With the holiday season in full swing, it’s easy to spend more than you realise – which could make it a very lean and difficult start to 2010 if haven’t already put some thought into saving and budgeting.

If you’re already concerned about mounting holiday season debts, there are some sound steps you can take to take control of your finances in preparation for the New Year.

Here are some things to remember when spending money over the New Year holiday period, to help you avoid the debt hangover – and some budgeting tips on how to help get out of it:
1. Your monthly credit card statement will outline the ‘outstanding balance’ and the ‘minimum payment’. You should aim to repay the outstanding balance by the due date whenever possible to avoid paying interest. If you can’t do this, try to pay more than the minimum payment to avoid paying excess interest.
2. Consider consolidating your debts by taking out a personal loan. If you have a large credit card debt for example, you could save a lot of money by paying off your credit card debt and paying back a personal loan at a lower interest rate;
3. Make a budget plan for 2010, be brutally honest with yourself and in detail outline all your outgoings and incomings. Try to set an amount aside each week – and stick to your budget;
4. It may sound obvious, but try to be intentional with your purchases and don’t buy more than you need – especially if you’re using credit.
5. With the money you set aside each week, check out term deposit offerings and put your money to work for you with a great interest rate.
You can access more financial advice through the Take Control series, which includes advice on budgeting & saving, buying a car, buying property, protecting your assets and wealth creation.

January 11th, 2010 | Leave a Comment »

NSW home buyers will benefit from new incentives, with 50% discounts off Stamp Duty. The discount could help you save up to  $11,245 and is applicible for;

- Newly built homes

- For investors buying newly built homes

- Empty nesters buying newly built homes

- Buying off the plan.

The Stamp Duty discount is capped for homes to the value of $600,000, and is has been extended until the 30 June 2010.

You can find out the full details about the NSW Governments Stamp Duty Discount here

December 29th, 2009 | Leave a Comment »

We previously mentioned that over 95% of votes cast by Companion members, voted in favour of the merger of Companion Credit Union and Community CPS Australia. Now we are happy to tell you about some exciting new products, available for our members from 1 January 2010.

New products include;
- Community Account: a transaction account specifically designed for not-for-profit groups such as community and sporting clubs, charities and schools.
- monEsaver Account: a high interest internet and telephone based account.
- Christmas Club Account: a savings account designed to help you save for your Christmas and holiday expenses. It has limited access options outside the festive season to encourage you to keep your money in the account.
- Term Deposits: you can now choose to invest your funds from 3 months up to 5 years
- Lifestyle Rewards: is a reward program for Term Deposit holders. All members will receive an Ambassador Card and Booklet in early January which details discounts at a variety of restaurants, hotels and services.
- Fixed Rate Home Loan: you can now choose to fix your home loan from 1 year up to 5 years
- Enviro Loan: rewards member for purchasing environmentally friendly products by offering a reduced interest rate
- MasterCard: members will be able to choose from a Low Rate and Rewards MasterCard
- Foreign Currency: if you are travelling we will be able to assist you through Travelex foreign exchange.

Members will receive information this week in their member newsletter and full information will be posted on our website in January.

December 7th, 2009 | Leave a Comment »

More than 95% of Companion members present at the Annual General Meeting held in Rutherford on Wednesday (25 November), voted in favour of the merger. The merged entity will form one of Australia’s largest credit unions, representing a combined membership of more than 180,500.

The merger between Companion Credit Union and Community CPS Australia, will become effective from 1 January 2010.

The business will trade as Companion Credit Union – a Division of Community CPS Australia Ltd throughout the Hunter Valley and Gunnedah regions. Among the benefits of the merger are an expanded branch network, enhanced products and services, and reduced risk due to greater market diversification. Companion staff will benefit from a national job network and comprehensive training programs.

Members can expect to see information about new products in their mailboxes in early December.

November 26th, 2009 | Leave a Comment »

Companion Credit Union Marketing Manager Cas Scott has been recognised as an emerging leader of the credit union and building society industry across Australia.

Cas, who is based at Companion’s head office in Cessnock, won the 2009 Bridges Emerging Leader Award at the Abacus 09 Convention this week on the Gold Coast.

Abacus – Australian Mutuals is the industry body for Australian credit unions, mutual building societies and friendly societies, and the Bridges Emerging Leader Award is a highlight of the annual industry convention. This prestigious award recognises up-and-coming credit union and building society managers who want to build a leadership career in the industry. Nominees must be under 35 and are assessed on their commitment to the mutual financial services industry, innovation in management, aptitude for leadership and their track record.

