Welcome to the July edition of MyQ

We’ve listened to your feedback and reviewed readership statistics, which show that most of you consume our articles via our website. Because of this, the PDF version of our newsletter has been retired and we will be revising our delivery schedule moving forward.

This will also help us support one of our Environmental Initiatives of becoming Paperless, as our PDF version of MyQ encouraged printing.

By making the switch to a web-based newsletter, we’re better able to share and leverage our multimedia content with you.

We recently developed a video about our employees volunteering at an event held by Greenfleet, an environmental non-profit organisation making moves to protect our climate and restore our natural forests.

We’re very proud of the customer service specialists who contributed to this initiative and look forward to creating more content that supports our customers.

Award winning commitment

As a customer-owned, mutual bank, we’re proud of our commitment to provide outstanding customer service and a competitive range of products to you, our owners.

Thanks to you and the commitment of our people, we’ve been awarded Australia’s Best Large Mutual Bank by Mozo, for the third year in a row. Mozo recognised our outstanding customer experience, competitive products and going above and beyond to support our customers reach their financial goals. Thank you for your loyalty and recognition which contributed to this award.

Our Lending Origination System (LOS) is making moves

We’ve been working on developing a faster, more efficient application process for home lending.

Our new Lending Origination System (LOS) aims to reduce friction in the application experience and support faster turnaround times by digitising, streamlining, and automating the lending process.

We’ve focused on addressing some of the key pain points for customers including digital ID verification, extraction of income and expense information, mortgage insurance integration and so much more. Plus, customers will be able to track their application process in real-time via the tracking portal.

We’ll be continuing to make enhancements to this system over time to deliver our customers a quality end-to-end digital application experience across all lending products. Stay tuned for further updates on the launch of this exciting initiative.

Competitiveness of our deposit rates

For those of you who might be saving for retirement or a longer-term investment, we’re confident our deposit rates support solid returns, without any account keeping fees. As of July 15th, 2022, our 24 month Term Deposit will see you earning 3.25%p.a on deposits of $10,000 or more.

Interest rate changes

On the 5th of July, 2022, the Reserve Bank of Australia (RBA) announced a 50-basis point increase to the official rate, which means that we’ve had to raise interest rates for both our borrowers and depositors.

Given the current economic climate, not just within Australia, but internationally and what we’re seeing transpire in the United States, we’re certain to see further rapid rises to interest rates across the board.

We always seek to strike the right balance between the value we provide to our customers and the long-term sustainability of our offerings.

We will endeavour to maintain our competitiveness wherever possible, and for those of you who may be finding it harder than some to meet your financial obligations, we encourage you reach out to our Financial Assistance team for additional support. Please check our website for the latest interest rates.

AGM – Save The Date

Our next Annual General Meeting is scheduled to go ahead on Thursday 24th of November 2022. Members are welcome to participate and ask questions in the meeting.