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Confidence backed by credibility

Our Credit Union Guarantee gives you the financial support you need to move forward. Acting as a reliable alternative to traditional cash deposits or bonds, this guarantee provides assurance to vendors, landlords, or suppliers, so you can enter new agreements or reinforce existing partnerships with confidence.

It’s a smart, efficient way to meet your financial obligations without tying up valuable cash flow.

Contact Us To Start
 

Your Credit Union Guarantee Benefits

Easy banking

Manage your account anytime, anywhere with our online and mobile banking platforms. Or bank direct with us, in-person or on the phone.

Easy banking

Competitive rates

Access more with our competitive rates and fees, giving you flexibility to better manage your cash flow.

Competitive rates

Earn on your balance

Your Credit Union Guarantee balance can earn interest if you are securing it by cash when deposited in one of our term deposit accounts.

Earn on your balance

Talk to real people

Whether you need to ask a question or solve a problem, we are here for you. Visit a local Financial Service Centre, give us a call or message us via our app.

Talk to real people

Credit Union Guarantee Rates

Make the most out of your budget with our best alternative to cash deposit and bonds.

Establishment Fee 4

$
80

Facility Fee 5

0.75
%

Earn interest *

%
p.a.

4Minimum of $80 or 0.50% of guarantee amount. The greater of the two is applicable. 50.75% of guarantee amount charged six monthly in advance. *Funds deposited will be eligible to earn interest based on the deposit product selected. All rates available for new business only and are subject to change without notice. Credit eligibility criteria, terms and conditions, fees and charges apply and may change without notice. Products issued by Southern Cross Credit Union Ltd ABN 82 087 650 682. AFSL and Australian Credit Licence 241 000.
See all Interest Rates Fees & Charges

Credit Union Guarantee
Key Features

 

  • Cost-Effective: Establishment fee of $80 or 0.50% of the guarantee amount, whichever is greater, ensuring affordability for your business.

 

  • Interest-Earning Funds:Your guaranteed funds continue to earn interest, maximising the utility of your capital even while it’s securing obligations.

 

  • Flexible Terms: Choose between a fixed expiry date or an open-ended Credit Union Guarantee to suit the specific needs of your agreements.

 

  • Alternative to Traditional Bonds: Provides a credible and accepted substitute for cash deposits or bonds, freeing up your working capital for other business opportunities.

 

  • Tailored for Your Business: It’s designed to meet the unique requirements of various industries and contract types, offering a customisable solution for your needs.

Applying for a
Credit Union Guarantee

Applying for a Credit Union Guarantee is easy. Contact us on 1300 360 744 and our team will walk you through the process. To get prepared, here is some information on some common application requirements.

Contact Us to StartIs this product right for me?
  • 1+ Eligibility Criteria

    + Eligibility Criteria

    To hold this product customers will need to satisfy eligibility criteria, such as:

    • Be a sole trader, partnership or company.
    • Be registered in Australia and have an Australian residential address.
    • Meet SCCU credit assessment criteria.
    • Provide sufficient acceptable security, most commonly being residential property or term deposit.
    • Requires a guarantee of at least $10,000.
  • 2Sole Trader

    Sole Trader

    A Sole Trader is a self-employed person who is an exclusive owner of a business, entitled to keep all profits after tax has been paid but liable for losses.

    Types of Information and ID Required:

    • Business name & Australian Business Number (ABN).
    • Reliable and independent documentation, e.g driver licence, passport.
  • 3Partnership

    Partnership

    A Partnership is an association of individuals or entities for the purpose of carrying on a business venture or business activity in common with a view to profit.

    Types of Information and ID Required:

    • Full name of the partnership trading name.
    • Registration Status.
    • ABN Number.
    • Reliable and independent documentation, e.g driver licence, passport.
  • 4Company

    Company

    A Company is a separate legal entity capable of holding assets in its own name.

