NEWCASTLE PERMANENT
Consistent performance has paid off to secure the top spot yet again
Australia’s largest building society, Newcastle Permanent, is once again Money’s Building Society of the Year. “We’re really proud to continue this tradition. Money magazine’s endorsement is valuable recognition and, although our staff work very hard for our customers, we are very grateful every time we receive any award,” says Terry Millett, CEO of Newcastle Permanent.
Newcastle Permanent has received this accolade over the years thanks to its ongoing drive to deliver market-leading products and its compelling product offering, says Mitchell Watson, research manager, at Canstar.
To win this award for six years in a row is certainly a testament to Newcastle Permanent’s ability to constantly offer great-value products. “Consistency is one of the main benefits of banking with Newcastle Permanent. We have provided consistently competitive and well-priced products year after year, and our customers already know how easy it is to do their banking with Newcastle Permanent,” says Millett, who adds that his customers are consistently more satisfied than those of major banks, which makes him exceptionally proud.
“Last year Newcastle Permanent refinanced more than $500 million in home loans away from the major banks, showing that customers are voting with their feet for a better way of banking with us,” he adds.
Canstar’s Watson says it was Newcastle Permanent’s home loans and personal loans that helped push the building society ahead of its peers. It came third in the home lender category and sixth in personal lender.
Its package loan is a standout, says Watson. “Newcastle Permanent’s Premium Plus Package offers a competitive rate of 3.84%pa along with access to an offset account and a no-annual-fee credit card,” he says.
Newcastle Permanent’s unsecured personal loan is also great value. The rate of just 7.99%pa is well below market average, says Watson, and there are no ongoing account-keeping fees, and additional repayments can be made.
Deposit accounts are another strong area for Newcastle Permanent as demonstrated by the fact it was fourth in the Money Minder of the Year category. Its Smart Saver, for example, pays 3%pa interest if you increase your balance by $150 each month and make no more than two withdrawals.
Millett says Newcastle Permanent is always working on enhancing its products and services. “We have just released a suite of new savings accounts with fantastic features and rates. We’re also continually working on our digital services for current and new customers, which means we can offer a seamless end-to-end online experience and cater for customers who prefer to engage with us online,” he says. “Newcastle Permanent will be working hard to make sure we see you again next year.” In second place is IMB. Watson points to its three-year fixed rate offering as a standout, saying the rate of 4.29% is below the market average of 4.48%pa. “It also comes with the ability to borrow up to 90% of the property value,” he adds.
Tasmania’s B&E Personal Banking is in third spot, as it was last year. Rates on its FlexiDiscount home loan start at 4.09%pa, and if you want to borrow money for a new car the rate is 7.95%pa.