It is always a pleasure when we help our younger members get a loan, especially when a car yard tries to cheat them.

A young girl that is a long time member, wanted to purchase that special car, when she went to a Car Yard they promised her the world, leaping at the chance to offer her finance and throw in all the added extras..

But to her advantage she had visited me at Companion Credit Union and found out what she could borrow and still have money to live and travel with.

It we then we discovered that the great deal that the car yard was offering was not a fair or honest deal.

It is here the story ends happily ever after, a happy young lady in her dream car, with a great interest rate, fully insured with us, and money to spend visiting her sister in Europe.

The moral to the story is- come and visit your local Companion branch to see what we can do for you, we can help you set a budget before you go looking at that special purchase.

While I would like to stress that not all car yards are unscrupulous, but no matter what you are buying you need to be aware of the deal being offered so you don’t get caught out. Make sure you double check the finance terms and investigate what your local financial institution can offer you. Sellers can promise you the world, and then once the deal is you may find yourself high and dry without a backup plan.

At Companion Credit Union, our staff are not payed commission, we act in your best interests. We value our members and give them great service and the security that we are there to help them as much as we can.

Carolin Mackaway
East Maitland Branch Manager
Companion Credit Union

April 27th, 2009 | Leave a Comment »

Up to 1 month delays for loan approval is being experienced by Hunter residents and it seems this is occurring nationwide.

The lowering of the RBA’s cash rate has meant interest rates are at an all time low, and combined with the governments First Home Buyers Grants ending, this has increased demand on institutions capacity to process new Home Loans.

Companion has also experienced an increase in loan applications, but I’m happy to say this hasn’t affected our 24 hour loan approval target, and subsequent settlement date disbursements

If the applicant has provided all relevant paperwork, the financial institution should be able to respond within 24 hours. If you have been waiting on your loan approvals for more than 24 hours without valid reason or communication from your loan provider, I suggest its time to seek out another financial Institution.

With the First Home Buyers Grant ceasing in June, and interest rates predicted to fall further the demand on loan approvals is expected to continue to increase. If you need quick and speedy loan approvals drop us an email, or visit us in branch.

Ray O’Brien
Cheif Executive
Companion Credit Union

April 24th, 2009 | Leave a Comment »

Companion Credit Union is proud to be part of the Hunter & Gunnedah community, and as a way of showing our support for our community the Companion Community Grants Scheme has been created.

$20,000 is available to be donated to the local community and we would like you to tell us how to donate it.

If you know of a not for profit club, group or charity, that could use a helping hand, why not nominate them to share in our grant scheme? Applications are open from 15 April to 15 May and nomination forms can be found here or you can pick one up at your local branch.

This is our way of saying ‘Thank You’ to our members and the local communities serviced by our branches, and as a member you have a say in who gets the funds by getting involved.

So if you know of a sporting club, charitable organisation or community group that could use some extra funds, let us know.

Do you know a local group that will benefit from nominations?

Bill Hudson
Singleton Branch Manager

April 20th, 2009 | Leave a Comment »

After the RBA meeting took place this week the offical cash rate was lowered by 25 basis points to 3.00%. Companion Credit Union will be one of the few to pass on the full 25 basis points to their members.

Our interest rates are at an all time 30 year low, which is great news for home buyers. Given that most banks have decided not to pass on any rate cuts its extremely important for Companion members to receive the full interest rate reduction. Companion Credit Union members can expect to start seeing the benefits immediately starting from the 16th of April.

Our Home loans now start from 4.97%, which is great news for new home owners or anyone seeking out a better deal on their home loan. This is one of the luxurys of banking with Companion Credit Union, our customers are our owners, so we focus on whats best for our members, not share price movements.

Other Major banks such as the Commonwealth Bank, Westpac and ANZ only passed on 10 basis points while National Australia Bank did not cut any of their rates.

April 16th, 2009 | Leave a Comment »

In the Autumn edition of our Companion Newsletter, I commented on the hectic start to the current year. And what a start it has been.

The disruption to international credit and liquidity markets has dominated our horizon for many months now, and the collapse of several major financial institutions in the US, UK and Europe have made headlines all around the world. It seems certain now that a global recession cannot be totally avoided.

Here in Australia we have been confronted with numerous challenges on very different fronts, not the least being the heat wave conditions across the south of our country in late January that culminated in the catastrophic bushfires that devastated regional Victoria. And at the same time our neighbours to the north in Queensland were severely disrupted by major flooding. How bizarre was that.

And how generous have we been as a nation. At a time when all the financial commentators were telling us to batten down the hatches and prepare for major economic pain, people from all around this country dug so deep in support of those in so much need.

As I said in my newsletter article, I sense is that there is some bright light appearing at the end of the tunnel, and I look forward with optimism for things to improve in the back half of 2009 and into early 2010.

I would like to take this opportunity to wish everyone a happy and joyful Easter season. If you are on the roads, please take care and stay safe.

Most of all, enjoy the break

Kind regards
Ray

April 9th, 2009 | Leave a Comment »

Recent press reports have highlighted steps that borrowers can take to deal with financial hardship if you borrow from one of the big 4 banks.

As a mutual credit union, we don’t need to be persuaded by the Government to put our members first. Our members are our owners and that’s how we treat them.
The media coverage today has been quite misleading, suggesting that the big banks will offer automatic repayment holidays and other measures. This is not the case – the 4 big banks have agreed to look seriously at hardship applications on a case by case basis, and to work with their customers more sympathetically.

These are commitments we at Companion already make.

At Companion, we have always offered help to members who may experience financial hardship. That’s what being member-owned is all about – putting our member’s interests first.
At Companion, we focus on making sure we lend responsibly, but we understand that your circumstances can change, for example, because of a change in your employment.

Working with you we can make an assessment of how best to assist you and your family based on your ability to meet the obligations of your loan. This is the high standard of credit union service we have always applied.

While it’s good to see big banks looking at this issue, their new announcement is about doing what we have always done, by working with you wherever possible when tough times arrive.
Any member who is facing difficult financial circumstances or an inability to repay their loan should contact t us on 131 609 and we will work with you to tailor a response that suits your particular circumstances.

Ray O’Brien
6 April 2009

April 6th, 2009 | Leave a Comment »