The changes you can bank on
Goulburn Murray Credit Union has been part of the Seymour community for almost 60 years.
That might be a long way from 175, just a third of the town’s lifetime; it goes without saying GMCU is ready to celebrate the historic milestone.
GMCU has grown to meet the needs of its members, people saving and borrowing with the provision of a full range of community banking products and services.
Each year, it puts thousands of dollars back into the community, in the form of sponsorship and donations. In Seymour alone, the branch supports many schools, sporting clubs, emergency service groups, service clubs and volunteer organisations.
GMCU deputy chief executive Peter Thomas said now was also the time for people to invest in Seymour and buy their own home.
“With borrowing rates being low and very competitive, now may be the time for people renting or living at home with mum and dad, to purchase their own home,” he said.
“Low rates make it easier for people entering the home loan market because their repayments are more affordable.
“If your budget is tight, a fixed rate loan is a great way to safeguard those repayments for a few years; in any case, low rates are also a great opportunity to build a buffer by getting your loan in advance.
“Any extra payments you make come straight off the loan principle and start to save interest right away. Getting your loan in advance will create a cushion you can use if rates rise in the future, if you need a repayment holiday, or even just to redraw and spend later.
“And our special offer rate of 3.59 per cent makes it that much easier.”
GMCU was originally a volunteer-run operation known as St Mary’s Co-operative Credit Society, serving members just once a week from a kiosk outside the Catholic parish church in Crawford St, Seymour.
On October 18, 1963 founder of the St Mary’s Co-operative Credit Society Eddie Moylan moved that a ‘credit society’ be formed.
In addition to Mr Moylan, directors for the St Mary’s Seymour Co-operative Credit Society Ltd in 1963 were R Evans, R Anderson, L Gorman, A Clydesdale, A Hangan, R Watson, R Kamsma, AB Hunt, F Sanderson and O Lubeck.
At the first annual general meeting on March 31, 1964, chair Mr R W Anderson reported membership was 44 shareholders, with paid up capital of 211 pounds, 10 shillings and no pence.
During the early years, board meetings were held at members’ homes and, sometimes, the Prince of Wales Hotel in Emily St.
In the early 1970s, an office was set up at 4 Tallarook St and was opened on a part-time basis.
The organisation moved into the offices of Tehan Solicitors in the old town hall, in Station St, on a shared tenancy basis, in 1977.
The shift to a permanent home, at 72 Station St, started with a valuation and negotiations in 1979, with a contract to buy tabled on March 5, 1980.
With a $50,000 advance from the Shepparton Credit Union, the site was fitted and furnished for what was soon to become Seymour and District Credit Union Co-operative Ltd.
Also, in July that year, a fulltime manager was appointed and an official opening was held on August 30.
In 1982, there were 1176 shareholders and 1050 nonshareholders; and it was about this time the Seymour cooperative became a branch of the Shepparton Credit Union, which became GMCU just a few years later.
Credit unions offer different banking, based on member benefits, competitive pricing, fairer fees and community focus.
GMCU also has branches in Shepparton, Mooroopna, Kyabram, Echuca, Benalla, Numurkah, Euroa and Kilmore.
GROWING WITH SEYMOUR: