Frequently Asked Questions

DIRECT DEBIT

What is a direct debit?

A direct debit is a regular automatic payment that authorise a merchant or service provider to withdraw an agreed amount of money from your nominated account. Direct debits are set up with an eligible transaction account using your BSB and Account Number. 

For example, you might arrange a direct debit with your power or telecommunications company so that your monthly bill can be take automatically from your account without having to arrange separate payment each time.

Note: Direct debits are different from recurring payments. A recurring payment is a regular automatic payment that authorises a merchant or service provider to charge your debit card. Recurring payments are set up from your debit card using your 16-digit card number, expiry date and CVC number on the back of your card. 

Is a direct debit the same as an automatic payment?

No. Direct debits are different from automatic payments. An automatic payment is an instruction to your credit union to make a regular payment of a fixed amount from your account to someone else, either for a fixed period of time or indefinitely. 

A direct debit allows the direct debit initiator to submit the specific amount to be debited from your account – so the amount can vary each time.  

Can a direct debit transaction overdraw my account?

It is your responsibility to ensure that you have sufficient available funds in your chosen account when payments are due to be withdrawn. While the credit union is under no obligation to do so on any particular occasion, we may permit you to overdraw your account by allowing a direct debit payment to occur even if there are insufficient funds in the account. An account overdrawn fee and debit interest may apply. If we do honour a payment, or do so more than once, it does not mean we have nay obligation to do so in the future. If we decide not to allow it, the payment will be dishonoured.

If the payment is dishonoured, you are required to contact the merchant to discuss alternate payment options.

Please note that you may avoid being charged the account overdrawn fee by returning your account to a positive balance.

If you’re struggling with staying within your limit, the best thing to do is act early – talk to us as soon as possible. 

 

How do I change or cancel a direct debit?

You many cancel or suspend a direct debit by calling us on 0508 Westforce (937836) – Phone Hours. You are responsible for telling the organisation your direct debit was being paid to about the cancellation, and you need to do this so they can update their billing system.

When you set up a direct debit, you agree to give the organisation you are paying authority to take money directly from your bank account. Alternatively, you could set them up as a bill payee in Online Banking, and schedule their payment for a date that’s most convenient for you, and retain control of your account. To register for online banking, call us

Any queries regarding statement information of your direct debit (payee, code, reference), or account that your direct debit is paid from, should be made to the organisation receiving the payment, not to Westforce Credit Union. Unfortunately we can’t change direct debit details for you, as that whole process is run from the billing company. 

PERSONAL LOANS

What form of ID do I need to apply for a personal loan?

If your personal loan is approved we will need to see some photo ID, such as a passport. If you are not a member we will also need proof of your current physical address such as a bank statement or utility bill addressed to you. Please check out our full list of ID requirements

How much can I borrow?

You can apply to borrow any amount over $500. The amount we approve will be subject to your financial circumstances meeting our lending criteria.

Can I get a personal loan if I'm not a Westforce Credit Union member?

Absolutely! You don’t need to be a member of Westforce Credit Union to apply for a personal loan. You can apply online or by visiting one of our branches. If you get a personal loan from Westforce Credit Union you will become a member and can benefit from all the products and services we offer. 

Can I extend my personal loan?

Yes you can, subject to your financial circumstances meeting our normal lending criteria.

The application process for extending your personal loan is the same as a new loan and you will need to fill out the loan application form again. You can apply online or by visiting one of our branches. 

Westforce Credit Union lending criteria, terms and conditions apply. 

 

Will I be penalised for early repayment?

No. We don’t charge any early repayments fees.

You can also make extra payments to your loan and you won’t be penalised.

 

What can I use my personal loan for?

It’s up to you! We lend for a number of purposes. We can structure a loan to meet your needs. Get the new car, take that trip, consolidate your debts or simply get some extra cash, we’re here to help. 

What fees will I pay?

Westforce Credit Union doesn’t charge any loan application fees, however, third-party fees such as credit check, credit sense, motor check, PPSR, DocuSign and cloudcheck of up to $29.20 per applicant may apply. View our rates and fees here.

What happens if I miss a repayment?

The team at Westforce Credit Union are here to help. We understand that sometimes things go wrong and not to plan.

If you have missed a loan repayment it is important that you give us a call or visit your nearest branch as soon as possible.

Our team will work with you to get everything back on track, so the sooner you contact us the better. 

 

HOME LOAN

Am I eligible for a home loan?

You may be eligible for a home loan depending on how much surplus income you have available for repayments. A home loan is a big commitment so we will look at your income, expenses, and other debt you may have before we can make a decision.

What can I afford?

To see how much you can afford, work out a budget for you and your family – this will give you an idea of how much you can afford to set aside towards the costs of owning your own home. Don’t forget to think about home ownership expenses such as rates when doing your budget. 

How do I apply?

We will need a completed home loan application form, including some extra information in order to process your application. Come in and see us at one of our branches or give us a call

What information will I need to provide?
  • A completed Home Loan Application form
  • Proof of Income. We’ll need to see three of the most recent payslips; or an original letter from your employer confirming your base annual salary and starting date. If you’re self-employed we’ll need to see signed final financial accounts for the last two years of self-employment (prepared by a chartered accountant)
  • Your last three months bank statements – for your main transactional account(s)
  • Proof of outstanding balance on any personal loans, hire purchases and credit cards if applicable

 

What is required on pre-approval?
  • Copy of Sale & Purchase Agreement
  • Registered valuation on the property you want to buy (if applicable)
  • Statutory Declaration of Gift – deposit (if applicable)
  • Life and/or loan repayment insurance
  • House insurance
How long will it take to repay?

This will depend on how much you borrow and how much your repayments are.

How much and how often will repayments be?

Your repayments will be calculated by how much you borrow and how long the term of the home loan is. Repayments are usually made on a weekly, fortnightly, or monthly basis. The lending officer dealing with your home loan application will be able to give you an idea of what your repayments will be. 

Do you have any application fee?

No. Westforce Credit Union does not charge any application fees on home loans or personal loans.

What about insurance?

Insurance on the property you purchase is compulsory and we can make these arrangements for you. However, if you so wish, you can arrange this yourself through another insurer.