People's Choice Credit Union

People's Choice Credit Union is one of Australia's largest credit unions,[3] offering loans, credit cards, transaction and savings accounts, financial advice and insurance.

People's Choice Credit Union
TypeCredit union
IndustryFinancial services
HeadquartersFlinders Street, Adelaide, South Australia
Key people
Michael Cameron, Chairman of Board of Directors,[1] Steve Laidlaw, Chief Executive Officer[2]
ProductsRetail banking, Investment, Insurance, Financial Planning
Members375,000 (2019)
Number of employees
1,000 (2019)
Websitepeopleschoicecu.com.au/

People's Choice has more 375,000 members and more than $10.7 billion of funds under management and advice, making it one of South Australia's largest businesses in InDaily's annual SA Business Index.[4][5][6]

It has branches across South Australia, Victoria, the Northern Territory, the ACT and Western Australia[7] and, as a customer-owned financial institution, says it is an alternative to the ‘big four’ banks.

People's Choice was created through the merger of Australian Central Credit Union and Savings & Loans Credit Union in December 2009, and traces its origins to 1949.[8]

People's Choice Credit Union is involved socially and economically with its members and the wider Australian community including:

  • The People's Choice Community Lottery, which has raised more than $19 million for thousands of not-for-profit organisations across Australia;
  • A corporate social responsibility (CSR) partnership with Cancer Council SA;
  • Employee fundraising and volunteering, with almost $40,000 raised for charities in 2018/19;
  • Sponsorship of major community events such as the Adelaide Strikers' men's and women's cricket team[9] and the Bassinthegrass festival.[10]

People's Choice Credit Union was Australia's first financial institution to become a White Ribbon Accredited Workplace to fight domestic and financial abuse.[11]

History

People's Choice Credit Union represents a series of credit unions that have merged since its 1949 origin, including the Northern Territory Credit Union.[12] In August 2009, it announced plans to merge with another credit union, Savings & Loans,[13] with the first post-merger branch opened in December 2010.[14]

On 27 June 2011, members of the credit union voted to change the name to People's Choice Credit Union.[15] This change was adopted on 18 July 2011.[16]

People's Choice turned 70 in April 2019.[17]

Structure and regulation

People's Choice is a credit union, a member-owned structure where its customers are also shareholders, a structure that the association representing the sector says avoids the conflict where listed entities must deliver the best outcomes for shareholders and not members or customers.[18]

People's Choice is an authorised deposit-taking institution (ADI) supervised by the Australian Prudential Regulation Authority (APRA). As a financial institution, it is also supervised by the Australian Securities and Investments Commission (ASIC) and, with its financial planning business, holds both an Australian Financial Services Licence and an Australian Credit Licence. It is regulated by the Banking Act 1959 (Cth) and the Corporations Act 2001 (Cth), and its members are covered by the $250,000 deposit guarantee under the Federal Government's Financial Claims Scheme.

Funding

People's Choice completed a $650 million offering of residential mortgage-backed securities (RMBS) in 2019. The offering was launched at $500 million[19] but was extended to $650 million after receiving $1.4 million in bids. Light Trust 2019-1 was priced at 102 basis points above the 1-month Bank Bill Swap Rate, making it one of the best-priced mature offerings in recent times.

Awards

People's Choice Credit Union has been recognised with numerous awards for its products and services, including:

