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Encompass Credit Union Personal Loans


Encompass Credit Union


Encompass is a Sydney based Credit Union with five branches and 23,000 members.  It has its roots in various transport industry credit unions and it still has a bias towards people who work in either the public or private transport industries.

Encompass sells itself as a co-operative and not a profit making venture.  It has been operating since 1953 when it began as the Motor Transport Savings and Loan.  In 1984 it lost its private sector focus when it merged with the Government Transport Credit Union and in 1991 it merged with the larger Railways Staff Credit Union History changing its name to Transrail.  In 1997 it became Encompass, and started dealing with customers outside the transport industry.

 Encompass offer an unsecured personal loan, a personal loan secured by a Term Deposit, a Home Improvement Loan and Motor Vehicle Loans.

The loan period is up to seven years, and repayments can be made weekly, fortnightly or monthly.  Interest rates are variable and tied to the Reserve Bank of Australia’s rates. There are no monthly fees on top of the interest rate, although an establishment fee does apply. 

Early repayment can be made without any penalty, although as interest is calculated monthly this has a limited effect, particularly towards the end of the loan.  There is a redraw facility and with certain employers there is also an automated payroll deduction option, so that the loan repayment is not felt.  Repayments are held one repayment in advance, which can further cut down the effect on early repayment.

Personal loans can either be secured or unsecured.  If unsecured the maximum loan value is $10,000.  Secured loans and home improvement loans can go up to $40,000.  Personal loans secured by a term deposit can go up to $70,000 and be for up to 30 years, rather than the standard seven years.

The motor vehicle loans cover cars and motorcycles and also boats.  As well as offering pre-approved loans they also have a free car buying service for those customers in the Sydney and Newcastle regions.  Comprehensive insurance is also offered as part of the loan and 100% finance is offered to certain eligible members. The minimum amount for a motor vehicle loan is $1,000 with a maximum of $40,000. 

There is a 0.7% discount for an environmentally friendly car (which has to have four stars or above on the government’s green vehicle guide) together with a month’s free comprehensive insurance with Allianz Australia. 

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* The products compared on this page are chosen from a range that has access to track applications from and is not representative of all the finance products available in the market. You should always consider seeking independent financial advice and your personal financial circumstances when comparing loan products.

Reasonable efforts are made to maintain accurate information. However, information is presented without warranty. When you click on the "Apply Now" button you will have an opportunity to review the product terms and conditions on the product issuer's web site. Even though we provide information on financial products in Australia we are not a credit provider nor are we suggesting that you apply for any particular product from any of the providers listed.