- Do I have to be an Encompass Credit Union member to take out a loan?
- How much can I borrow?
- How do I make repayments on the loan?
- How often will I receive information on my account?
- What security is required?
- What happens if I get sick, have an accident or pass away?
- Do I need to take out insurance on my loan?
- Do I need to take out insurance on my vehicle?
- Is a redraw facility available?
Do I have to be an Encompass Credit Union member to take out a loan?
Yes you do. Encompass Credit Union is a mutual financial services organisation and as such is owned by its members, each one of whom is a shareholder. Learn about the benefits of membership. ^
How much can I borrow?
The minimum amount you can borrow is $1,000. The actual amount you can borrow is determined by your ability to meet the repayments of the loan. Wish to calculate how much you my you could borrow? Use our loan calculator. ^
How do I make repayments on the loan?
We prefer you to make your loan repayments by payroll deduction, although you can also make payments through Periodical Payment from your Encompass savings or transaction account, Internet or Ready Phone banking transfer, at any one of our Lending and Banking Centres or by using Bank@Post 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 Lending and Banking Centres or by contacting the Call Centre.
Account Balances and Statements are also available through our Internet and Ready Phone banking services. ^
What security is required to take out a Car Loan?
We will take a Bill of Sale over your vehicle as security. To enable this to be registered with REVS there will be a small fee involved. See our Fees and Charges for more information.
What happens if I get sick, have an accident or pass away?
The best way to obtain peace of mind that your repayment obligations will be met in the case of accident, illness or death is to take out insurance. Learn more about our Loan Repayment Insurance. ^
Do I need to take out insurance on my loan?
It is recommended that you take out Loan Repayment Insurance on your loan, although not compulsory, it is designed to cover your lending obligations in the case of sickness, accident or death. Although you do not have to purchase your insurance through us, we do offer a range of insurance policies. Learn more about our Loan Repayment Insurance. ^
Do I need to take out insurance on my vehicle?
If Encompass Credit Union has taken security over your vehicle, you will be required to have the vehicle comprehensively insured. We can offer a quote on your vehicle before purchase to make the loan process more efficient. Call us for a quote today on 13 13 61.^
Is a redraw facility available?
Encompass Credit Union 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. Minimum redraw amount is $100. See our Fees and Charges for Redraw fees. ^
More Information
- Learn more about the benefits of our Car Loans
- Use one of our Loan Calculators to work out what loan is right for you
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