  • First homebuyer support: Customer-owned institution of the year for first homebuyers in Victoria (CANSTAR 2017,[20] 2018[21] and 2019[22]), South Australia (CANSTAR 2013,[23] 2014,[24] 2016,[25] 2017,[26] 2018[27] and 2019[28]) and the Northern Territory (CANSTAR 2013,[29] 2014, 2017,[30] 2018[31] and 2019[32]).
  • Customer satisfaction: Credit union of the year (Roy Morgan Customer Satisfaction Awards 2014,[33] 2016,[34] 2017,[35] 2018[36]), outstanding customer satisfaction (Mozo People's Choice Award 2018[37]), excellent customer service (Mozo People's Choice Award 2018[38]), customer satisfaction for everyday banking (Mozo People's Choice Award 2018[39]).
  • Service and trust: Highly trusted (Mozo People's Choice Awards 2017, 2018[40]), staff friendliness (Mozo People's Choice Awards 2017, 2018[41]) and most recommended (Mozo People's Choice Awards 2018[42]).
  • Home loans: Most satisfied customers for home loans (Canstar 2019[43]), best home loan package (Mozo Expert's Choice Award 2018[44]), Most Recommended Home Loan, Non-Major Bank (DBM Consultants' Australian Financial Awards 2019).[45]
  • Personal loans: Personal Lender of the Year (Money Magazine/CANSTAR 2018[46][47] and 2019[48]), best car loan (Mozo Expert's Choice Award 2015,[49] 2016,[50] 2017[51]) and the top-of-the-line five stars from CANSTAR for its Discounted Personal Car Loan.[52]
  • Deposits: Best value term deposit for long-term (Mozo Expert's Choice Awards 2015,[53] 2016[54]), medium-term (Mozo Expert's Choice Awards 2016[55]), best term deposit (Mozo Expert's Choice Awards 2018[56]), best savings account (Mozo People's Choice Awards 2015). CANSTAR has awarded People's Choice a five-star rating for transaction and savings accounts in 2018 and 2019.[57]
  • Credit risk management: Best Credit Risk Management 2019.[58]

Products, services and branches

People's Choice Credit Union offers a wide range of personal and business bank accounts, credit cards, home and personal loans, insurance, and more.

  • Youth banking: Fee free transaction and savings accounts for members from the ages of 0-25.
  • Transaction and savings accounts
  • Club 55 account: Fee free transaction account for members aged 55 and over.
  • Credit cards
  • Debit cards: including Cuscal rediCARD and Visa Debit
  • Lite, fixed and variable rate home loans
  • Personal loans
  • Car loans
  • Internet banking: including mobile apps
  • Phone banking: including SMS banking
  • Digital wallets: including Apple Pay, Google Pay and Samsung Pay
  • Insurance
  • Bank@Post

People's Choice Credit Union has 37 branches and advice centres in South Australia, Victoria, Western Australia and the Northern Territory. Deposits can be made at Bank@Post enabled Australia Post shops. For members who hold a deposit book with the credit union, deposits can be made at any National Australia Bank branch. People's Choice Credit Union also has fee free ATMs and rediATMs at most branches for members.

Affordable and liveable housing

People's Choice has developed an index of housing affordability and liveability to help people looking to buy a house. The People's Choice of Housing analyses suburbs for whether a financial institution is likely to lend to a couple on ordinary income and expenses for a median-priced home in that suburb (serviceability), the cost of buying that home (affordability) and a series of factors summarising whether people are likely to want to live in that suburb (liveability).

It launched its Adelaide index in April 2019,[59] and its study of Melbourne suburbs was launched in October 2019.[60][61]

It lists the best Melbourne suburbs to buy a house as the following in April 2020:[62]

RankSuburbAreaMedian House Price
1MontmorencyNorth$839,000
2BurnsideWest$618,500
3GowanbraeNorth$699,000
4Watsonia NorthNorth$741,500
5Noble Park NorthSouth East$606,000
6SeabrookWest$626,500
7Ringwood NorthEast$883,300
8Avondale HeightsWest$815,000
9SydenhamWest$576,500
10Oak ParkNorth$912,500

It lists the best Adelaide suburbs to buy a house as the following in April 2020:[63]

RankSuburbAreaMedian House Price
1Modbury NorthNorth$346,500
2DirekNorth$309,990
3Aberfoyle ParkSouth$432,650
4Redwood ParkNorth$387,000
5ParadiseEast$497,500
6NorthgateNorth$565,000
7Lower MitchamInner South$741,000
8Surrey DownsNorth$380,000
9GlenaltaSouth$555,000
10DernancourtNorth$460,250

Both Melbourne and Adelaide reports are released every six months in April and October.

Response to the coronavirus outbreak

People's Choice introduced a number of support measures for its members coping with the impact of COVID-19, including pauses on repayments, reduced repayments and allowing redraw of advance payments where appropriate. The measures are separate from financial hardship provisions and are aimed at helping members in financial difficulty.

People's Choice has also created a hub summarising what it is doing and what Governments are doing to help with the coronavirus.

