The logo of Bundaberg-based Auswide Bank will appear in front of a massive global audience tonight when the Queensland Maroons wear their new sponsored jersey in State of Origin for the first time.
“Our brand awareness is increasing following the Queensland Maroons partnership which is receiving positive feedback from our customers, brokers and local communities,” Auswide managing director Martin Barrett said.
“We are looking forward to the beginning of the State of Origin series.”
At the sponsorship launch, Mr Barrett said the Auswide State of Origin and QRL partnership was the most significant development for the bank since the 52-year-old institution was registered in 2015.
Rate-tracker customers receive home-loan cut
In other news, Auswide customers with an RBA Rate Tracker home loan and low-rate Visa card will automatically receive the 0.25 percentage points interest-rate reduction announced this week by the Reserve Bank.
The rate-tracker loan follows the movements of the Reserve Bank cash rate. If the RBA shifts interest rates up or down, the interest rate moves by the same percentage.
“These unique products provide both the customer and the bank with the certainty of a fixed margin over the RBA cash rate,” Mr Barrett said.
“The loan provides further certainty to borrowers as Auswide Bank will change the rate effective within two working days after an RBA cash rate change.”
It's understood that Auswide will announce its response to the Reserve Bank decision regarding other home-loan products on Thursday.
Meanwhile, in a market update yesterday, Mr Barrett said that Auswide's loan book had accelerated in the second half of the financial year to achieve a projected annual growth of six per cent.
“The quality of the loan book continues to be reflected in the downward trend in arrears and the concentration of less than 80 per cent loan to valuation ratio lending,” Mr Barrett said.
“Capital remains very strong, providing further opportunity for growth.
“Based on current trading results, Auswide expects there will be a small increase in the final dividend payable.”