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Who owns your bank?

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It may be a surprise for consumers when they find out who actually owns their bank.   Many people today are trying move away from the big 4 banks, searching for alternatives but not realising that the bank or broker service they are using is actually owned by one of the big 4 banks.

For example:

  • Commonwealth Bank is the owner of BankWest and a major shareholder of Aussie Home Loans.
  • Westpac is the owner of RAMS, St George, BankSA and Bank of Melbourne.
  • NAB is the owner of UBank.
  • Adelaide Bank merged with the Bendigo Bank to become the Bendigo and Adelaide Bank Group.

Whilst we do not suggest that this ownership is to the detriment of the consumer, it is important to have transparency and for consumers to know the true ownership of their financial institution or broker. Mergers and acquisitions do give the big banks a greater market share and more power.

If you are looking for a competitive alternative a credit union or building society is a great option.   As a credit union, South West Credit is owned by its members.   This means it is not subject to pressure from external shareholders to increase its profits as its profits belong to its members.  South West Credit is an Authorised Deposit-taking Institution (ADI) which means it is a safe and secure organisation that is backed by the Australian Government’s Deposit Guarantee.
South West Credit is one of Warrnambool’s best kept secrets, being truly local it offers fast turnaround on our range of home loans, car loans and personal loans, as decisions are made locally in the branch.

This information is brought to you by South West Credit, Warrnambool's Home Loan Centre 

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