References
  1. "New Chairman to support investment in member needs".
  2. "Steve Laidlaw appointed People's Choice CEO - People's Choice Credit Union".
  3. Twining (ed), Brendan (2018). "Mutuals Industry Review 2018" (PDF).CS1 maint: extra text: authors list (link)
  4. "SA Business Index: The big 10, fastest mover, rising star and best new entrant - InDaily". InDaily. 28 September 2017. Retrieved 30 May 2018.
  5. "SA's top 100 companies 2018: the full list - InDaily". InDaily. 20 September 2018. Retrieved 28 November 2018.
  6. "South Australian Business Index 2019 - the full list". InDaily. 20 September 2019. Retrieved 27 September 2019.
  7. "Our story - People's Choice Credit Union".
  8. "Our story". People's Choice Credit Union. Retrieved 27 October 2014.
  9. "Partners | Adelaide Strikers - BBL". www.adelaidestrikers.com.au. Retrieved 28 November 2018.
  10. "In the community". People's Choice Credit Union. Retrieved 27 October 2014.
  11. "Nation's first White Ribbon Financial Institution - People's Choice Credit Union". www.peopleschoicecu.com.au. Retrieved 24 November 2017.
  12. "Merger brings $7.2m profit for Australian Central Credit Union". ABC News. 18 February 2002. Retrieved 16 November 2009.
  13. McDonald, Sarah (13 August 2009). "Savings & Loans, Australian Central Credit Union Plan to Merge". Bloomberg. Retrieved 16 November 2009.
  14. Emmerson, Russell (7 December 2010). "First branch of merged credit union". adelaidenow. Retrieved 6 June 2012.
  15. "People's Choice Credit Union - Members approve People's Choice Credit Union". Peopleschoicecu.com.au. 27 June 2011. Retrieved 27 December 2017.
  16. 15Jul2011 (18 July 2011). "People's Choice Credit Union - Launch of People's Choice Credit Union". Peopleschoicecu.com.au. Retrieved 6 June 2012.
  17. "70 years of People's Choice - People's Choice Credit Union". www.peopleschoicecu.com.au. Retrieved 14 May 2019.
  18. "Customer Owned Banking Association - Customer Owned Banking puts people before profits". www.customerownedbanking.asn.au. Retrieved 20 January 2020.
  19. "People's Choice launches Light Trust 2019-1 RMBS deal | KangaNews". www.kanganews.com. Retrieved 5 August 2019.
  20. "First Home Buyers Award 2017 | Canstar". Canstar. Retrieved 30 May 2018.
  21. "First Home Buyers Award 2018 | Canstar". Canstar. Retrieved 28 November 2018.
  22. "Adelaidenow.com.au | Subscribe to The Advertiser for exclusive stories". www.adelaidenow.com.au. Retrieved 25 July 2019.
  23. "Peoples Choice Home Loan achieves Canstar First Home Buyers Award". Canstar. 13 November 2007. Retrieved 30 May 2018.
  24. "Peoples Choice Home Loan achieves Canstar First Home Buyers Award". Canstar. 13 November 2007. Retrieved 30 May 2018.
  25. "CANSTAR First Home Buyer Award: the Winning Institutions | Canstar". Canstar. 18 July 2016. Retrieved 30 May 2018.
  26. "2017 First Home Buyer Award Winners | Canstar". Canstar. 28 July 2017. Retrieved 30 May 2018.
  27. "First Home Buyers Award 2018 | Canstar". Canstar. Retrieved 28 November 2018.
  28. "Adelaidenow.com.au | Subscribe to The Advertiser for exclusive stories". www.adelaidenow.com.au. Retrieved 25 July 2019.
  29. "Peoples Choice Home Loan achieves Canstar First Home Buyers Award". Canstar. 13 November 2007. Retrieved 30 May 2018.
  30. "2017 First Home Buyer Award Winners | Canstar". Canstar. 28 July 2017. Retrieved 30 May 2018.
  31. "First Home Buyers Award 2018 | Canstar". Canstar. Retrieved 28 November 2018.
