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Date Published : Thursday, March 13, 2008
One of the fastest growing financial institutions in Australia at the moment is Members Equity. After only being created in 1999, in that short space of time it has become one of the nation's largest providers of home loans, superannuation funds and credit cards.
Despite being the new kid on the block, Members Equity has its origins dating back to 1994, when National Mutual launched the Super Member Home Loans division of its services.
Designed to offer low cost home loans for Australian workers, the Australian Council of Trade Unions backed the initiative and it quickly became an important benefit for the members of participating superannuation funds and affiliated trade unions.
In 2001, after several years of rapid success, the group broke away from National Mutual to form Members Equity, after receiving clearance from the Australian Prudential Regulation Authority.
The bank is now owned by a number of superannuation funds and is one of the largest players in the Australian super market.
A statement on its website reads: "We believe in being upfront with everything we do. We conduct business with a genuine interest in your needs, and act with integrity at all times. Our products are simple and easy to understand and we never hide behind gimmicks."
Currently, along with super funds, Members Equity provides personal loans, mortgages, credit cards and banking facilities.
In 2007, it launched its first branch in Victoria and now has over 600 branches nationwide.
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