In 2010, Companion Credit Union is partnering with Camp Quality to raise $55,000 to enable kids living with cancer to attend the junior camp in Sydney in October. To achieve this we need your help.

You can help make a difference by donating to this great cause. By donating, you will also be entered into the draw to win a signed, official 2009 Camp Quality issue Canterbury Bulldogs jersey (drawn on 5th October 2010).

How you can help
You can help kids living with cancer by making a tax deductible donation via:
By Credit Card: phone us on 13 25 85 and donate over the phone
Internet Banking: To transfer your donation via Internet Banking, please use the following details:
BSB: 805-022 Account: 03344920
In person: You can donate at any of our branch Read the rest of this entry »

August 31st, 2010 | Leave a Comment »

The Companion Credit Union Spring Fashion Show is a great chance to bring your friends to enjoy a glass of sparkling wine, finger food and take in the latest Spring fashions from JoJo Boutique The Junction, plus performances by Fusion Performing Arts and lots of great raffle prizes.
Held at Easts Leisure and Golf Club on 22nd September, doors open 6.30pm. Tickets are $25 and include entry, finger food and a complimentary glass of sparkling.
To book your seats contact Teagan Cronin on 0400681310 or tcronin@companion.com.au.

August 23rd, 2010 | Leave a Comment »

At our 2009 Annual General Meeting, one of our members stood up to voice his concerns about awareness of Credit Unions in our communities. Of particular concern was that many young workers are unaware of what a credit union is or does.

Well now we have an answer for this.

Today is the launch of an industry wide campaign for all Credit Unions, Mutuals and Building societies. 4.5 million Australians choose to bank at a place that isn’t a bank at all.

You can read up about credit unions here or watch a 30sec summary

What do you think of the national mutuals campaign?

May 17th, 2010 | Leave a Comment »

Making sense of the Henry Review- what does it mean for me?

There will be four main changes to superannuation:

1. Superannuation increased to 12%
The Superannuation Guarantee Charge will increase from the current 9% up to a maximum of 12% by the 2019/20 financial year. This will happen in increments as shown below:
2.Superannuation cut-out extended to age 75
The entitlement age for the SGC will be lifted from age 70 to age 75 for workers. This change will commence for the 2013/14 financial year.

3. New concessional contribution cap for over 50’s with low super balance
Eligible workers who are 50 years of age and older who have super balances of under $500,000, will be able to make contributions of $50,000 per year (indexed annually according to Treasury).

This low balance cap applies from 1 July 2012 and effectively replaces the current transitional cap for workers aged 50 and older which expires on 30 June 2011.

4. Low income workers government contribution
From the 1st July, 2012, the Government will provide a contribution equal to 15% of concessional contributions made, up to $3,333, for low income earners with an adjusted taxable income (ATI) of up to $37,000. The maximum Government contribution paid will be $500 (not indexed).

This will mean that a person with an ATI of up to $37,000 will effectively not pay contributions tax on their SG contributions. The measure makes super contributions tax neutral for those on a 0% and a 15% marginal tax rate, as shown in the following table:

May 10th, 2010 | Leave a Comment »

Buying a new car is a very exciting time – but there are many things to consider!

Once you’ve decided on your dream car, you should consider getting a pre-approved car loan so that you know exactly how much you have to spend. That way you have bargaining power when negotiating the final sale price.

There are many different types of car finance available, and it is important to consider all of the features when comparing loans.

To save time, you can research different car models, features, and prices on the internet. The Red Book website www.redbook.com.au is useful for finding out the value of used and new cars, especially if you have a trade-in to offer. If you are buying a car through a dealer, make sure that you are negotiating a ‘drive away price’ rather than how much it will cost per week. You may think that you are getting a great deal by bundling finance and paying a low weekly rate, but beware! The repayment period may be longer than anticipated and in the end be far more than you expected to pay.

Finally, when buying a car there are a few other expenses to consider, such as stamp duty and insurance. It’s a good idea to get a quote for vehicle insurance before you buy the car so that you know your ongoing expense. Then once you’ve bought the car your insurer can start your policy immediately, giving you peace of mind.

May 3rd, 2010 | 1 Comment »

I still remember my very first car, we went to look at it and because it was a manual (and I had only ever driven auto) my father took it for a test drive. I was as proud as punch when we got it home, I couldn’t wait to drive it for the very first time.

