Quarterly banking figures from the Australian Prudential Regulatory Authority (APRA) indicated customers were looking for alternatives to the big four and found it in mutual banks. The data showed growth of three percent in home loans and deposits for mutual banks, compared to less than one percent for the major banks.
RACQ Bank CEO Michelle Bagnall said people had voted with their feet after hearing the findings of the Royal Commission into banking and wanted to bank with organisations they could trust.
“RACQ Bank is different and that’s a good thing. We’re Queensland’s newest mutual bank, and already five of our lending products have been recognised by CANSTAR as five-star products for outstanding value,” Ms Bagnall said.
“The simple difference is we focus on our members, not shareholders, and the RACQ values are thoroughly applied to everything we do.
“We’re a profit-for-purpose bank. Revenue earned goes back into improving products and services for our members. It’s a simple banking model and that’s how we like it.”
Ms Bagnall said while the major banks had tightened lending, RACQ Bank wanted Queenslanders to know it was open for business for both investor and owner-occupier home loan lending.
“Recently, we lowered our investor lending rates and raised our Loan Value Ratio to 90 percent, so we can be there for our members who may want to buy an investment property – and our owner-occupier home loan rate is still one of the best you’ll find right now at 3.62 percent,” she said.
“RACQ has always been there for Queenslanders on the roadside front, and now we’re there for them in banking too.”