Bank Australia is an Australian customer-owned bank based in Kew, Victoria. The organisation was formed in 1957 as the CSIRO Co-operative Credit Society which over time merged with 72 other credit unions and co-operative banks, eventually becoming Bankmecu in 2001, then Bank Australia in 2015.
How is bank Australia different from other banks?
Customer ownership We do things a little differently to other banks. Being customer-owned means we’re not listed on the stock exchange. This means instead of answering to external shareholders, we answer to you.
How does bank Australia make money?
We don’t borrow money from the RBA at the cash rate. Our primary source of funding is from customers who leave their money in the bank (depositors). We also get some of our funding from wholesale investors (such as fund managers and other banks) who invest in our bonds.
Who owns St George Bank?
NAB: NAB owns online-only bank UBank. In 2021, NAB also acquired neobank 86 400 and has announced plans to merge it with UBank. ANZ: ANZ does not currently own any other banks at the time of writing.
Where did Bank Australia come from?
We started life in 1957 as the CSIRO Co-operative Credit Society. From there we joined with 71 other credit unions and co-operatives to become Australia’s first customer-owned bank in 2011. In 2015 we changed our name to Bank Australia.
Who owns firstbank?
As a mutual bank, Bank First is owned by its customers and not external shareholders. Each customer owns an equal share of the organisation, and profits are reinvested into the bank and its target communities, rather than external shareholders.
Do banks use brokers Australia?
Can I use a broker to refinance my home loan with Bank Australia? Yes. You’ll need to use a broker who is accredited with Bank Australia. Contact us directly by dropping into your local branch or calling 132 888 and we’ll link you up with one Bank Australia’s personal lenders.
Are Australian banks safe?
APRA’s rules on safety and capital apply to all banks, building societies and credit unions to the same high standards. Deposits with Bank Australia are protected under the Australian Government’s Financial Claims Scheme (FCS).
What are the big 4 banks in Australia?
In order of total assets, these are:
- National Australia Bank (NAB).
- Commonwealth Bank (CBA) (owned by the Australian Government until 1996).
- Australia and New Zealand Banking Group (ANZ).
- Westpac (WBC).