News

 TMCU is partnering with the Australian Mutuals Foundation to offer a way to get relief to impacted communities…. All Australians are aware of the unprecedented bushfire conditions across the country, with homes destroyed, communities devastated, and tragically, lives lost. The Australian Mutuals Foundation has activated its emergency / disaster relief donations portal so as to be able to accept donations from the members of Australian mutual organisations. The AMF will re-direct 100% of donations received to the St Vincent De Paul Society to help those affected rebuild their lives - with food, clothing, furniture, other essentials, and funds to pay bills. Vinnies support will include:• Providing food, clothing, essential items and grocery vouchers for people who have lost everything• Paying unexpected bills as people work through the recovery process• Making referrals to specialised organisations providing crisis accommodation• Giving much-needed emotional support, as well as practical assistance to pick up the pieces after homes are lost Your support today can make a huge difference.  

Just a reminder, our 2019 AGM and Member Dinner is coming up soon! Don’t forget to register, as places for the dinner are limited.  The event will be held at 6pm on Friday 22nd November 2019, at the TMCU head office – Ground Floor, 410 Elizabeth Street Surry Hills NSW.  To register, please send an email to members@transportmutual.com.au with your name. We look forward to seeing you in November.  Documents  Transport Mutual Credit Union Annual Financial ReportNotice of the 55th Annual General Meeting & Agenda 2019      

 Board Statement on Interest Rates The Board of TMCU has approved a reduction in interest rates on all variable rate home loans by 10 basis points. This change will take effect from 05 November 2019.

This week is Stay Smart Online week. Did you know every year, millions of Australians experience identity theft? Don’t wait for a cybercriminal to steal your identity online. Take control of your online identity today: • Look out for online scam messages• Use different passwords on each of your important online accounts• Set your social media accounts to private To get started, visit https://www.staysmartonline.gov.au/reversethethreat  

At the 1st October 2019 RBA Board Meeting, the Reserve Bank of Australia elected to cut cash rates by 0.25%. In line with TMCU policy, the Board of Directors will meet on 30th October to consider Transport Mutual’s response to the cash rate adjustment. The results will be announced on the TMCU website and Facebook page at the conclusion of the meeting.

While there’s a great deal of value to be found in traditional wisdom around money and finances, at least some of the advice that gets passed down contains more myth than reality.   Here are four popular money myths that may surprise you: Myth 1 – All debt is bad debt While it’s true that out of control debts can cause real problems for a household’s finances, a certain amount of carefully-managed debt can help a borrower reach their financial goals much more quickly and easily, ultimately providing enough value and benefits to justify their costs. It’s not a hard-and-fast rule, but good debt can be broadly defined as borrowing money to pay for an asset that’s going to add value or provide future benefits (e.g. a home loan), whereas bad debt involves borrowing money to cover the cost of something that won’t offer the same kind of long-term value (e.g. using a credit card to pay for impulse purchases). Use your best judgment with your own unique financial circumstances in mind. Myth 2 – Credit card rewards are worth the higher fees Many consumers love credit card points, as they reward cardholders for doing something they already enjoy, namely shopping. However, the price to pay for these credit card rewards are higher fees on Gold, Platinum or premium credit cards.  Does it stack up? When you crunch the numbers around some credit card reward programs, the amount you pay in fees is often much more than the value of the reward points you can realistically expect to earn on your regular spending. Using one of these cards to earn rewards could mean effectively losing money!  Plus, ever since new interchange fee regulations for credit cards came into effect in July 2017, more and more credit cards are cutting their reward point programs, making it much more difficult to maximise your points earned per dollar spent. If you have credit cards and find that they are a burden, Transport Mutual offers a Credit Card Crusher loan that may be right for you. Find out more here. Myth 3 – A penny saved is a penny earned While saving your money is more responsible than recklessly spending it, your cash won’t do you much good sitting in your transaction account, stuffed under your mattress or buried on a desert island. Instead, it may be worth considering putting your money to work. Carefully investing your money in property or shares can allow you to grow your wealth, though there is always some risk involved. Another option is to keep your money in a dedicated savings or term deposit account, which will allow you to earn some interest on your savings while keeping it relatively secure. Transport Mutual offers a range of savings and term deposit products to suit your needs. Find out more here. Myth 4 – Only rich people need financial advice No matter how wealthy you are, managing your own money can be a rewarding experience, in more ways than one. But while there’s plenty of general financial advice available out there to guide your decisions, there are limits to how much this advice will likely apply to your household’s unique financial circumstances. If you’re uncertain about any financial decision, large or small, it’s often worthwhile to seek expert advice from a qualified finance professional or broker. As well as offering industry knowledge and experience, a financial adviser can look at your household budget and recommend financial solutions specifically to help you reach your goals. Transport Mutual is proud to offer you the services of Bridges Financial Services. Bridges is a leading and highly respected wealth management business which can provide you with advice on wealth creation, pre and post retirement planning, risk insurance, estate planning, margin lending, stockbroking services and much more. With over 65 offices and more than 180 planners, Bridges is one of Australia’s largest financial planning and stockbroking groups, providing financial planning services to credit union and building society members since 1985. Bridges offer Transport Mutual Credit Union Members a free first appointment without obligation.  If you’re keen to improve your financial wellbeing, contact Transport Mutual on 02 8202-8555 and we will set up a meeting with your local Bridges planner.

