PERSONAL

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EMPLOYER

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BANKING

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LOAN

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Loan Features

  • What are the minimum loan requirements?

    The minimum loan amount must be $5,000 or more to a maximum of $35,000. All applicants must be 18 years of age or over. Each loan applicant is subject to Easy Rocket Loan.

  • What can I use an Easy Rocket Loans for?

    You can use the an Easy Rocket Loans for the following:

    * A new or used car, motorbike, boat and caravan
    * Holiday and Travel
    * Debt consolidation to combine cards or other smaller loans into one loan
    * Home improvements, home appliances
    * To purchase shares or managed funds

  • Is there a redraw facility available?

    A free redraw facility is available on all Easy Rocket Loans if repayments in excess of your repayment obligations are made. There is no minimum amount for redraw.

  • Do I need to provide security for my loan?

    Easy Rocket Loans are unsecured so you do not need to guarantee the loan against any assets.

  • Is a variable or fixed rate best for me?

    A variable loan allows you to make extra repayments to your loan at any time. These repayments could be weekly, fortnightly or monthly. You are also free to make a lump sum payment. However your repayments may increase if interest rates increase.

    A fixed loan will guarantee that your loan repayments will never increase over the term of the loan as you are protected from rate increases. You know exactly what your repayments will be each time which helps you budget each month. However, please note that you are free to make a lump sum repayment if you wish.

Managing your Loan

  • How do I make repayments?

    The simplest way would be to set up a debit payment from a nominated external bank account. You can opt for weekly, fortnightly or monthly repayments.

    You can also make ad hoc lump sum payments from any external financial institutions account but we recommend that you set up a regular debit so that you remain in control of your repayments.

  • How do I pay off my loan faster?

    You are free to pay off your loan outside of your contracted monthly repayment by changing your repayment frequency to a fortnightly or weekly payments. In doing this you will reduce the amount of interest you will need to pay and in this way pay off your loan sooner. You are also free to make lump sum repayments.

  • How do I redraw funds?

    You redraw any funds in excess of your mandatory repayments via Easy Rocket Loan internet banking. All redraws are free.

  • What is loan protection?

    If you get sick, have an accident or lose your job then you can ensure that you meet your loan repayment by taking out Loan repayment insurance. This insurance helps you meet your loan obligations for the period you. For further information on loan repayment insurance click here.

Applying for an Easy Loan

  • Why do I need to become a Member?

    You need to become a Member so that you can access your loan contracts which have been posted on our secure internet banking site. You can also manage your loan via Easy Rocket Loan Internet Banking.

  • Why do I need to provide identification?

    This is a test that the credit union uses to make sure you are you, and not someone posing as you, in an attempt to commit fraud. It's the credit union's first line of defence against identity theft and money laundering. We are also required by law to positively identify all members wishing to open an account.

  • What happens after I apply?

    Within minutes of submitting your application online you will receive an email from us, which will either:

    * Conditionally approve your loan application
    * Refer your application to our Credit Acceptance Department for assessment (in this case a final answer will be given by email within 24 hours)
    * Decline your application.

    If your loan is approved, you will receive a second email within 24 hours of application, advising you that your loan contracts have been posted by mail. Upon receipt of these contracts you need to sign and return 2 copies to us along with originals of any other documentation requested as a condition of full approval.

  • Why do I receive two contracts?

    You receive two contracts so that we are able to maintain a copy. Please sign and return both copies of the contracts along with any originals of documents as requested under the Conditions of Approval. When we receive both these copies (signaling your acceptance) we will sign both and send one back to you for your records. We will then fund your loan account.

  • What are the conditions of approval?

    Conditions of approval refers to original documentation required by us to support your loan application. What documentation is required will depend on each individual loan's circumstances. Typically, we require originals of your two most recent payslips. However in some cases such as a loan for debt consolidation, we may require that you provide proof of closure of an existing credit card or loan. All documentation requested needs to be originals. They can not be photocopies or online statements. These documents are returned to you by post when the loan is funded.