Transport Mutual Credit Union is one of the most sustainable and ethical credit unions designed to help transport workers with several types of loans and financial services. Here, we will look into Transport Mutual Credit Union reviews to understand some dynamics about it, and this can help you choose whether it is a credit union you want to become a member of.
Transport Mutual Credit Union was founded in 1964 and formerly called the Main Roads Staff Credit Union to support the financial needs of the NSW Department of Main Roads staff and their families.
In 1989, the Credit Union’s name was changed to RTA Staff Credit Union when the NSW State Government established the Roads and Traffic Authority. When the Roads and Traffic Authority changed its name to Roads & Maritime Services in 2011, the Credit Union Members voted to change the credit union name to Transport Mutual Credit Union in 2012.
This new name appears more inclusive and appeals to potential members in different spheres of the transport industry. This name was also chosen to prevent any further name changes that might result in changes in the transport industry by the government.
The Transport Mutual Credit Union offers its members various financial products and services. Also, they welcome members from the private transport sector while maintaining close ties with their core members, contractors, staff, and business partners from Roads & Maritime Services and the wider Transport, including RailCorp, Sydney Buses, Service NSW, and Sydney Ferries.
Transport Mutual Credit Union Reviews and Products
Below are some of the products offered by Transport Mutual Credit Union:
1. Home Loans
Home loans come in various packages, and they are as follows:
- Basic Variable Home Loan: This is a flexible loan whose rate is determined by the current situation of the financial market
- Fixed Home Loan: Fixed home loans are home loans with fixed rates. You know exactly how much you are paying here.
- Standard Variable Home Loan: This is a flexible loan that contains all the features that you need.
- Home Equity Loan: This loan helps you to access the equity in your home
- Home Loan – Interest Only: This only-interest loan helps you free the funds you need.
2. Car Loans
Transport Mutual offer car loan that helps you get your desired car in no time. Below are the top examples of car loans.
- FastRoad New Car Loan: This is a flexible loan with dynamic rates. The rates change per season depending on the financial market.
- FastRoad Used Car Loan: This loan is suitable when you are looking to get a vehicle that is over five years old.
- GreenRoad: This loan can purchase e-bikes, EVs, hybrids, solar panels, and batteries.
3. Personal Loans
Transport Mutual Credit Union offers some of the best personal loans that you can use for home improvements and holiday expenses. Here are some of the best categories of personal loans:
- Credit Card Crusher: If you are having credit card issues, you can apply for a credit card crusher to take charge of your credit card debt
- Travel Loan: This a personal loan that you can use to fund your next holiday
- GreenRoad Loan: With this personal loan, you can buy and install clean energy products such as e-bikes, solar and more.
- Personal Loans for Fixer Uppers: This personal loan helps you fund your home renovation or purchase.
4. Savings Accounts
Transport Mutual offers various types of savings accounts to meet your needs. Here are some examples:
- Multi-Access Account (S4): This is an access day-to-day operating account.
- Business Account (S50): This is a business cheque account for small businesses.
- Redifund Account (S7): A cash management account designed specifically for serious savers.
- Premium Savers Account (S8): If you are a serious saver, this is the best cash management account.
- Christmas Club Account (S5): This account helps you to save for Christmas expenses.
5. Term Deposits
This is an account with a competitive rate where you have a minimum deposit threshold of $1000. The interest rate is usually paid upon maturity, typically 6 months. However, some may require paying an interest rate every 4 weeks.
Transport Mutual Credit Union Loan Interest Rates
Below are the interest rates of various loan types:
1. Home/Investment Loan rates:
- 1-Year Fixed Home Loan 7.54% p.a.
- 2-Year Fixed Home Loan 7.79% p.a.
- Home Loan – Interest Only 7.54% p.a.
- 1 Year Fixed Rate Interest Only 8.04% p.a.
- 2-Year Fixed Rate Interest Only 8.29% p.a.
- Basic Variable Home Loan 8.48% p.a.
- Standard Variable Home Loan 8.73% p.a.
- Home Equity Variable Loan 9.04% p.a.
- Refi Home Loan Special 6.79% p.a.
- Refi Home Loan Investment Loan 6.99% p.a.
- 1-Year Fixed Rate Investment 7.79% p.a.
- 2-Year Fixed Rate Investment 8.04% p.a.
2. Personal/Car loans
- Fastroad New (0 to 5 years old) 6.99% p.a.
- Fastroad Used (over 5 years old) 8.99% p.a.
- GreenRoad Loan 6.74% p.a.
- Travel Loan 11.49% p.a.
- Credit Card Crusher 11.74% p.a.
- Unsecured Personal Loan From 10.99% p.a.
3. Saving Accounts Interest Rates
Multi-Access (S4) – The interest is paid quarterly
- Up to $4,999.99 0.015% p.a.
- $5,000 – $19,999.99 0.02% p.a.
- $20,000 – $49,999.99 0.045% p.a.
- $50,000 & Over 0.075% p.a
Business Account (S50) – Interest is paid on an annual basis
- Up to $4,999.99 0.015% p.a.
- $5,000 – $19,999.99 0.02% p.a.
- $20,000 – $49,999.99 0.045% p.a.
- $50,000 & Over 0.075% p.a.
Redifund (S7) – Interest is paid quarterly
- $5,000 – $9,999.99 1.05% p.a.
- $10,000 – $24,999.99 1.10% p.a.
- $25,000 – $49,999.99 1.15% p.a.
- $50,000 – $99,999.99 1.20% p.a.
- $100,000 – $249,999.99 2.25% p.a.
- $250,000 plus 2.35% p.a.
Premium Savers Accounts (S8) – Interest is paid monthly
- $10,000 & Over 2.25% p.a.
Kid Savers Accounts (S6) – Interest is paid quarterly
- Up to $10,000 3.50% p.a.
Christmas Club Account (S5) – The Interest is calculated daily and paid on 31st October and 30th June.
- All Balances 3.00% p.a.
4. Term Deposits (minimum $1000)
Here is the interest rate you will pay on maturity after six months.
- 3 months 2.50% p.a.
- 4 – 5 months 2.50% p.a
- 6 – 11 months 3.00% p.a.
- 12 – 23 months 3.50% p.a.
- 24 months 4.00% p.a.
Why Should You Join Transport Mutual
Unlike banks with shareholders, Credit Unions are set up by people of the same interest to serve them. So, there are no owners, and any surplus is returned to the members through competitively priced services and products.
One of the primary reasons why you should join Transport Mutual Credit Union is that they offer a variety of loan services like personal loans, home loans, car loans, and accounts, such as saving accounts, term deposits, VISA, chequebooks, and convenient access to your via internet, phone, ATM, and at any Australia Post outlet with Bank@Post.
Additionally, you stand to enjoy communal activities, knowledge-sharing, and specialized products for being part of a transport industry-based banking organization.
To apply, you can go online and fill out the forms or call (02) 9763 3190 (Sydney metro) or 1300 652 274 (Country/Regional areas) for more details.
Conclusion
You can go to online forums to read people’s reviews about it before choosing. However, if you work in the transport industry, Transport Mutual Credit Union is a good credit union to become part of. Additionally, carefully read the terms, conditions, and rules binding the credit union before becoming a member.
