Our merger
Newcastle Permanent and Greater Bank merged earlier this year. As part of the merger, Newcastle Permanent Building Society Limited changed its corporate name to Newcastle Greater Mutual Group Ltd ACN 087 651 992 Australian credit licence/AFSL 238273 (NGM Group). NGM Group continues to operate both the Newcastle Permanent and Greater Bank brands.
Changes to our Terms & Conditions
As a customer-owned organisation, Newcastle Permanent has always been focused on making our customers’ experience better.
We have been reviewing our terms:
- following our merger;
- due to changes in laws regarding contract terms, which are designed to protect consumers; and
- to ensure that our Terms & Conditions are clear, meet our systems and product requirements and are in line with industry.
To this end, we are making a number of changes to our Terms & Conditions for consumer and business products. This includes:
- Home Loans
- Personal Loans
- Credit Cards – Personal and Business
- Deposit Accounts – Personal and Business
- Business Loans
Our commitment to our customers is that we will apply the more favourable term (to the extent we have amended it due to laws regarding contract terms), regardless of when your product was first taken out. For example, terms that we amend in our Terms & Conditions due to the change in laws regarding contract terms:
- will be deemed removed from previous Terms & Conditions; and
- we will not rely on these terms for any of our customers holding that product.
The changes to our Terms & Conditions are being made in a phased approach and are expected to be completed for all products by mid-2024. Key changes include:
- Confirmation that we are a subscriber to the Customer Owned Banking Code of Practice 2022. This means we are committed to complying with the Code of Practice where those requirements apply to your dealings with us. If you would like to know more about your rights under the Customer Owned Banking Code of Practice, visit our COBA Membership page or the Customer Owned Banking Association website.
- We are adding more requirements that we will act reasonably (except where we need to protect a legitimate interest).
- We are removing clauses that say that a certificate we issue is conclusive evidence of a matter.
You can view our product Terms & Conditions and variation notifications below.