Benefits of being member owned1
Did you know that we are member-owned and as a member you are a part owner?
There is a real difference that our members enjoy by owning their own financial institution. It starts with the fact that we plough profits back into the organisation. That means better interest rates and fewer fees. There is also the benefit of real customer service, which means actually enjoying dealing with one of our/your customer service representatives.
A recent survey conducted by Ray Morgan shows that 87% of members of mutual banking organisations were satisfied with the customer service they received. Private banks were not even close, with customer satisfaction results being, on average, some 15% lower than the mutuals. This study is not a one-off either; credit unions and building societies are regularly rated higher than the big banks for customer satisfaction.
Now that is something to be proud of.
Over the past couple of months and moving forward we are trying to get the message out about our great deals, structure and customer service. We think more of our fellow Australians should benefit from what we offer. Why should your friends stay in a relationship with a bank they aren’t happy with?
In our recent TV advert you may have heard that taking out a home loan with a mutual organisation will save you around $30,000 over the term of the loan(^). The big banks are understandably annoyed about us stating this fact. Sometimes the truth hurts. When the government went through a series of interest rate rises, some banks were quick to raise their own rates, and in some cases raised their rates above official levels. We took a different approach, keeping our rates low in an attempt to soften the blow of the additional costs the government was imposing on paying back a mortgage.
There’s research to back this up as well with 'the average standard variable rate of 17 banks being 37 basis points higher (7.36 per cent) than that of about 100 non-banks (6.99 per cent). Last September the gap was 26 basis points.'(*)
Putting our members first is what we are all about.