Building societies offer a real alternative to banks - a different kind of banking based on community needs, the interests of their members and high customer service.
The difference mutual building societies offer is based on:
Most building societies are mutual organisations, which means the members own the institution and have a say in its management. Each member is both a customer and a shareholder and this ensures their needs are put first.
Building societies provide a safe, convenient place for people to save money, and obtain loans and other financial services at reasonable interest rates. We meet the same high regulatory standards as Australian banks, but unlike banks our focus is solely on our customers, who are our members.
Building societies have a strong presence in country Australia, with all of them having their head office outside a capital city. Mutual building societies play a vital role in regional communities and increased this commitment while banks have been closing their branches and removing services.
Mutual building societies come together through their peak industry association, Abacus - Australian Mutuals, which also represents other member-owned financial institutions such as credit unions.