    Types of Information and ID Required:

    • Full Registered name of the Business.
    • ASIC Registration, including the companies ABN & ACN.
    • ABN search relating to the business.
    • Reliable and independent documentation, e.g. driver licence, passport.
  • + Important Information

    Products issued by Southern Cross Credit Union Ltd ABN 82 087 650 682. AFSL and Australian Credit Licence 241 000. Any advice given is of a general nature only and is not based on any consideration of your objectives, financial situation and needs. To decide if a product is right for you, please refer to the Summary of Accounts, Access Facilities and Transaction Limits. Eligibility criteria, fees and charges, terms and conditions apply. To help you better asses if these products are right for you please reach out to our team or read through our Target Market Determinations (TMD), designed to help you make an informed decision that is consistent with your objectives, financial situations and needs.

    Important: Available for new business only. All rates available for new business only and are subject to change without notice.

Enjoy a complete business banking suite with SCCU

Manage all your business banking in one place from your loan to your overdraft, including business integrations.

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Business Plus

Add a Business Plus transaction account to give your business the everyday flexibility it needs with easy access to your money when it matters most.

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Business Star Saver

Put your surplus funds to work with a Business Star Saver account. An easy way to earn interest while keeping your savings within reach.

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Business Integrations

Our Business Plus account connects directly with Xero and MYOB, and pairs perfectly with Square POS, giving you a streamlined setup from sales to reconciliation.

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Join our SCCU community along with thousands of customers who love our easy to understand banking services and caring customer approach.

FAQs

Credit Union Guarantee FAQs

  • What is a Credit Union Guarantee and how does it work?

    A Credit Union Guarantee is a financial promise issued by SCCU to assure a third party that your business can meet its contractual obligations, without tying up your working capital in a bond or deposit. It’s essentially a guarantee on your behalf to pay a vendor or supplier the amount of the deposit or bond if called upon. An ideal solution for those needing to provide financial security for contracts or lease agreements.

  • Who can apply for a Credit Union Guarantee with SCCU?

    Businesses or individuals who meet our eligibility criteria can apply. Check out our ‘How to Apply’ section above for eligibility and application requirements.

  • What are the benefits of using a SCCU Credit Union Guarantee over a bank guarantee?

    SCCU is a customer-owned banking services provider. We offer competitive rates, interest-earning funds, and a streamlined application process, all backed by our credit union ethos and personalised customer service.

  • How much does a Credit Union Guarantee cost?

    You can view all costs related to the Credit Union Guarantee on our Schedule of Fees and Charges for Business Loan Products.

  • Can my funds continue earning interest while under guarantee?

    Yes. One of the key advantages is that your funds continue to earn interest while held as security for the Credit Union Guarantee. Your guaranteed funds can be invested as a Term Deposit on a rate/term of your choice. However, the Term deposit cannot be redeemed until the original signed Guarantee document is returned, and we are instructed to cancel the guarantee.

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Shane provided amazing customer service from start to finish. He was extremely knowledgeable, respectful, and attended to every detail of the process with thoroughness and professionalism. This kind of customer service is almost unheard of these days, so it was an absolute delight to work with Shane. The interest rate on my company car was fantastic and the terms of the loan were both fair and reasonable. I 100% recommend Shane and Southern Cross Credit Union for obtaining financing for a vehicle and wouldn't use anyone else for my business going forward. Thanks to Shane and his team!
Joanna Tedeschi
As COVID hit some 3 years ago, I approached SCCU to re-align our financial position at both a personal and professional level with our business. Not only were your team receptive but with the assistance of SCCU not only did we make our way through COVID closures, but due to the support of SCCU we have evolved into an extremely sound business, and I would suggest a success story of the community banking that SCCU continues to deliver. Thank you for the support you offer to us as a local business and us as a local family of the area. Thank you, the entire team, at SCCU for being such an awesome part of the community whilst also being a great business to align with.
Jason
I’m so thrilled we decided to have our team development day in SSCU’s Mirrabooka room. Toni and Zoe were extremely friendly and accommodating, they had everything set up for us by the time we arrived.  Jo loved the ‘state of the art’ IT system, her power point presentation and laptop integration worked like a breeze.  I also found the flip charts extremely useful for discussion notes.  The space was big enough for individual team sessions and intimate enough for everyone to hear. Morning tea and lunch worked seamlessly, we had everything we needed in the kitchen and the outside sundeck was delightful. The team loved the coffee machine! It certainly helped with the quiet times in our meeting! Overall the day was a huge success! Thank you so much for creating a local facility with the class and sophistication of the city! I look forward to seeing you all again soon. Deepest thanks Jude McColm  
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