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CEO Update 30 June 2017

They say times are always changing and that has certainly never been truer than now for Northern Inland as a business. It is an exciting and challenging time for financial institutions, with the rapid advances in digital banking offerings and increasing expectations from the public to embrace these.  New industry wide regulations from the banking regulator APRA have also caused the landscape to change with respect to loan offerings, whereby investor and interest only lending now have some restrictions applied to them.  Despite this, and due to our strong relationships with Members, Northern Inland continues to grow steadily with total outstanding loans exceeding $210 million. Total assets will finish the financial year around $265 million.

Digital Banking

Northern Inland has recently reviewed its strategy to include the concept of digital banking as the core part of our vision. This means many upcoming projects and improvements planned, focus on the outcome that we can offer products and services to Members via the channels they want. So if you want to perform all of your banking, loans, applications and communication without face-to-face contact, we will be ready for you. 

 

Instant Payments

It won’t be long and you’ll be saying ‘I’ll Osko it to you’ when you tell someone you’ll pay them or transfer money. Osko is the new name for the BPAY owned real-time payment service to be launched later this year as part of the nationwide new payments platform (NPP) initiative. Members will be able to use their Northern Inland account to send and receive payments instantly between participating financial institutions via Online and Mobile Banking. Make sure you’re ready by confirming your email and mobile number with us, and remember, you must be registered for Online Banking to be able to ‘Osko it’ to friends, family and businesses.

 

Interest Rate increase

Northern Inland Credit Union regularly reviews lending and deposit interest rates to ensure we are competitive and balance the needs of all Members for a sustainable long-term benefit. Commencing last year, the major banks and other financial institutions elected to start increasing their variable home loan interest rates, Northern Inland, however, did not. It is important for us to maintain a balance between competitive deposit rates and home loan rates to ensure all Members receive their best value for money. With this in mind, Northern Inland has made the decision to increase our variable home loan rates. Members who are directly affected have been notified by directly.  We have recently increased our 3 month and 12 month term deposit rates as well.  I assure all Members that we are determined to stay competitive so that you can continue to enjoy value for money. 

 

Cash Back Offer

We have introduced a new Introductory Variable Interest Rate loan for new borrowings, offering Members great value with a low 3 year variable honeymoon rate. In addition to these great savings, Members who take out our Intro Home Loan along with Home and Contents Insurance through us will receive up to $1000 cash back. Lending creiteria and conditions apply, so contact a member of our lending team to today to take advantage of this limited time offer.

 

Superannuation Changes

Changes to Superannuation take effect from 1 July 2017 and it has been our priority to notify Members who are close to retirement age so you are aware of the changes and may seek advice from one of our financial advisers at Bridges Financial Planning. All Members are entitled to one complimentary no-obligation consultation with a Bridges planner, so don’t hesitate to contact a member of our team to book your appointment. Superannuation is important for everyone, regardless of age, and advice on how to improve your financial position is also invaluable.

 

Thanks to every Member at Northern Inland for your continued support. We look forward to providing superior smart service as your local credit union in the future.

 

Derek McIntyre

CEO

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