  32. "Adelaidenow.com.au | Subscribe to The Advertiser for exclusive stories". www.adelaidenow.com.au. Retrieved 25 July 2019.
  33. "Roy Morgan announces 2014 winners of Customer Satisfaction Awards". Roy Morgan. Retrieved 30 May 2018.
  34. "2016 Roy Morgan Customer Satisfaction Awards: Banking and Finance winners revealed". Roy Morgan. Retrieved 30 May 2018.
  35. "Roy Morgan announces winners of the 2017 Customer Satisfaction Awards". Roy Morgan. Retrieved 30 May 2018.
  36. "Roy Morgan Customer Satisfaction Awards". Roy Morgan. Retrieved 5 March 2019.
  37. "People's Choice Awards 2018 | Mozo". mozo.com.au. Retrieved 31 May 2018.
  38. "People's Choice Awards 2018 | Mozo". mozo.com.au. Retrieved 31 May 2018.
  39. "People's Choice Awards 2018 | Mozo". mozo.com.au. Retrieved 31 May 2018.
  40. "People's Choice Awards 2018 | Mozo". mozo.com.au. Retrieved 31 May 2018.
  41. "People's Choice Awards 2018 | Mozo". mozo.com.au. Retrieved 31 May 2018.
  42. "People's Choice Awards 2018 | Mozo". mozo.com.au. Retrieved 31 May 2018.
  43. "Most Satisfied Customers - Home Lender Award 2019". Canstar. 7 August 2019. Retrieved 7 August 2019.
  44. "Mozo Experts Choice Awards 2018 | Australia's Best Home Loans | Mozo". mozo.com.au. Retrieved 30 May 2018.
  45. "Australian Financial Awards 2019". 27 February 2019.
  46. England, Cameron (2018-05-31). "People's Choice gets top accolade". The Advertiser. Published 2018-05-31.
  47. "Bank of the Year Awards 2018: bigger isn't always better - Money magazine". Money magazine. 4 June 2018. Retrieved 6 June 2018.
  48. "Money magazine names Australia's best financial institutions". Money magazine. 4 July 2019. Retrieved 15 July 2019.
  49. "Best Personal Loans | Mozo Experts Choice Awards 2015 | Mozo". mozo.com.au. Retrieved 30 May 2018.
  50. "Best Personal Loans | Mozo Experts Choice Awards 2016 | Mozo". mozo.com.au. Retrieved 30 May 2018.
  51. "Best Personal Loans | Mozo Experts Choice Awards 2017 | Mozo". mozo.com.au. Retrieved 30 May 2018.
  52. "Revealed: Best Value Personal Loans & Car Loans | Canstar". Canstar. 16 November 2018. Retrieved 28 November 2018.
  53. "Mozo Experts Choice Awards 2015 | Top 3 Term Deposits | Mozo". mozo.com.au. Retrieved 30 May 2018.
  54. "Australia's Best Term Deposits | Mozo Experts Choice Awards 2016 | Mozo". mozo.com.au. Retrieved 30 May 2018.
  55. "Australia's Best Term Deposits | Mozo Experts Choice Awards 2016 | Mozo". mozo.com.au. Retrieved 30 May 2018.
  56. "Australia's Best Term Deposits | Mozo Experts Choice Awards 2018 | Mozo". mozo.com.au. Retrieved 30 May 2018.
  57. "Revealed: Best Value Savings & Transaction Accounts". Canstar. 16 April 2019. Retrieved 2 May 2019.
  58. "RFi Group Australian Lending Awards 2019" (PDF). RFi Group. 27 February 2019.
  59. "Adelaide's sweet spots: The city's most affordable and liveable suburbs revealed - realestate.com.au". www.realestate.com.au. Retrieved 21 October 2019.
  60. "Melbourne's sweet-spot housing markets revealed". NewsComAu. 18 October 2019. Retrieved 21 October 2019.
  61. "First home buyers urged to check unfamiliar suburbs for bargain homes". The New Daily. 18 October 2019. Retrieved 21 October 2019.
  62. Landy, Samantha (25 April 2020). "Melbourne's most liveable affordable suburbs revealed". Retrieved 7 May 2020.
  63. Brown, Jessica (25 April 2020). "Best of both worlds: the Adelaide suburbs where affordability and liveability go hand-in-hand". Retrieved 7 May 2020.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.