GMCU Forex Broker

GMCU Review SummaryFounded1985Registered Country/RegionAustraliaRegulationASIC (Exceeded)ServicesLoans, banking accounts, term deposits, insuranceDemo Account❌Trading PlatformMobile Banking AppCustomer SupportPhone: 1800 694 628Email: info@gmcu.com.auMail Address: PO Box 860, Shepparton, VIC 3632GMCU Information GMCU (Goulburn Murray Credit Union Co-Operative Ltd) was founded in 1985 and is regulated under ASIC with license No. 241364, though the status is listed as “Exceeded.” The institution provides standard financial services such as home loans, personal banking accounts, and insurance products, but does not offer other trading services or demo accounts.Pros and ConsProsConsVarious contact channelsExceeded ASIC licenseWide range of traditional banking servicesMultiple account choicesLong operation timeIs GMCU Legit? Yes, Goulburn Murray Credit Union Co-Operative Ltd (GMCU) is regulated. It holds an Investment Advisory License issued by the Australia Securities & Investments Commission (ASIC) under license number 241364. However, its regulatory status is marked as Exceeded, which may indicate the license is no longer valid or has surpassed its intended scope.GMCU Services GMCU offers a broad range of retail banking services including home and personal loans, various account types, term deposits, and insurance options.CategoryServicesHome LoansStandard Variable Plus, Fixed Rate, Construction Fixed RatePersonal LoansSecured Personal Loan, Unsecured Personal LoanTransaction AccountsMy Everyday Account, My Freedom Account, My Connect AccountSavings AccountsAdvantage Saver, Online Saver, Cash Manager AccountTerm DepositsFixed Term Deposits, Monthly Income DepositsInsuranceHome, Motor, Caravan & Trailer, Landlord InsuranceAccount Type GMCU offers several types of real (live) accounts tailored to everyday banking needs, including personal transaction and savings accounts. Account TypeSuitable forMy Everyday AccountIndividuals needing a general transaction accountMy Freedom AccountStudents or concession card holders seeking fee waiversMy Connect AccountPeople who prefer digital banking with no branch accessAdvantage Saver AccountRegular savers wanting bonus interestOnline Saver AccountOnline-focused saversCash Manager AccountMembers managing larger cash flowsGMCU Fees GMCU's fees are moderate to high compared to industry standards, particularly for unsecured lending products like personal loans and overdrafts.Loan TypeInterest Rate (p.a.)Home Loan (Owner Occupied, <80% LVR)5.94% - 5.79%Home Loan (Owner Occupied, >80%-95% LVR)6.34% - 5.79%Home Loan (Investment, <80% LVR)6.14% - 6.09%Home Loan (Investment, >80%-95% LVR)6.54% - 6.09%Personal Loan (Secured)7.79%Personal Loan (Unsecured)14.95%Overdraft (Secured)9.99% - 10.60%Overdraft (Unsecured)17.69%Business/Farm Loan (Secured)10.54% - 12.00%Business/Farm Loan (Unsecured)18.75%Trading PlatformTrading PlatformSupportedAvailable DevicesMobile Banking App✔iOS, AndroidDeposit and Withdrawal GMCU does not explicitly mention charging fees for deposits or withdrawals.Payment MethodFeesProcessing TimeDirect Entry Credit/Typically same-dayDirect Entry DebitDishonour fees may apply if insufficient fundsBased on supplier schedulePeriodical Payments/As scheduledInternet/Mobile Banking/Instant or same-dayIn-branch Deposit/Instant or by end of day