Computer takeovers on the rise The number of remote access scams, which are aimed at gaining access to your computer and banking information, continue to rise. To protect yourself and your bank accounts, be sure to read on for important information on how to avoid falling victim to this scam. What does this scam involve? The unsolicited callers are impersonating well-known businesses such as Telstra, NBN, Microsoft or even the police, and spin you a very credible and believable story about why they need to access your computer using software such as TeamViewer. Some of the techniques used by these scammers include: The scammers claim they are tracking ‘scammers’ or ‘hackers’, and tell you that their computer has been compromised. They then go on to ask for permission to gain access to your computer and internet banking details to help catch the scammer or hacker from your computer. The scammer will then pretend to deposit money into your account. In reality, the scammer just shuffles money between your accounts (for example, from your credit card account to the savings account), which gives the illusion of money being deposited. The money is then sent out of your account as part of the con to ‘catch a scammer’, straight to the scammer’s own bank accounts. How do I protect myself from this scam? It’s vital to never give an unsolicited caller access to your computer, and under no circumstances offer your personal details, credit card or online account details over the phone. If you receive a phone call out of the blue about your computer and remote access is requested, it’s a scam 100 per cent of the time. Just hang up. Remember to be suspicious if you are asked to provide any of the following information: - Internet banking password - Address - Date of birth - Visa card details - Remote access to your device (computer, laptop, tablet) What do I do if I think I’ve been scammed? If you have reason to believe you have provided your personal details to someone who is not a Transport Mutual Credit Union representative, please contact us immediately. Help us keep other members safe by reporting any suspicious calls as soon as possible. Where can I get further info ? A great source of current and emerging threat information can be found at www.scamwatch.gov.au    

