Tuesday, April 17, 2012
1 April 2012
QT Mutual Bank has proven its strength since becoming Queensland’s first mutual bank six months ago, with an increase in membership and new product innovations bolstering their position as a worthy alternative to the big banks.
Since the October 2011 change to QT Mutual Bank, the state’s first mutual bank has seen a spike in enquiries and new members, with January their strongest membership growth month in almost a year.
QT Mutual Bank CEO Mike Murphy said it was their continued development of innovative products that allowed them to grow as a contender to the big banks.
"Since launching QT Mutual Bank, we have seen the introduction of the Australian-first capped variable rate car loan, where members may see a decrease in their interest rates but will never see it rise above the original starting rate," Mr Murphy said.
"Combined with our Mortgage Breaker Home Loan featuring the three month breather, and our award-winning Rate Tracker home loan that follows the RBA’s official cash rate, we are determined to continue offering innovative and competitive products for our members.
"Members with a Rate Tracker home loan have continued to benefit from the RBA rate cuts in November and December 2011, and they weren’t hit with a rate increase after the RBA kept rates on hold this year.
"We are proud to have reached our six month milestone with such positive growth to show for it – in February this year we saw a 43 percent increase in online enquiries alone.
"We are expecting the growth to continue steadily throughout the year as more Queenslanders realise the savings that can be made by switching from the big banks."
QTMB is Queensland’s Mutual Bank and is 100% owned by its members. While conventional banks are owned by shareholders, QTMB exists solely for the financial needs of everyday Queenslanders.
Through reinvesting back into improved financial products and services, QTMB is committed to offering a range of attractive benefits for members such as fairer fees, competitive rates and innovative products.