People's Choice Credit Union

People's Choice is Australia's largest[3] credit union,[4] offering loans, credit cards, transaction and savings accounts, financial advice and insurance.

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 assets10.3 billion (2022)
Members390,000 (2022)
Number of employees
almost 900[3] (2022)
Websitepeopleschoice.com.au/

History

People's Choice traces its origins to 1949[5] and since then has evolved through a number of mergers including with the Northern Territory Credit Union.

In August 2009, Australian Central Credit Union and Savings & Loans[6][7] announced plans for a merger which was completed in December 2009.

Members then voted to change the name of the new organization to People's Choice Credit Union[8] which was adopted on 18 July 2011.[9]

In August 2021, People's Choice Credit Union entered into discussions with Heritage Bank about a potential merger,[10] and in April 2022 both companies announced that they planned to merge, subject to a vote of the membership.[3]

Structure and regulation

People's Choice is a credit union, a member-owned structure where its customers are also shareholders.[11]

Funding

People's Choice completed a $650 million offering of residential mortgage-backed securities (RMBS) in 2019. The offering was launched at $500 million[12] 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.

Indexing data to guide home buyers

People's Choice has developed an index of housing affordability and livability to help people looking to buy a house. The People's Choice of Housing analyses suburbs to determine whether a financial institution is likely to lend to a couple on ordinary income and expenses interested in a median-priced home in that suburb (serviceability), the cost of buying that home (affordability). It also provides a series of factors summarizing whether people are likely to want to live in that suburb (livability).[13][14][15][16][17]

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