Building society wipes out majors to win home loan award

by Julia Corderoy04 Jun 2015
Newcastle Permanent Building Society has beaten the major banks for the second time in three years to win Money magazine’s Home Lender of the Year and remains the only non-major lender to ever win the title.

Money magazine editor Effie Zahos and research partner CANSTAR cited Newcastle Permanent’s “perfectly featured loans with a low rate” among the reasons for the win in a category only won by the four major banks, until Newcastle Permanent’s first win in 2013.

Newcastle Permanent CEO, Terry Millett said the Home Lender of the Year 2015 title is proof that the major bank model isn’t always the right one for consumers.

“We have again claimed the trifecta of endorsements for home lending – Money magazine, the Financial Review’s Smart Investor, and more CANSTAR five star ratings for home loan products than any of the major banks.

“This is recognition that the publicly listed major bank model is not the best way to deliver value to home borrowers – Australia is realising that Newcastle Permanent offers the best value in price and product, while operating with the strong community values of regional Australians.”

Newcastle Permanent was also named Money magazine’s Personal Lender of the Year 2015, and Building Society of the Year 2015, the sixth win in this category since 2007.

“Newcastle Permanent provides an experience above and beyond the major banks for customers seeking the best quality and price for their retail banking services, which we can offer because of our financial strength and constant focus on leading the market for our members, not maximising profit for shareholders,” Millett said.