What is a Credit Union
What is a Credit Union?
A credit union is an Authorised Deposit-taking Institution and is regulated in exactly the same way as banks. This means they meet the same strict, legally enforceable standards under the Banking Act and are strictly monitored by the Australian Prudential Regulation Authority (APRA). APRA regulates all banks, building societies and credit unions in Australia. As part of APRA’s responsibilities, it imposes strict rules to ensure the safety of depositors’ funds and requires each financial institution to have sufficient levels of capital and other prudent measure to ensure this.
Credit unions are careful and responsible lenders and as a collective, have the lowest levels of arrears in the Australian lending market. Our funding base is strong and secure and drawn mostly from our members’ deposits with less exposure to the volatile wholesale markets.
It all comes back to you!
If you are a member of Queensland Teachers’ Credit Union, you are also an owner and have an equal share with all other members. Unlike banks who don’t have this structure, we don’t have to pay each shareholder a dividend. Instead, we reinvest our profits into providing better products and services for our members’. As a mutual organisation we put our members’ interests first.
We're not just for teachers anymore
In 1965, a group of teachers created Queensland Teachers’ Credit Union in order to lend money to other teachers.
The range of financial products and services we offered soon expanded and our reputation for a more personal style of banking, service and competitive interest rates, attracted all Queenslanders. As a result, over the years, our membership has expanded beyond teachers and now Queenslanders from all walks of life are members too.
Why join?
Become a member of Queensland Teachers' Credit Union and benefit straight away.
- Consistently better rates than the banks*
- Fair fees
- Convenient access to your money
- No external shareholders - it comes back to our members
Our invitiation to you
We would be delighted if you joined us and look forward to welcoming you to a banking experience with a financial mutual that we are confident you will enjoy and be proud to call your own.
* Credit unions and building societies have, over the last ten years, offered consistently better pricing on home loans than the major banks. This information has been sourced from an independent body, Canstar Cannex and independently reviewed by accounting firm BOO Kendalls.