People's Choice Credit Union

From Wikipedia, the free encyclopedia

People's Choice
TypeCredit union
IndustryFinancial services
HeadquartersFlinders Street, Adelaide, South Australia
Key people
Michael Cameron, Chairman[1]
Steve Laidlaw, Chief Executive Officer[2]
ProductsRetail banking, Investment, Insurance, Financial Planning
Total assets9447 million
Members385,000 (2021)
Number of employees
1,000 (2021)
Websitepeopleschoice.com.au/

People's Choice is an Australian credit union,[3] offering loans, credit cards, transaction and savings accounts, financial advice and insurance.

History[]

People's Choice traces its origins to 1949[4] and since then has evolved through a number of mergers including with the .

In August 2009, Australian Central Credit Union and Savings & Loans[5][6] announced plans for a merger which was completed in December 2009.

Members then voted to change the name of the new organisation to People's Choice Credit Union[7] which was adopted on 18 July 2011.[8] In August 2021, People's Choice Credit Union entered into discussions with Heritage Bank about a potential merger.[9]

Structure and regulation[]

People's Choice is a credit union, a member-owned structure where its customers are also shareholders.[10]

Funding[]

People's Choice completed a $650 million offering of residential mortgage-backed securities (RMBS) in 2019. The offering was launched at $500 million[11] but was extended to $650 million after receiving $1.4 million in bids. Light Trust 2019-1 was priced at 102 basis points above the 1-month Bank Bill Swap Rate.

Affordable and liveable housing[]

People's Choice has developed an index of housing affordability and liveability to help people looking to buy a house. The People's Choice of Housing analyses suburbs for whether a financial institution is likely to lend to a couple on ordinary income and expenses for a median-priced home in that suburb (serviceability), the cost of buying that home (affordability) and a series of factors summarising whether people are likely to want to live in that suburb (liveability).[12][13][14][15][16]

References[]

  1. ^ "New Chairman to support investment in member needs".
  2. ^ "Steve Laidlaw appointed People's Choice CEO - People's Choice Credit Union".
  3. ^ Twining (ed), Brendan (2018). "Mutuals Industry Review 2018" (PDF). {{cite web}}: |last= has generic name (help)
  4. ^ "Our story". People's Choice Credit Union. Retrieved 27 October 2014.
  5. ^ McDonald, Sarah (13 August 2009). "Savings & Loans, Australian Central Credit Union Plan to Merge". Bloomberg. Retrieved 16 November 2009.
  6. ^ "Merger brings $7.2m profit for Australian Central Credit Union". ABC News. 18 February 2002. Retrieved 16 November 2009.
  7. ^ "People's Choice Credit Union - Members approve People's Choice Credit Union". Peopleschoicecu.com.au. 27 June 2011. Retrieved 27 December 2017.
  8. ^ 15Jul2011 (18 July 2011). "People's Choice Credit Union - Launch of People's Choice Credit Union". Peopleschoicecu.com.au. Retrieved 6 June 2012.
  9. ^ Heritage Bank and People’s Choice to explore merger opportunity Heritage Bank 18 August 2021
  10. ^ "Customer Owned Banking Association - Customer Owned Banking puts people before profits". www.customerownedbanking.asn.au. Retrieved 20 January 2020.
  11. ^ "People's Choice launches Light Trust 2019-1 RMBS deal | KangaNews". www.kanganews.com. Retrieved 5 August 2019.
  12. ^ "Adelaide's sweet spots: The city's most affordable and liveable suburbs revealed - realestate.com.au". www.realestate.com.au (in American English). Retrieved 21 October 2019.
  13. ^ "Melbourne's sweet-spot housing markets revealed". NewsComAu. 18 October 2019. Retrieved 21 October 2019.
  14. ^ "First home buyers urged to check unfamiliar suburbs for bargain homes". The New Daily (in American English). 18 October 2019. Retrieved 21 October 2019.
  15. ^ Landy, Samantha (25 April 2020). "Melbourne's most liveable affordable suburbs revealed". Retrieved 7 May 2020.
  16. ^ Brown, Jessica (25 April 2020). "Best of both worlds: the Adelaide suburbs where affordability and liveability go hand-in-hand". Retrieved 7 May 2020.

External links[]

Retrieved from ""