11 February 2000
A new ``workers' bank" headed by former Reserve Bank governor Mr Bernie Fraser hopes to have a banking licence by the end of the year.
The proposed bank, to be called Members Equity, plans to offer low cost home loans.
It is a joint venture between AXA Australia (formerly National Mutual) and Industry Fund Services, which represents the super funds of about 4 million workers.
Members Equity has been selling home loans for about four years through a venture known as Super Fund Home Loans and it has a loan book totalling just under $3 billion, comprising about 25,000 home loans and some business loans.
It plans to expand into savings accounts and credit cards once it gets a licence.
Just like the main banks, the new venture proposes to keep costs down by encouraging its customers to bank over the telephone or the Internet.
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