While the provisional result is still undergoing final validation, the merged entity will create one of Australia’s leading customer-owned banks, with more than $20 billion in assets and 600,000 customers.

This would make it bigger than the current largest customer-owned bank, Great Southern Bank, as seen in the table below.

The merger is set to come into effect on 1 March 2023, pending final regulatory approvals. 

Both brands will be retained under the merged entity Newcastle Greater Mutual Group Ltd and there will be no change to customer bank accounts or banking details once the merge has been complete.

The result has been more than a year in the making, with the idea first proposed in August 2021.

Each bank's member bases reached in excess of the 75% approval rate required for the merger.

The merged organisation, Newcastle Greater Mutual Group Ltd, will be led by a board comprising four directors from each of the current Greater Bank and Newcastle Permanent boards. 

Wayne Russell, Chair of Greater Bank, will assume the role of Chair and Bernadette Inglis, CEO of Newcastle Permanent, will be Group CEO.

Mr Russell said both leadership teams were pleased with the outcome.

“Creating a financial powerhouse based here in the Hunter is an incredibly exciting prospect and I speak for both organisations when I say how proud we are that our members share our vision and voted a strong ‘yes’,” he said. 

“Bringing together our two brands under the one merged entity better positions us to compete with the major banks and deliver high value, competitive banking for our customers.

“Final validation of the votes is underway but we’re confident the provisional outcome will be confirmed, and the merger will proceed.”

Chair of Newcastle Permanent Jeff Eather echoed a similar sentiment.

“Both Newcastle Permanent and Greater Bank have long championed customer-owned banking, and merging will enable us to secure its future here in regional NSW,” Mr Eather said.

“The new organisation will have size and scale that we can leverage to grow our business over the longer term.”

Largest customer-owned banks

Bank Assets ($ billion)
Great Southern Bank (formerly CUA) 20.23
Heritage Bank 14.46
Newcastle Permanent 14.13
People's Choice 12.17
Bank Australia 11.33
Teachers Mutual 10.44
Greater Bank 10.15
Beyond Bank 9.92
P&N Bank 8.86
IMB 8.77

Source: APRA July 2022 ADI Statistics


Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.

Update resultsUpdate
LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkCompare
6.04% p.a.
6.06% p.a.
Principal & Interest
Featured 4.6 Star Customer Ratings
  • No monthly or ongoing fees
  • Unlimited free redraw
  • No application fee
5.99% p.a.
5.90% p.a.
Principal & Interest
Featured Apply In Minutes
  • No application or ongoing fees. Annual rate discount
  • Unlimited redraws & additional repayments. LVR <80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
6.09% p.a.
6.11% p.a.
Principal & Interest
Featured Unlimited Redraws
  • No annual fees - None!
  • Get fast pre-approval
  • Unlimited additional repayments free of charge
  • Redraw freely - Access your additional payments when you need them
  • Home loan specialists available today
Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of . View disclaimer.

Image by Mart Production via Pexels

Ready, Set, Buy!

Learn everything you need to know about buying property – from choosing the right property and home loan, to the purchasing process, tips to save money and more!

With bonus Q&A sheet and Crossword!

By subscribing you agree to our privacy policy