South West Credit News

Recent media reports have highlighted steps that borrowers can take to deal with financial hardship.

At South West Credit, we have always offered help to members who may experience financial hardship. That’s what being member-owned is all about – putting our members’ interests first.

We focus on making sure we lend responsibly, while understanding that your circumstances can change, for example, because of a change in your employment.

Working with you, we can make an assessment of how best to assist you and your family based on your ability to meet the obligations of your loan. This is the high standard of service we have always applied.

While it’s good to see big banks looking at this issue, their new announcement is about doing what we have always done, by working with you wherever possible when tough times arrive.

Any member who is facing difficult financial circumstances or an inability to repay their loan should contact one of our Loans Consultants on (03) 5560 3900 to discuss their situation.

South West Credit held its annual Corporate Golf Day on Sunday 7th November, 2010 at the Warrnambool Golf Club with the day termed ‘a hit’ by all those involved. Outstanding weather graced the greens as over 90 entrants teed off to play the 18 hole Ambrose Competition.

The day concluded in the club house with many laughs and tales shared over drinks and nibbles whilst awarding winners of the day, Craig Kenna, Stephen Arundell, Mark Carroll and Damian Coolahan.

Community @ Heart is a funding program with a difference. It was established as a means of supporting the types of groups that traditionally have trouble attracting financial assistance from other Government or philanthropic means, or who find themselves outside the typical eligibility criteria often associated with grant programs.

To date the types of organizations and groups that have benefited from Community @ Heart have included:

• The Warrnambool Animal Hospital
• Lifeline South West (Vic) Inc
• Allansford Girl Guides
• The Mens Shed
• Emily Blake Appeal and numerous other local family appeals

Signing up more than 600 members in the last financial year proves the continual growth of South West Credit, as more people shift their business to the Warrnambool based credit union.

The annual report revealed the institution approved more loans- up to 17.5 per cent more than 2006-07 and saw the second highest after tax profit of $577,000 in 2007-08.

CEO of South West Credit, David Brown said that “home lending has been the core of our result, along with many other products and services we have introduced to compete directly with the major banks”.

Chairman Alan O’Connor says membership growth is directly related to the focus on member needs the credit union provides over the bigger banks. “There’s been a bit of a trend probably because we’re based on cost effectiveness rather than making money” said O’Connor.

South West Credit has recorded it’s best-ever profit.

Chairman Alan O’Connor announced at South West Credit’s Annual General Meeting on October 24, 2007 that this year’s financial year finished with an after-tax profit of $761,800.

This profit signals an impressive 44 per cent growth on last year’s after-tax result.

More than 25 people attended the Annual General Meeting at the Warrnambool Golf Course to hear Mr O’Connor announce the profit, which he said was a reflection of the commitment of South West Credit staff and directors to the organisation and its members.

This, and many other achievements recorded in the last 12 months, are the result of continued investment in the business and the outstanding performance by our staff,” he said. South West Credit Chief Executive David Brown also attributed the outstanding result result to the organization understanding its members.

Our decisions are made based on what the local customer wants, needs and expects. Our independence delivers a fine balance of security and safety, coupled with flexibility and accountability,” he explained.

We understand that what the local market needed and expected five years ago may differ to what we need to deliver today, and we act upon that accordingly.”

Mr Brown said every cent of this year’s bumper result would be reinvested in initiatives and services that continued to answer member’s needs and expectations.

Over the next 12 months, we’ll be looking forward to delivering even more choices in relation to service packages, and investing in the best methods to achieve online and face to face banking opportunities.”