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Record Home Loan Growth

Defence Bank has announced a record year for home loans up 14.6 per cent, helping the member-owned bank achieve a 14.4% increase in net profit to $10 Million.

Managing Director and CEO, Jon Linehan, said the result represents five years of double digit growth in home loans and put the strong performance down to the bank’s ability to meet the unique demands of its Members and the country’s robust Defence Force sector.

“Defence Bank understands the banking needs of Defence Force personnel in a way that the larger retail banks simply cannot.” 

“Our client base is unlike any other bank in Australia and we’ve worked hard to respond to the challenges of our mostly young, highly mobile members by investing in technology and maintaining our branch footprint round key ADF locations.”

Over the last two years Defence Bank has invested heavily in up-skilling staff and modernising branches in Canberra, Townsville, Sale, Melbourne and Nowra, South Coast, NSW. Defence Bank also operate a video call centre, giving members the opportunity to access bank staff via a Video Call App, whether they be in regional Victoria or deployed in the Middle East. 

Linehan said video technology is enabling Defence Bank to stay ahead of the bigger banks, break down the barrier of geographic dislocation and provide superior service to members.

“Military personnel are regularly transferred and it can be difficult finding an ATM, let alone developing a relationship with your local bank manager.”

“What video is doing is not only providing access to advice, it’s establishing greater trust with the customer compared to a traditional phone call,” Mr Linehan said.

In addition to Defence Bank’s strong financial performance, the mutual scored highly in the most recent Net Promoter Score ratings, produced by Brisbane based consulting firm Engaged Marketing.

Defence Bank received a Net Promoter Score (NPS) of positive 24, which is in stark contrast to the Australian retail banking average of minus 9.84.
“Defence Bank is, and always has been, focussed on improving the lives and financial outcomes of our Members and we’re committed to exceeding customer expectations every day.”
“Beyond providing really great products with first-class service, we’ve tried to instil a culture of creating positive emotional experiences that are worthy of recommendation,” Mr Linehan said.
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