How to benefit from responsible banking
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Consumer-power
Becoming a customer owned bank has allowed bankmecu to reach a broader group of people who are looking for their money to be invested in ways that provide security and a competitive return whilst benefiting the community and the environment.
“We know that people will only bank with us if we can offer them competitive products backed by excellent service,” says bankmecu Managing Director Damien Walsh
“Our customer owned model allows us to do this very effectively because our priorities are not divided between shareholders and customers – they are the same person.
“We’re very excited by the opportunity to grow as a customer owned bank which also means we can increase the investment we make in the community and in sustainability initiatives.”
Responsible approach to banking
bankmecu shares a sense of common purpose and values with many community sector organisations. For this reason it offers a responsible approach to banking whereby it responds to contemporary social, economic and environmental issues that are important to its clients. bankmecu does so by offering the following initiatives:
- Community investment program. Each year the bank invests up to four per cent of its after tax profit into programs aimed at improving the strength of communities and the health of the planet
- Conservation landbank initiative. bankmecu owns five properties in the Habitat 141 conservation corridor, located in the Wimmera in Victoria.Collectively these five properties form a conservation landbank. When bankmecu finances a loan to build a new house it allocates the same size piece of land into the conservation landbank, which is then protected in perpetuity.
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In addition, many of bankmecu’s products include unique features which enable clients to help build a better world, including:
- goGreen car loan. Interest rates on goGreen car loans are determined according to how green and safe a vehicle is. The lower the greenhouse emissions from the car purchased, and or the higher the Australasian New Car Assessment Program safety rating, the lower the interest rate.
- goGreen home loan. bankmecu encourages customers to save money and the environment by constructing or renovating homes that are more energy efficient. goGreen home loans are lower cost and available to finance homes with a rating of seven stars or more according to the Nationwide House Energy Rating Scheme, which is managed by the Department of Climate Change.
