This Wednesday, Bankwest stated that they are planning to close 29 branches in east coast, 17 of which are in New Sales Wales (only 5 branches remain in NSW) and fire 200 employees. They shift their major business onto online banking. As a subsidiary of Commonwealth Bank of Australia, Bankwest follows the trend of digital banking with this plan.

Instead of queueing for a long time, more and more people can deal with banking at home. It is really convenient for using online banking. In the past 3 years, the numbers of login on mobile has increased 88%! These small banking institutions could not compete with big four banks in the past. However, the major banks with many branches have not too many obvious advantages now.

Recently, we helped Mr. Huang selected the products from Resimac. Resimac has close relationship with Westpac. “Active warehouse facility” is one of the programs which includes using the ATMs, credit cards of Westpac and so on. Most recently, Mr. Huang went to one Westpac branch asking for information, however, clerks did not know the Resimac’s policies. Finally, Mr. Huang went home without any help.

With the help of VIPer, Mr. Huang called the customer service of Resimac and achieved reply very quickly. The customer service taught Mr. Huang how to activate his online banking carefully. Mr. Huang used his phone to log in the Resimac online banking. All the information of his loan accounts can be seen clearly, and he can create the offset account and apply for a credit card by himself online. The digital revolution of loan organisations more quickly meet the requirements of customers who look for efficiency.

Non-bank financial institutions

  • The non-bank financial institutions’ wide range of products provides various possibilities for loan market.

If you want to improve the past financial situation, major banks such as CBA, NAB may not meet your needs. In contrast, you can seek the opportunities from second-tier lenders. It is much easier to achieve the loan approval. For example, nowadays the major banks no longer accept the loan application of temporary visa, while, La Trobe still provides the loan with reasonable interest rates for people holding temporary visa like 485.

  • Low interest rates. Mr. Huang who is mentioned above got 3.61% interest rate for owner occupied from Resimac. It is very attractive.
  • Focusing on customer experience. Besides online banking, customers can call the hotline service for immediate help. In terms of customer service, non-bank financial institutions are as good as major banks.

Many people think it is unreliable if they do not know the name of institution before. We have met some customers who has just satisfied the minimum requirements but strongly against the non-bank financial institutions. We respect every customer’s choice. Meanwhile, we prefer to provide high-quality mortgage solutions for customers.

At present, with the policy of loan is increasingly tightened, many customers are more and less dependent on the major banks. They are more willing to choose the non-major financial institutions. Although some small banks or non-bank financial institutions have no physical branches, they can access almost all their business online for 24 hours a day. Why not try non-bank lenders today and give yourself one more chance?