Greater Building Society

The Greater Building Society is an Australian, customer owned, building society and mutual financial institution which is headquartered in Hamilton, New South Wales. Commonly known as, “The Greater”, it provides services to customers in New South Wales and South East Queensland through branches, mobile lenders, a Greater ATM network and access to the Cuscal-owned rediATM^[1] network, a Newcastle-based customer service call centre, along with Internet and mobile banking.

What became The Greater Building Society began in 1924 in response to the unemployment and economic depression of Newcastle, New South Wales, Australia. By providing interest free home loans to their members, the Greater provided an opportunity for home ownership in a time where low wages and high rent made it impossible for many to obtain.

The Greater is licenced by Australian Securities and Investments Commission ASIC,^[2] is an Australian Prudential Regulatory Authority (APRA) approved and authorised deposit-taking institution,^[3] and is a member of the Customer Owned Banking Association (COBA).^[4] It now has the largest branch network of any building society in Australia^[5] with 61 branches.^[6] In 2013, The Greater was awarded the Building Society of the Year for customer satisfaction by the Roy Morgan Research judged by more than 50,000 consumers and 22,000 business decision-makers throughout 2013.

History

In 1924, Mr F.W. Lean and Mr K.A. Mathieson Snr. formed the Newcastle and Hunter River Public Service Starr-Bowkett Building Cooperative Society Limited.

Starr-Bowkett societies provided interest free home loans to their members. Each member bought shares and made weekly contributions to the society. A lottery would then determine which member received the loan. When all members had drawn and repaid their loans, the society would terminate and any surplus funds were distributed among the members. Building societies were established after World War II to meet the increasing demand for home ownership.

In 1945, The Greater Newcastle Cooperative Permanent Building and Investment Society began with a single office. In 1946, the company’s assets were £11,000. As of 2014 The Greater’s assets top $5 billion.^[7]

In 1968, The Greater expanded beyond the borders of the Hunter, opening its first Central Coast branch in Gosford. The Greater’s first Sydney branch in Penrith opened its doors in 1972, and their first Illawarra branch at Warrawong opened in 1973.

In 1980 The Greater expanded north to NSW’s North Coast, establishing branches at Ballina and Coffs Harbour. In 2003, The Greater established its first Gold Coast branch at Robina.

The Greater has also completed a number of mergers over the years. In 1998 The Greater merged with Mitchell Building Society of Central Western NSW, and in 2011 The Greater merged with ABS Building Society of Armidale.^[8]

In 2010, Australian marketing guru John Dwyer^[9] tempted superstar Jerry Seinfeld out of retirement, to be the spokesman for the Greater Building Society. Jerry Seinfeld had only ever lent his name to two marketing campaigns; American Express and Microsoft.

Operations

Directors:

• Wayne Russell - Chairman
• Scott Robinson - Deputy Chairman
• Roger Cracknell
• Malcolm McDonald
• Jayne Drinkwater
• Russell Ware

Management:

• Scott Morgan - CEO^[10]
• Greg Taylor - Deputy CEO

Advertising

In 2009 comedian Jerry Seinfeld was engaged to star in the company’s advertising campaigns for three years. The comedian’s tenure as spokesperson for The Greater marked a rise in brand awareness both locally and nationally.^[11]

Charity

The Greater Building Society established The Greater Charitable Foundation in 2011. The Foundation partners with Australian-based charitable organisations throughout The Greater’s area of operations with a goal of improving life outcomes and supporting families and communities.

The Greater Charitable Foundation was established with an initial allocation of $1 million by the Greater Building Society on behalf of its members and staff. The Greater Building Society continues to fund The Foundation from its profits on an ongoing basis, and The Foundation is governed by an independent Board of Directors. A key platform of the Foundation’s activities is the involvement of Greater Building Society staff in funded projects through volunteering and pro bono assistance.^[12]

References