Borrowers: Time to say 'enough is enough' to big banks

by AB05 Jun 2013

Newcastle Permanent yesterday became the first non-major bank in history to win the Money magazine Home Lender of the Year title.

CEO Terry Millett says the award sends a message to all Australians that still have a home loan with major banks and those considering taking out a new home loan.

“Home owners need to say ‘enough is enough’ to the major banks – it’s undeniable that Newcastle Permanent is the best home lender in the country and recognition in Money magazine’s Consumer Finance Awards makes this clear,” says Millett.

“Consumers may be seeing interest rate cuts and assuming that they’re getting a better deal as a result. The fact is that since 2008 we’ve passed on more value to customers in interest rate cuts than any of the major banks.”

“Newcastle 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 members’ experience that major banks sacrifice for the sake of ever-increasing profits for their shareholders. And we make sure we always give our members a great deal – not just when they go to leave us - which is why our members gave us a 97% customer satisfaction score.”