Benefits of a Credit Union - Streamlined Loan Approval and Long Term Relationships

18 August, 2020
There’s no denying the banking sector has taken several hits over the last couple of years.

The Banking Royal Commission exposed some disturbing practices and led to a complete overhaul in the compliance process - as well as policies and procedures.

Now with COVID19, the sector has suffered again and it’s impacting customers. 

ANZ and Westpac have both admitted it is taking several weeks to approve loan applications - sometimes up to four and a half weeks.

So what does this mean for customers working with the big banks?

Longer wait times and potential delays with settlements. 

But did you know, by working with a smaller, customer owned institution that has a simpler organisational structure, you can have your loan assessed and  a decision provided within 48 hours.

And - there are many more benefits of working with a credit union.


Fast Loan Approval due to Size and Structure

The organisational structure of Central West Credit Union allows everyone to work closely. 

This makes decision making an easy process - because our teams are not departmentalised. Loan approval decisions are made here at branch level, so they don’t need to cross 5 or 6 different desks before a decision is made.

When you apply for a loan at CWCU, the person you meet with and work most closely with, will be alongside you for the whole process. 

You will deal with the same person the whole way through and they are responsible for achieving approval for your loan.


Focus on Community

Research has shown customer owned banking institutions have continued to deliver the highest levels of customer satisfaction for the banking sector during the COVID-19 pandemic. 

CEO of the Customer Owned Banking Association, Michael Lawrence, said the results speak to the commitment of customer owned banking institutions in prioritising the security of customers during the health crisis.

As a customer owned institution, we are not driven by outcomes for shareholders - our profits are reinvested back into the community. 

This means customer interests are not in conflict with shareholder interests.

This means, instead of paying out shareholders, we reinvest profits back into benefits for customers.


Long Term Relationships

Our team is in it for the long haul. Our Loans Officers are always looking to engage in relationships with their customers, so they can be part of their financial journey into the future.

It’s the beauty of a smaller community, they are invested in your success. When you come in to buy your first car, they want to see you again when you buy your first home. To celebrate with you and share the joy!

This means they are across your finances and are sympathetic to your situation. 

You’re no stranger to them - they can easily get an idea about how much you can borrow.

You don’t need to worry about call centres and people who have no idea who you are, or what your situation is.

So if you're thinking about applying for a loan - give us a call. We would love to meet you!


Home Loans for You

Want to learn more about our Home Loans? We have some great deals.