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Community CPS Personal Loans

 

Community CPS

 
 

Community CPS is one of the larger Credit Unions in Australia and in 2008 was named as Credit Union of the Year.  Unlike a bank it is not owned by shareholders but by its members. 

Community CPS sells itself as an institution that cares about relationships with its clients as well as having an active community involvement program.  Its profits are put back into the business, particularly in lowering fees for its members

It has 170,000 members, 530 employees and 36 branches.  It is active in South Australia, Canberra and New South Wales. It operation in Western Australia is known as “United Community” and members in Western Australia are full members of Community CPS.

Community CPS offers a number of personal loan products.  Its central offering are its fixed and variable personal loans.  It also offers a line of credit, a wealth accumulation account and enviro personal loans which are part of the Federal Government’s green loan scheme. 

The fixed rate personal loans have an interest rate and repayments that are set at the outset of the loan.  This means that if interest rates rise the repayments and the term of the loan will remain the same.  The loans have a term of up to seven years.  There is no penalty on extra payments, or even a full repayment.

The variable rate personal loans are offered at a lower rate than the fixed rate personal loans, but the borrower will be exposed to any increase in the interest rate.  However the borrower will benefit if the interest rate goes down.  There is a redraw facility that allows overpayments of the loan to be borrowed again, although this is for a minimum of $500.

The line of credit is aimed at smaller loans.  Essentially it works in the same way as an overdraft.  Although there is a higher rate of interest, the interest is only charged on the amount of money that is actually withdrawn with a single figure agreed when the loan is originally taken out. 

The wealth accumulation account is an unsecured line of credit.  It is aimed at investors and not at consumer spending. 

The Enviro Personal Loans are part of the green loans program subsidised by the Federal Government.  It aims to allow consumers to buy environmentally friendly equipment such as energy efficient washing machines.  The loan is at a fixed rate, but although it is unsecured it is charged at the same rate as mortgages. 


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