS
After 4 months of membership. Up to share value.
EXCESS LOANS
$300 – at discretion of the Board and if you have built your shares up to $300.
Repayment automatically becomes $100 fortnight.
$500 – if you have a share value of $1000 or more.
Repayment automatically becomes $100 fortnight.
REPAYMENT TERMS
Less than $100 6 fortnights
$100 – $250 13 fortnights
More than $250 26 fortnights
More than $1000 52 fortnights
INTEREST ON LOAN
7% on reducing balance
FEES CHARGED
Loans $2
Excess Loans $10
Partial Withdrawals $20
Full withdrawals $20
DIVIDENDS
Paid out to members when a profit is made and dividends/bonus payments declared by the Credit Union.
Dividend is calculated by %age of total shares x total Dividends declared.