I took it for a test drive in our neighbourhood so I could work out the gears. I took off from the roadside and sailed down the road towards the corner and went to turn the steering wheel…and nearly drove off the other side of the road! My dad didn’t tell me it didn’t have power steering, I didn’t even know cars came without power steering and I had never driven without it before! My arm muscles got very strong driving that little car!

My first lesson in buying a used car was; make sure you ask all the questions before purchasing!

I’ve created a checklist for you to look at before you make that big purchase;

- REVS check (to make sure there aren’t any fines or money owing on the car)
- Redbook (you can check the car’s estimated value to ensure you are paying the right amount)
- Mechanic check- get your local mechanic to check it out so you don’t get any unexpected bills or worse stranded somewhere
- Tread on tyres- make sure they still have some life left in them
- Radio/CD player- does it work? And does it come with the car?
- Seat reclines- does this work? (yep had that happen to me too)
- Check for rust/panel damage
- Registration- how long is left on the rego?
- How much will insurance cost you? Can you afford it?
- Check under car seat covers and mats as this could be hiding something.
- Why are they selling it?
- Test the air conditioning
- Check the lights, blinkers, brake lights
- Test drive the car

What else can be added to the checklist?

April 19th, 2010 | 3 Comments »

Following on from our previous travel feature about accessing your money overseas, the next most important part of booking your holiday is making sure you will be covered in the event of an emergency. Personally I always take out a policy before travelling to any overseas destination, buts its not just me recommending you take our travel insurance Smart Traveller urges all Australian to take our travel insurance, saying that each year they assist over 25,000 travelling Australians in need.

Travel insurance covers you for things like medical bills in case of an accident while travelling, loss/theft, cancellation or disruption to flights and more.

A friend of mine recently returned from a holiday in Japan and dislocated his knee/ligament damage, without travel insurance he would have been responsible for large medical bills. I also recently returned from holidays where my return flight was cancelled and rescheduled for the following day, I had organised travel insurance through Companion Credit Union before I left so luckily I could claim my hotel for the night I was delayed, and transport to/from the airport due to the delay. Which I was very happy about!

Have you ever had to use your travel insurance? Tell me about it,

Cas

March 15th, 2010 | 1 Comment »

A poll on our website currently shows that over 56% of members plan to travel in the next 12 months, and with the all time low prices of international flights it’s a great time to travel.

So the next few blog postings will revolve around one of my favourite topics- travel!!

So I thought I would start on a few travel basics, first of all you will need to be able to access your money while you are travelling.

There are a few ways you can access money when you are travelling overseas which may depends on what country you are visiting, so some research may be involved (personally I have always found Lonely Planet a good starting point!). Each of the following ways of accessing your money has their pros and cons:

- Travellers Cheques: Can be organised at your local financial institution (like ours!). Travellers cheques are safe, as long as you record the serial codes on the cheques and keep them separate from the cheques (in case they are lost or stolen). In most countries it’s easy to find somewhere to cash them.
- Cash Passport: acts similar to an ATM card, its PIN protected and you can use them anywhere. For added security you also receive 2 cards, which you keep separately incase one is lost or stolen then you will still be able to access your funds via your second card.
- Credit Card: can be used worldwide, you must use your credit card wisely though and protect your details from unscrupulous persons. You will be charged a withdrawal fee and also a higher interest rate for cash withdrawals. Having a credit card while travelling is handy for booking accommodation or flights through reputable agencies. But you will need to ensure you notify your financial institution you are travelling overseas. If you do lose your credit card and need it replaced while still overseas this can be costly.
- Debit Card: can be used like a credit card but instead you are accessing your own money, make sure you tell your financial institution you are travelling overseas. You will be charged an ATM fee in most countries. If you do lose your debit card and need it replaced while still overseas this can be costly.
- Foreign Currency: Foreign currency can be ordered through most financial institutions (like ours!). It’s handy to have a small amount of foreign currency for when you arrive at your destination so you can purchase drinks, hire a taxi etc.

I highly recommend selecting a couple of these options for when you go travelling, and try not to keep them all in the one spot. Just recently I met a girl overseas who had her purse pick pocketed out of her handbag. This meant she had no way of accessing any of her funds, luckily her friends all gave her money so she could get home ok.

Keep security in mind when you are travelling, its wise to keep your funds in different locations i.e. cash in your purse, credit card and debit card in the hotel safe etc.

Please keep in mind this is my personal opinion and not that of Companion Credit Union, you will need to research your destination and decide what suits your financial situation best.

March 10th, 2010 | 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 | 3 Comments »

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 »