Want to cut the costs of your grocery shopping and actually save money? Here are 10 great ideas for reducing the cost of feeding the family and outsmarting supermarket marketing traps. Plan before you shop Planning doesn’t have to be a time-consuming process. Paint a kitchen wall with blackboard paint and make keeping a list more fun for the family. Simply take a photo of the shopping list using a smartphone before you head out to the shops, rather than having to write it down.   Don’t just plan your food list or meals, though. By planning when to visit your supermarket or store could help to slash your bills. Shopping later in the day, for instance, may be when certain items are heavily discounted. If you don’t know the time your local store marks down its good, then ask. Don’t let it go to waste Foodwise estimates that Australians waste over $1000 every year on uneaten food, on average, with up to 40 percent of the average kerbside garbage bin being food. Preserving in times of plenty is one of the most effective guards against waste. Knowing how to make jams, sauces, chutneys and pickles means you’ll never throw away veggies again – or your hard-earned cash. Also consider using up extra fresh food for home-made frozen meals. Organise your fridge To keep your refrigerator from becoming the graveyard where celery goes to die, keep stock of what’s on the shelves. When you buy new groceries, borrow a trick from the supermarkets and rotate older items to the front; if you see them, you’re more likely to use them. As items near their use-by date, move them to a “use it up” shelf, so you remember what needs to be eaten soon. Grow your own Start a veggie garden – it’s a great entertainment for kids and a big money saver. If you don’t have space in the yard, consider growing a herb garden – you can buy potted herbs for a few dollars, which is a bargain when you consider supermarkets charge upwards of $2 a bunch! Don’t be lured by supermarket traps Consumer research shows that we’re vulnerable to subtle – and even not-so-subtle – marketing techniques and impulse buying accounts for a significant proportion of supermarket purchases. For instance, look to the bottom shelves at the supermarket – chances are that’s where you’ll find the budget-priced goodies. Also, consider shopping alone. Not only will you get some peace and quiet, you’ll save money (and time) avoiding the kid-pester factor. Shop clockwise A report on supermarket tricks, published by Choice and based on US research, found shoppers who worked their way around a store in an anti-clockwise direction will spend, on average, $2 more per trip than clockwise shoppers. Do your shopping online Aside from the obvious convenience of grocery shopping from your lounge or desk at work, shopping online can also be a money saver. By shopping virtually, you’re able to sort products by price and see a running total of your shopping trolley. You’re more likely to stick to buying what you need, not what you’re tempted to buy like when you’re in the store. If delivery times and costs turn you off shopping online, consider ordering online and collecting from the store at a time that is convenient. Leave the credit card at home Paying with cash or using a debit card, rather than paying on credit, is another good way to help you stick to your grocery budget because you’ll be less tempted to spend on things that you don’t need at the supermarket. Also do your homework on rewards cards – rather than using the rewards points on merchandise, consider swapping points for supermarket vouchers. But bear in mind that credit card rewards aren’t for everyone – one report shows that you’d have to spend $170 a week at one of the major supermarkets for a year to earn a $50 gift card. The same is true for most credit card rewards – most shoppers would be better off using a low-rate credit card (if they pay interest), with no annual fee, rather than a rewards card. Compare credit cards to see which option is suitable for you. Shop around Spending $100 on groceries at one store may be as little as $70 at another. If you can, shop around for the best deals and know what things cost – that way you can tell if something really is a bargain. Buy direct and save As cook and television presenter Maggie Beer says: “think local and think seasonal” when shopping. Using local farmer’s markets is one of the best ways to not only ensure low food miles, but also fresher food options. If you can’t get to the markets every other week, consider joining a co-operative of shoppers and share the responsibility. Source: ratecity.com.au

