Do I have to be an Reliance member to take out a loan?

Reliance is a mutual financial services organisation and as such is owned by its members, each one of whom is a shareholder. Therefore you must be a member of the credit union to have a loan.

Learn about the benefits of membership. ^

How much can I borrow?

The actual amount you can borrow is determined by your ability to meet the repayments of the loan. To calculate how much you can borrow simply use our loan calculator. ^ 

How do I make repayments on the loan?

It is recommended you make loan repayments through payroll deduction into your Reliance account, although you can make payments through periodical payment debit from your savings or transaction account within Reliance, Internet or Ready Phone banking transfer, at any one of our Membership Centres or by using the Bank@Post service at most Australia Post Offices. ^

How often will I receive information on my account?

Statements are issued monthly or every three months as required. Duplicate statements can be requested at any time from our Membership Centres or by contacting our Call Centre.

Account Balances and Statements are also available through our Internet and Ready Phone banking services. ^

Is a redraw facility available?

Reliance gives you the option of making extra repayments on your loan and then having the flexibility of being able to redraw on these extra repayments. This facility allows you to park extra funds on your loan, thus saving you interest and then redrawing them as required. See our Fees and Charges for Redraw fees. ^

What is Lenders Mortgage Insurance?

Mortgage insurance covers the credit union against a loss in the unlikely event that we have to exercise our right to sell the property due to ongoing default of loan repayments. It must not be confused with Income Protection Insurance that is designed to cover your lending obligations in the case of sickness, accident or involuntary unemployment. ^

More Information

Apply

Apply for a Business Loan Apply Now

Questions?

If you have any questions, please contact us Enquire Now