Newcastle Permanent yesterday made history by beating out all the major banks to win the Money magazine Home Lender of the Year title â€“ the first time one of the major banks has not won the award.
CEO Terry Millett said the award sent a message to all Australians that still have a home loan with major banks and those considering taking out a new home loan.
â€œHome owners need to say â€œenough is enoughâ€ to the major banks â€“ itâ€™s undeniable that Newcastle Permanent is the best home lender in the country and recognition in Money
Magazineâ€™s Consumer Finance Awards makes this clear,â€ Mr Millett said.
â€œConsumers may be seeing interest rate cuts and assuming that theyâ€™re getting a better deal as a result. The fact is that since 2008 weâ€™ve passed on more value to customers in interest rate cuts than any of the major banks.
â€œAs Australiaâ€™s largest building society, in our 110th anniversary year weâ€™re going from strength to strength as we make banking history by taking this award away from the major banks. Itâ€™s yet another mark of our consistent excellence in delivering first class retail banking experiences for our members.
â€œWe now have the trifecta of endorsements for home lending â€“ Money magazine, the Financial Reviewâ€™s Smart Investor, and more CANSTAR five star ratings for home loan products than any other lender in the country.
â€œNewcastle Permanent is a genuine, competitive alternative to major banks because we have the financial strength, highly competitive products and constant focus on delivering a market leading membersâ€™ experience that major banks sacrifice for the sake of ever increasing profits for their shareholders.
â€œAnd we make sure we always give our members a great deal â€“ not just when they go to leave us - which is why our members gave us a 97% customer satisfaction score.
â€œMembers choose to bank with us because we reinvest back into our local communities, making lives better while they still enjoy our industry leading products and services,â€ Mr Millett said.
Newcastle Permanent was also named Money magazineâ€™s Building Society of the Year for the fourth time.
Newcastle Permanent operates almost 60 branches in NSW, and will launch in the Central West region later this year. Our staff of over 900 supports our 325,000 members which are located in all states of Australia.
About the Money magazine Consumer Finance Awards:
Over 16,000 financial products from more than 200 financial institutions are closely examined for Moneyâ€™s annual Consumer Finance Awards. The awards are judged in collaboration with Moneyâ€™s editorial team & the independent research company CANSTAR.
The awards were announced at a lunch in Sydney on Tuesday, 4 June 2013.
Media enquiries: Ashleigh Killingly, 0427 567 846