Banker overwhelmed by new success
NEW kid on the block Auswide Bank is making a push into Townsville, but if you want the country’s lowest variable home loan rate of 3.99 per cent you will have to be quick.
The bank’s managing director, Martin Barrett, in the city yesterday meeting with staff and business leaders, said they were being overwhelmed.
“Nothing is better for marketing than going out with a super- duper rate,” he said. “But we can’t keep it for long because we are being overwhelmed.
“We will probably keep it open until August 14 and then look at what our next position will be.”
Auswide, previously the Wide Bay building society, became Australia’s 10th bank in April after gaining shareholder and regulatory approval.
The bank has been busy making inroads into booming capital city markets.
About 20 per cent of its $ 2.4 billion home loan book is now in Sydney and Melbourne.
But Queensland is its main focus with Brisbane, the Sunshine Coast and the Gold Coast its biggest growth markets and Mackay its biggest market because of an association with the former Mackay Permanent Building Society.
Mr Barrett said Townsville and Cairns were logical places for further growth.
Led by new Townsville manager Derrick Evans, Auswide wants to more than double the customer base here of around 4000 and build its business lending.
“I am quite bullish about Townsville,” Mr Barrett said. “It has a diverse economy and is well supported by government agencies.
“Townsville has reason about the future.”
BULLISH OUTLOOK: Auswide Bank CEO Martin Barrett says there is nothing better than going out with a
‘ super- duper’ rate.