MEDIA RELEASE

MEDIA RELEASE - January 2011

Australia’s strong customer-owned banking institutions – credit unions and building societies – have welcomed the Federal Government announcement of Sunday 12^th December as a good step towards more bank competition.

An important new measure is a new “Government protected deposit” seal to explain more clearly the safe and secure standing of credit unions and building societies, along with banks. We welcome this change and are proud to be part of the mutual sector serving Australians, with their banking needs.

Fire Brigades Employees Credit Union Ltd is also pleased with the decision to ban mortgage exit fees for new mortgages taken out from July 2011. This type of fee is one which the Credit Union has never endorsed and we have a long history of never having such a fee in place on any of the lending products we offer our members.

Whilst speculation is that the removal of these fees may lead to an increase in lender loan application fees, the Credit Union can confirm that again, we have never had a loan application fee and have no immediate plans to introduce one. This strategy has benefitted many of our members over the 40 plus years of operation of the Credit Union. There are some costs associated with the setting up of a home loan with us and the Credit Union only passes on the actual cost incurred to members.

I would welcome all firefighters and their families to consider switching their home loan to the Credit Union, as our benefits are many:

· A variable interest rate home loan with an interest rate well below the standard variable rate of the 4 major banks and more importantly, without any monthly or annual “package” fees. The introduction of this type of fee by the banks has lead to an increase in the overall cost of many loans to the customer.

· A full 24 hour – 7 days a week, loan redraw facility – with no minimum amount of redraw and no redraw fees.

· The ability to make additional payments to your loan at any time without penalty and with no early repayment or exit fees. Free mortgage discharge preparation, at the end of your loan.

· Interest only options available for investor home loans, again at the same interest rate as our owner occupied loans.

· Ability to “Top-up” your loan or establish a second loan at home loan rates, with no application fees.

· A service second to none, supplied by our fully qualified lending staff.

Additional information, including our interest rates and comparison interest rates is available on our web page at www.firecu.com.au. Or simply call one of our friendly loans staff to discuss your options and individual circumstances.

Jim O’Connell

General Manager