Standard Loan

"The Credit Union offers a range of services to our members"

Eligibility

A member must be over 18 years of age and have saved regularly for a period of 12 weeks or 3 months minimum prior to applying for a loan. Terms and Conditions apply. Each loan application is decided upon its own merits.

Interest

The interest charged on Standard Loans is 1% per month on the reducing balance of the loan, which is 12.68% APR.

Applications

All applications for loans must be made on an approved loan application form. Loans within policy can be approved on the day, subject to funds being available. Loans out of policy are presented to the Credit Committee for a decision. 

You can apply online from the members area or download an application form below. 

Amount

Members can apply to borrow up to three times their savings. The maximum repayment period is 3 years, although loans for some purposes must be repaid over shorter periods. Members must continue to save while repaying a loan.

Subsequent Loans

Members should repay previous loans through regular payments before applying for another loan. However, the Credit Union recognises that on some occasions it may be necessary to borrow again before an existing loan is paid off in full. On these occasions your existing loan will be refinanced and a new loan granted for the increased amount. The maximum total amount you can borrow is three times your share balance at the time of application, which includes the outstanding balance of your existing loan subject to Terms and Conditions.

Share Withdrawals with a loan

Download Personal Loan Application (110.1kb) The loan application form is a PDF document and Adobe Acrobat Reader is required to the view it. Adobe Acrobat Reader can be downloaded for free by clicking on the Get Acrobat Reader icon.