Credit Union SA: Australia’s Best Small Credit Union for 2020 proves big things come in small packages

Australia's Best Small Credit Union

Winning the 2020 Mozo Experts Choice Award for Australia’s Best Small Credit Union is the cherry on top of what has been a fruitful 12 months for Credit Union SA.

Over the past year, the South-Australian based credit union has scooped up individual Mozo Experts Choice Awards for a number of its financial products, including personal loans, credit cards and home loans.

Chief executive of Credit Union SA, Tim Prowse commented on the win, saying that being a smaller sized financial institution had certainly not held the company back. On the contrary, it could be argued that Credit Union SA enjoys the best of both worlds - giving the big banks a run for their money, while at the same time being more involved in the local community.

“We can be nimble and react to the needs of our customers faster than many other financial institutions, and when our customers chat with us, they are speaking with local people from their own communities,” says Prowse.

Credit Union SA thinks local

As a member-owned institution, Credit Union SA’s profits go back to its members. Who are the members you ask?

If you’re a little foggy on how credit unions work, just remember that they don’t have shareholders and when you open an account with one, you usually become a member.

Being more beholden to its members allows credit unions like Credit Union SA to become more actively involved in local communities.

Prowse says of Credit Union SA’s community work, “We feel we have a responsibility to help improve the lives of South Australians to create a brighter future for us all. That’s why we support amazing South Australian organisations like St John’s Youth Services, The Zahra Foundation and the SALA Festival.”

Roots in the education sector

Formed from the merger of two former South Australian credit unions, Credit Union SA has strong roots in the education sector. So much so in fact, that it not only offers a number of banking benefits, exclusively for the education community, but also raised money for South Australian schools and sponsored the Public Education Awards and Educators SA World Teachers’ Day Awards.

In fact, Credit Union SA’s exclusive banking products for the education community have even won Mozo Experts Choice Awards.

Credit Union SA’s award winning products

No less than five of Credit Union SA’s financial products bagged Mozo Experts Choice Awards in the past year! Here’s a rundown of its award-winning products:

Credit cards

Credit Union SA Education Community Credit Card

With a purchase rate of 0% for the first six months (after which it reverts to 9.99% p.a.), it’s no wonder Credit Union SA’s Education Community Credit Card was awarded a 2019 Mozo Experts Choice Award for best Low Rate Credit Card. The credit card is available to people working within the education sector in South Australia and to students studying to become a part of the education sector.

Home loans

Credit Union SA Variable Rate Home Loan Special Offer (Package)

Another product that impressed the Mozo experts this year was Credit Union SA’s Variable Rate Home Loan Package. The home loan package offers competitively low rates from 2.69% p.a. (3.12% p.a. comparison rate*) and a whole host of features, including an offset account and the ability to make free extra repayments. It’s no surprise it managed to bag a 2020 Mozo Experts Choice Award for best Variable Rate Home Loan Package.

Personal loans

Credit Union SA Fixed Rate Personal Loan

Last, but certainly not least, this personal loan from Credit Union SA took out not one, but three Mozo Experts Choice Awards in 2019! These included awards for best Car Loan, best Used Car Loan and best Secured Personal Loan. Fixed rates for the loan start from as low as 5.59% p.a. (5.86% p.a. comparison rate*)

Want to find out more about the awards? Check out the methodology report for the 2020 Mozo Experts Choice Awards for Australia’s Best Banking, to learn more about how the Mozo experts determine the winners.

*WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

^The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans.