Currently banking with a big four in Australia, wanna change to non evil bank.
Options from 5 minutes googling for below.
At the time of writing (Jan 2024), comparethemarket and finder report 6.0% is the lowest off-the-shelf rate available. I pay about 6.4% (estimated from 6.0% base) on home loans. It’s 0.3% higher for investment loans. This provides a ‘free’ credit card and offset.
Bank Options
All rates are comparison rates.
- Suncorp
- Easy register for callback.
- Good initial contact
- “Back to Basics” offered 6.1% redraw only (no offset)
- Add offset and it’s 6.5% extra. This is the same as current.
- “Back to Basics” offered loan is 6.3%. Better than current as no-frills.
- Seems fine.
- STOP PRESS: Bought by ANZ in 2022 and now focus insurance. Hence off the green list
- Bank Australia
- 7min wait
- Ok customer service
- https://www.bankaust.com.au/support/business-account-forms-and-checklists
- 6.2% basic loan or 6.4% for investment
- Included credit card $0 annual fee
- 6.7% for full features (cc fee, offset, etc)
- There are ‘eco’ loans but comparison rate is 0.7% higher than reference 🙁
- Teachers Credit Union
- Phone service fail? Third time lucky? Trying a booking… ok that worked.
- Video call ok. No business banking. No frills.
Summary
Go with Suncorp or Bank Australia. Bank Australia is maybe ‘greener’ and 0.1% more expensive. Suncorp has better customer service and more well known, but was sold to ANZ so off the green table.
Bank Australia is the winner!