Hunter United Employees’ Credit Union Limited
Unlike listed companies, Hunter United is not driven by big profits for shareholders – it’s our charter to deliver great service and benefits to our members. That’s how we can offer very competitive rates to borrowers and investors and keep fees low. Hunter United is a responsible and conservative lender. Almost 76% of our assets as at 30 June 2015, are in the form of loans to members with the vast majority (over 92%) of these loans being secured by registered mortgage over residential properties. 78% of these mortgage secured loans have a loan to valuation ratio of <80%. Loans with higher loan to valuation ratios are typically mortgage insured (i.e. the risk of these loans not being repaid is insured by a third party). Our liquid investments are all held in cash type investments with Australian banks and other Authorised Deposit-Taking Institutions (ADI). These investments, by their nature, are short term and can be converted into cash within 48hours. We do not invest in speculative or high-risk investments. As a consequence our credit quality is extremely high.
Hunter United operates in accordance with the Banking Act (1959), the Corporations Act 2001 and the Retirement Savings Accounts Act (1997), is an authorised deposit-taking Institution (ADI) and is supervised by the Australian Prudential Regulatory Authority (APRA). We meet and exceed the Australian prudential standards set for banks, building societies and credit unions. Member deposits at Hunter United are protected by the Australian Federal Government under the Financial Claims Scheme (FCS). For further information about the Financial Claims Scheme (the deposit guarantee) please visit www.apra.gov.au
Hunter United commenced life in 1963 as the BHP (Newcastle) Employees’ Credit Union and has progressively grown into a community based financial institution serving the Hunter Valley. We are the largest locally based credit union with over $276 million in assets and posted a before tax profit of $743,674 for the 2014/15 Financial Year. Hunter United has seven branches across the region including Broadmeadow, Charlestown, Glendale, Jesmond, Marketown East, Mayfield and Greenhills (East Maitland).We specialise in providing value for money financial services to our members including savings accounts, loans, credit cards, investment accounts and retirement and superannuation products.