Lower interest rates Personal loans often have lower interest rates than other lending methods, such as credit cards. If you make a major purchase using funds from a personal loan, you may pay less in interest charges. Scheduled repayments Similarly to a home loan, a personal loan is repaid in a series of repayments, made over a pre-set term. This structured repayment schedule allows you to make steady progress towards clearing your debt, minimising the risk of your interest charges growing unmanageable. Types of personal loans Secured, unsecured, variable or fixed? Having lots of options can sometimes be confusing, but it’s important to do your research and pick a personal loan that is going to suit your needs. A few minutes of reading could also save you some money. We’ve broken down the options so you can quickly and easily identify which personal loan types are likely to meet your requirements.  Secured If you’re purchasing a new car or a similar large asset, then a secured personal loan may be for you. In this type of loan, an asset (often the asset you’re purchasing) is used as security against the loan. If you were to default on your repayments, the financial institution would have the authority to repossess your asset, sell it, and use the money to cover the cost of your unpaid debt. Unsecured If you’re looking for some extra cash for your holiday, consolidating your debts, or renovating your home, an unsecured loan could do the job. An unsecured loan doesn't require any security against the loan, making it a more flexible option for many borrowers, albeit at a higher interest rate. Variable A variable rate personal loan has an interest rate that can fluctuate at the lender's discretion. Because of this, the repayments on this type of loan may go up or down, which can make it more difficult to plan a budget in advance. If interest rates decrease, your repayments will be reduced, though if the rate increases, your repayments will rise as a result. Variable rate personal loans tend to be more flexible than fixed options, and more likely to offer additional features and benefits. Overdraft The emergency fund of personal loans, an overdraft is one option to make sure you have enough money in your account when you need it. It is a convenient way to quickly access your money for those financial emergencies that pop up when you least expect it. You only pay interest on the money you use, however there is usually a maximum amount that you can apply for with this type of loan. Line of credit This type of personal loan offers flexible access to funds as you need them, rather than letting you borrow the full amount as a lump sum – like a credit card with a high limit. The benefit is that you only pay interest on the money you use and not the total amount you’re approved for. There is also no pre-set loan term – as long as you make the minimum repayment each month, you can repay your debt as quickly or slowly as you wish. Lines of credit are often useful for financing multiple smaller purchases that can be paid back quickly, whereas the more structured repayments of a typical personal loan could allow you to make steady progress towards paying for a single large purchase. How to get the best deal on your personal loan Identifying your needs, doing your research and shopping around can all help you uncover the best personal loan options for you. Work out the amount you want to borrow Some personal loan options have minimum or maximum amounts, so the amount you plan to borrow could limit your personal loan options. Calculate how much you can afford to make in repayments The more money you borrow, the higher your repayments will be, unless you opt for a longer loan term. Work out how long it will take to pay off The sooner you can pay off your loan, the less total interest you’ll be charged, though your repayments may be less affordable. You may also have options to make weekly, fortnightly, or monthly repayments, which may affect how much you pay in interest on your loan. Decide between a secured and unsecured loan Secured personal loans are more likely to have lower interest rates, as they use an asset as security, such as the car you're buying, or equity in a property. Unsecured loans don’t require you to provide security but will attract a higher rate of interest. Prepare to apply Organise any documentation and paperwork that's required to support your personal loan application.

Our Travel Tips Check the latest travel advice on SmartTraveller.gov.au & Subscribe to receive updates or follow SmartTraveller on social media. Take out comprehensive travel insurance. Ensure it covers you for the places you'll visit, things you'll do and any pre-existing conditions. Review your financial arrangements. Do you need finance, or even an extra buffer for unexpected expenses while overseas?  Transport Mutual can arrange a line of credit for exactly that purpose. Check the expiry date of your passport before you travel. Some countries won't let you enter unless your passport is valid for six months from when you plan to leave that country. Ask health professionals about recommended vaccinations and other health precautions. Vaccinations can be an entry requirement for some countries. Check your medication – certain medicines aren't allowed in some countries. Make sure you have the right visas for the countries you are visiting or transiting and check other entry or exit requirements. Check if you're regarded as a national of the country you plan to visit, and whether dual nationality will have any implications for your travel plans. Make copies of your passport, visas and insurance policy. Carry them in a separate place to the originals and leave a copy with someone at home. Risks are often greater overseas. Be careful and don't take any risks you wouldn't consider at home. Obey the laws of the country you're visiting even if these appear harsh or unfair by Australian standards. Don't expect to be treated differently from locals just because you're Australian. Keep in contact with friends and family back home. Give them a copy of your itinerary before you go so they know where you are. Let them know if you won't be contactable for an extended Don’t forget to let Transport Mutual (and any other financial institutions) know about your travel plans so that we can ensure your card transactions will not be blocked unnecessarily.