Cas received the award in recognition of her work at Companion Credit Union which includes the innovative ‘We’re Listening’ theme. All Companion members have ownership and a say in how Companion is run, the ‘We’re Listening’ theme builds on the core principles of mutuality ‘Member Ownership’.

The introduction of ‘We’re Listening’ included a new member designed and chosen logo, new corporate website  , a social blog website  , the Companion Community Grant which assisted over 55 local community groups in 2009, and much more.

Cas is planning on using the award to attend the World Credit Union Confernce in Las Vegas in 2010 and visit Credit Unions within the US and Canada.

November 18th, 2009 | 5 Comments »

Our 35th Annual Report is now available for downloading. I am pleased to report that, despite a decrease in overall profitability Companion Credit Union weathered the storm of 2008/2009 incredibly well, and the results shown in the annual report are testimony to this

The main highlights for the year are as follows:
- Total Assets increased by $8.8M to $268.2M as at 30 June 2009. Loan balances outstanding increased $6.1M (or 3%) to total $215.3M at the end of the financial year.
- Loans funded during the year totalled $51.4M, down slightly from the previous year, with home mortgage lending accounting for the bulk of new loans.
- The balance of Members Funds on deposit increased by 6% year on year with Term deposits making up the majority of the $13M in member deposit growth.

Important Dates:
- By 30th October registered members will receive a copy of the Annual Report in the mail
- 23rd November 6.30pm deadline for Proxy forms to be lodged
- 25th November 6pm, Annual General Meeting (Maitland City Bowling Club, Rutherford)

To RSVP for the Annual General Meeting phone 49911744 or email agm@companion.com.au  

Ray

October 26th, 2009 | Leave a Comment »

This week shareholding members should start receiving their Member Information Document’s (MID) in the mail. While these documents appear lengthy they are actually very easy to read, and the table of contents makes it easy for you to find the information that is of specific interest to you. E.g. interest rates, constitution, Board of Directors etc.

The MID pack includes;

-          Notice of Annual General Meeting
-          Merger Information Sheet
-          Proxy Form
-          Reply Paid Envelope

You can read the MID in full at our Merger web page.

The aim of the MID is to enable you to make an informed decision when voting on the proposed merger. The Board of Directors and management are unanimous in their support for the merger, and recommend you vote for the resolution relating to the merger.

We urge you to read the information and vote using the enclosed proxy form or in person at the AGM. The AGM is being held at:

25 November 2009
Maitland City Bowling Club, Rutherford
6pm start
RSVP before the 16th November on 49911 744 or agm@companion.com.au

If at any stage you have queries regarding the proposed merger feel free to contact your local branch or myself directly robrien@companion.com.au

Ray

October 19th, 2009 | Leave a Comment »

For all prospective first home owners, there have been a few changes this month to the NSW and Federal Governments First Home Owners GRant (FHOG).

The total First Home Owners Grant for established homes is now $10,500, while for new homes the total is now $17,000. These amounts are due to reduce further after the 31st December 2009, which you can refer to by visiting the NSW Governments webpage. Commentators are speculating with the reductions in the FHOG, property in the lower end of the market should reduce slightly in price, which is great news for prospective buyers!

If you are interested in how much can you borrow, what sort of deposit is required or what will my repayments be check out the range of calculators available to you. Or if you are ready to purchase you can also apply online through our webloans.

October 12th, 2009 | Leave a Comment »

It’s been a while since I first announced the proposed merger with Community CPS, while we have been working furiously behind the scenes I now have some great news to share with you all.

Just this week we reached a significant milestone- APRA signed off on our proposal to merge with Community CPS. This is good news for us as the merger is proceeding as planned. Later this month eligible shareholding members will receive a Member Information pack which outlines the details of the merger. Keep an eye on our websites as we will start updating this with new information over the coming weeks to keep you informed.

If at any stage you have questions regarding the merger feel free to contact your local branch, or myself at robrien@companion.com.au

Ray O’Brien
Chief Executive

October 6th, 2009 | Leave a Comment »

At Companion we offer competitive salaries, attractive employment conditions, and a variety of challenging career opportunities in locations throughout the Hunter, Upper Hunter and Gunnedah regions.

We strive to be an employer of choice. We understand that it is important to provide an atmosphere where individuals can strive to perform to their full potential. In order to achieve this we encourage a positive learning culture through comprehensive training and career development initiatives.

If you are interested in a rewarding career with Companion Credit Union, check out our current vacancies and send in your resume  

** We currently have job vacancies, applications close the 9th October 2009**

September 30th, 2009 | Leave a Comment »