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About Hunter United
Written by barrythomas
Hunter United commenced life in 1963 as the BHP (Newcastle) Employees’ Credit Union and
has progressively grown into a community based financial institution serving the Hunter Valley.
We are the largest locally based credit union with over $264 million in assets and posted a
before tax profit of $751,685 for the 2011 / 2012 Financial Year.
Hunter United has eight branches across the region including Broadmeadow, Charlestown,
Glendale, Jesmond, Marketown East, Mayfield, Thornton and Greenhills (East Maitland).
We specialise in providing value for money financial services to our members including savings
accounts, loans, credit cards, investment accounts and retirement and superannuation products.
Unlike listed companies, Hunter United is not driven by big profits for shareholders – it’s our
charter to deliver great service and benefits to our members. That’s how we can offer very
competitive rates to borrowers and investors and keep fees low.
Hunter United is a responsible and conservative lender. Almost 75% of our assets as at
30 June 2012, are in the form of loans to members with the vast majority (almost 95%) of these
loans being secured by registered mortgage over residential properties. 76.98% of these
mortgage secured loans have a loan to valuation ratio of <80%. Loans with higher loan to
valuation ratios are typically mortgage insured (i.e. the risk of these loans not being repaid is
insured by a third party).
Our liquid investments are all held in cash type investments with Australian banks and other
Authorised Deposit-Taking Institutions (ADI). These investments, by their nature, are short term
and can be converted into cash within 48hours. We do not invest in speculative or high-risk
investments. As a consequence our credit quality is extremely high.
Hunter United operates in accordance with the Banking Act (1959), the Corporations Act
2001 and the Retirement Savings Accounts Act (1997), is an authorised deposit-taking
Institution (ADI) and is supervised by the Australian Prudential Regulatory Authority
(APRA). We meet and exceed the Australian prudential standards set for banks,
building societies and credit unions.
Member deposits at Hunter United are protected by the Australian Federal
Government under the Financial Claims Scheme (FCS).
For further information about the Financial Claims Scheme
(the deposit guarantee) please visit www.apra.gov.au
Information correct as of 23 October, 2012.
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