Sydney-based bike loan reaches million dollar milestone

A bike-loving Surry Hills based banking institution has issued a million dollars in interest free loans for customers to buy new bikes, and couldn’t be happier.

Transport Mutual Credit Union launched the award-winning no fee loan scheme in 2014.

Chief Executive John Kavalieros says “We’re a banking organisation that supports cycling.”

“We knew there was growth in this sector. I could see that growth on my journey to work – more people are cycling in the city. We’ve written a lot of car loans over the years, so this is our way of investing in an alternative mode of transport.”

Customers across Australia have used the loans to buy a broad range of wheels. From road bikes for weekend racing, to e-bikes and even cargo bikes.

“We saw one family use their cargo bike like a family car, getting around every day, doing the school run, going to the shops,” explained John, “Being able to purchase better quality bicycles leads to people riding more.”

The customer-owned credit mutual recently moved to new offices on Elizabeth Street, and a number of staff ride regularly. The decision to stay in the area was an easy one, says John;

“You’ve got the intersection of the train, bus and future light rail network in Surry Hills.. ..we took a long term view that being connected to lots of transport options in a walkable and rideable location is the way to go.”

With the option to spread payments over two years for loans from $1,000 up to $10,000, buying a better bike can open a whole new world of two-wheeled possibilities. Visit the Transport Mutual Credit Union website for more information.

 

 

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