Case study: Mary (New Town)

Background story

Mary lives in New Town with her husband and 2 girls.  They have been in their current house for several years and in September 2016 switched their mortgage to Bank Australia.

How did you find out about Bank Australia?

I received an email from Sustainable Living Tasmania promoting the Bank Australia mortgage and the resulting donation to SLT.

Why did you change your mortgage over to Bank Australia?

We had been exploring switching our mortgage to another provider for some time.  We were with one of the ‘Big 4’ banks, and were unhappy with its investment in fossil fuel production.  We were also increasingly unhappy with our interest rate.  The rate offered by Bank Australia was very competitive, but also straightforward with full transparency on their website about the terms and conditions – no complicated special deals.  We were also encouraged by the fact that they do not have private shareholders competing with bank users for profits.

What was the process like for you?

It took a few weeks but was not too onerous.  We were assigned a specific person to deal with our application, and they were very responsive to our emailed queries and phone calls.  The actual application happened online, and then once approved we were sent documents to sign and return by mail.  It all happened remotely as the Bank staff are based interstate.  We felt that the process was as smooth as it could have been considering the paperwork involved in switching a mortgage.  We also switched all our other banking to Bank Australia at the same time.  The biggest hassle is closing old accounts and switching automatic direct debits, which would be the case with any bank change.

What has the service been like?

The Bank sends regular emails, but not too many, and paper statements unless requested otherwise.  The website is fairly simple but easy to navigate and use.  We have been able to use redi-ATMs free of charge for cash withdrawals, which is great, and have been able to deposit cheques at the local post office.  So there have not yet been any major service issues. 

Are you satisfied with the mortgage rates with Bank Australia?

Yes, so far we have been, definitely.  They are currently about 0.5% lower than our rate would be with our previous bank.

Enquire here to make the switch.