Frequently Asked Questions        

Frequently Asked Questions

  1. What is Elcom Credit Union?
  2. What sets Credit Unions apart from other financial institutions?
  3. How can I take advantage of their service?
  4. What can I borrow for?
  5. Is my money safe?
  6. When are the branches open?

What is Elcom Credit Union?

Elcom Credit union is a group of people who join together to pool their savings and make loans to each other at reasonable interest rates with a sensible approach to fees and other account keeping charges.  Credit Unions were originally set up around church parish groups, until the mid 1960's when the focus changed to be employees of a particular enterprise, conducting their own financial saving and borrowing services.
Today there are more and more community based credit union services available to the public.

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What sets Credit Unions apart from other financial institutions?

Mainly their attitude towards people and community, they have been created in the belief that everyone deserves respect. No one person is more important than anyone else.   The credit union philosophy involves people wanting to make their own lives better through their own actions.  Many people are surprised to learn that over the past decade, credit unions have grown to have more customer relations than three of the largest four banks in Australia and edged out building societies to become the second largest force in the provision of retail financial services.

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How can I take advantage of their service ?

To become a member you must call into a branch with appropriate identification.

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What can I borrow for?

Any worthwhile purpose is the broad answer to that question!

Personal loans for cars, caravans,holidays,pools,debt consolidation and more!

Home loans, cash secured loans, relocatable home loans, line of credit loans, Overdrafts, Commercial loans, Land purchase loans, Interest only loans, Bridging loans.

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Is my money safe?

There are over 290 Credit Unions in Australia with combined assets of 14 billion dollars and over 3 million members.

Credit unions have become:
The largest provider of personal loans.
The largest issuer of debit cards.
The largest provider of fixed term deposits.
The second largest provider of combined savings, investment and cheque accounts.

Credit unions have avoided high risk lending & keep a total focus on the people they serve. 

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When are the branches open?

Click here for a guide to branch availability and opening times.

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