AXA Australia and Industry Funds Services, who announced a new joint venture late last year have now unveiled its new name and Board of Directors.
To be known as Members Equity the new Board will be headed by former Governor of the Reserve Bank, Bernie Fraser. Chief Executive of Members Equity, Anthony Wamsteker has stated that the aim of the new entity is “to meet the basic financial service needs of the average Australian worker and small business operator by providing first class products at very competitive interest rates, low fees and no gimmicks”.
Most people would be aware of the Super Members’ Home Loans brand which has had enormous growth over the past few years. Super Members’ is now part of Members Equity together with AXA Home Loans. At this stage future product branding has yet to be released however the new joint venture will allow for a wider product offering with expanded features such as ATM, EFTPOS and GIRO Post access. Loan volumes are currently running at double the levels of last year, with Members Equity on target to write over $2 billion in home loans in this financial year.
Members Equity has also had informal discussions with the Australian Prudential Regulatory Body (APRA) and is considering whether to apply for a formal banking licence.