New research shows people think banks are all the same

• What: Free home loan and finance seminar – The Great Escape Hour
• When: Tuesday May 31, 2011 from 7pm – 8pm (Refreshments and canapés served from 6.30pm)
• Where: Mingara Recreation Club

Australia’s building society of the year, Greater Building Society, is again helping Central Coast people to make The Great Escape from their bank with a free seminar this month.

Tuggerah branch manager, Bob Lowcock, said that the Greater is holding the seminar by popular demand following the success of its first seminar on the Central Coast in March.

New research by Essential Research conducted this month for ABACUS, the Australian association for mutual credit unions and building societies, shows 79% of people believe that the banks all behave the same, follow each other on interest rates, and do not offer real competition or choice.

Mr Lowcock said he hoped that the one hour seminar will help improve the financial literacy of the community.

He said in just one hour Greater staff will dispel some of the myths about refinancing as well as show people who are dissatisfied with their bank how easy it is to swap their loan to the Greater and save tens of thousands of dollars.

“The Greater’s standard variable rates are around half a percent lower than the major banks, so you can pay to break your loan and still be well in front,” Mr Lowcock said.

“On current rates, a person on a Greater standard variable loan of $285,000 can be up to $33,000 better off than someone on the average rate of the four major banks’ standard variable loans.

He said a new system called Fast Refi is also reducing the time it takes to settle an approved refinanced loan from weeks down to days.

This month the Greater launched its new Great Escape campaign starring Jerry Seinfeld. This campaign has the star wrestling a crocodile, surfing and crawling across a deserted beach as he comes “down under” to hear from people who have made the great escape from a bank.

Places at the seminar are limited so bookings are essential. People wishing to book a place should go to our seminars page or call 1300 651 400.

The Greater Building Society has been named Building Society of the Year in both the AFR Smart Investor and Mozo people’s Choice Awards. Mozo also named the Greater as one of the top two home loan providers in Australia. The Greater has been serving the Central Coast for more than 40 years and seven of its 66 branches are located in the region.

Media information: Craig Eardley on 0437 477 493