September 2017

DIRECTOR'S MESSAGE

steven-web2I trust everyone has had a happy and healthy winter. At BankVic, we are thrilled to announce the latest addition to our branch network, with the opening of our branch at Sunshine Hospital this month. BankVic extends a warm welcome to all our members living and working in the Western suburbs, when we open our doors in September. Stay tuned for more information shortly.

Voting for our Director’s Election opens this month. I encourage all eligible members to cast your valuable vote and take this opportunity to have your say.

At BankVic, assisting our members to maintain and improve their financial well-being is key to our existence. We understand that one of the main financial commitments for most of us is the importance of managing our mortgage efficiently. It is important to take some time out to regularly review your mortgage and other banking products, to make sure that you are getting the best possible value from them and that they are set up to assist you reach your financial goals quicker. I encourage you to make an appointment with your local branch or call one of our specialists to help us support you the best way we can. Also keep reading, as we will be sharing some tips on how you can do this in this edition.

With spring around the corner, be sure to take some time out for you and your family and get outdoors! 

STEVEN COULSON


Everyday Finance and You

TAKE CONTROL OF YOU MORTGAGE

There are so many options attached to mortgage deals that selecting the one for your personal circumstances is the first consideration. Will you benefit from extra features such as a redraw facility; mortgage offset account, 'package offers' or a line of credit? Or should you go for a basic “no-frills” loan and simply make additional payments whenever you can?

Key tips for making the right decisions and taking control of your mortgage include:

  • Make extra payments whenever you can and consider weekly or fortnightly repayments instead of monthly. This is particularly important in the early years of the loan when repayments are attributed more to interest.
  • If your minimum repayments reduce due to a decrease in interest rates, always try and maintain the higher repayments, this will help to pay your loan off faster and you won’t notice a difference if interest rates rise.
  • Use lump sums (such as a bonus) to reduce your mortgage.
  • Use your redraw or offset account to ‘park’ your savings.
  • Avoid increasing your mortgage to consolidate personal debts. If you do, make sure this portion of your loan is separate over a shorter loan term e.g. 5 years as you don’t want to be paying off a credit card debt for 25 years.
  • If you want special features, ensure you understand and use them. Paying a higher rate or an annual fee for a loan with features you do not fully use may end up costing more in the long run.
  • If you decide to refinance, calculate the account fees and costs associated: application fees, valuation and legal fees and make sure you'll be better off.
  • Steer clear of pushy sales people or loan minimisation 'experts' who try to pressure you into switching loans, or use other aggressive sales tactics. Always work with a professional who has your best interests in mind.

Selecting the right mortgage and payment method may make thousands of dollars difference to your wealth in future years, so carefully assess your needs and seek professional advice at the beginning. It will save you time and money.

Our experienced home loan specialists can help you find the right home loan product to meet your needs. Call 13 63 73 option 4 to speak to one of our friendly home loan specialists today.

TAKE TIME OUT FOR AN INSURANCE HEALTH CHECK

DO YOU KNOW IF YOU ARE UNDERINSURED? 

You get medical checks but do you pay the same attention to your finances? Many Australians are underinsured and could lose a lot more than the damage or loss inflicted by a natural disaster or theft. The upside of a regular audit is the potential for lower premiums and ability to ensure that you have adequate cover. 

REVIEW YOUR POLICY

It should suit your needs and factor in any location and propensity for disaster to strike or theft to occur. 

ASK LOTS OF QUESTIONS 

Insurance can be daunting but your insurer should be happy to demystify the language, explain the policy limits, deductibles and what is covered. Your local council should also be able to help you identify your flood and bushfire risk. 

EXPLORE YOUR HOME IN DETAIL

Take an inventory of all your assets by recording the price and estimated replacement cost. Keep receipts, take photos and video of property and store that information at a secure location or via an app. 

KNOW YOUR TRUE WORTH 

Have you recently renovated? Or bought new valuables like whitegoods or carpet? Don’t forget to update your policy when you do. 

As our lives change, so do our needs - that’s why it’s important to regularly assess how much protection you need. Speak to one of our friendly insurance specialists on 13 63 73, option 5 to get an insurance health check or a free quote from CGU.


BankVic in the Community

PATHWAYS FORWARD, TRANSITIONING FROM EMERGENCY SERVICES 

On Thursday, 3 August we were proud sponsors of the ‘Pathways Forward, Transitioning from Emergency Services’ forum. This important event raises awareness of mental health, and promotes the benefits of preventing, identifying and managing your mental health through early intervention and support networks. We were proud to sponsor such a significant cause. 

For more information or support on managing your mental health, please visit beyondblue.org.au

Jeff Cocks, Detective Senior Sergeant & Kevin Sheedy Former AFL Coach for Essendon & GWS 
Jeff Cocks, Detective Senior Sergeant & Kevin Sheedy Former AFL Coach for Essendon & GWS

Liz Pearson, Branch Manager, BankVic Royal Children’s Hospital Branch & Jeff Cocks
Liz Pearson, Branch Manager, BankVic Royal Children’s Hospital Branch & Jeff Cocks 

WALL TO WALL RIDE 

The 2017 Wall to Wall Ride commences this September, in a gesture of police solidarity and remembrance to fallen officers in the line of duty. Each state will commence the ride from their dedicated place of remembrance and reflection, where they will make the journey to Canberra to meet as one.

The Victorian Contingent will begin the ride Friday, 15 September at 7.30am from the Victorian Police Memorial Site. BankVic staff riders Rosemary Boissezon, Chief Sales Officer, Sales & Servicing and Pierre Ong, Head of Wealth Management are proud to be participating in such an iconic event for the third and second consecutive year respectively.

For more information on this event, please visit walltowallride.com 


Member Matters - July 2017

BANKVIC DIRECTOR’S ELECTIONS

VOTING FOR THE ELECTION OF THREE (3) DIRECTORS TO THE BANKVIC BOARD HAS OPENED. 

You are eligible to vote if you are 18 years of age or older, and have been a paid up member since 30 June 2016. As a BankVic member, you get to contribute to big decisions, such as who runs your bank. So, please take the time to vote in this important election. It will only take you a few minutes. At BankVic, every member has an equal vote. 

Under the BankVic Constitution (Clause 10.5), three of our BankVic Director positions fall vacant this year. 

Five members have been successfully nominated for the three positions. As BankVic has received more than three nominations, a vote will be conducted by both electronic and, on request, postal ballot pack. 

CorpVote has been appointed as BankVic’s Voting Service Company and Mr Ken Dyer as an Independent Returning Officer who will complete a secret ballot. 

Members who are *eligible to vote in the 2017 Election of Directors, can only vote once. Have your say in how your bank is run and vote today. Your opinion matters. 

ONLINE VOTING 

The online ballot will be conducted by CorpVote from 8.00am on Saturday 9 September until 12 (noon) Saturday 30 September 2017. Vote online at www.bankvic.com.au/election and follow the instructions. 

POSTAL VOTING 

If you do not have internet access, you can request a postal ballot to be sent to you. Please contact CorpVote Support on 1300 147 797. Applications for a postal ballot pack will close at 5pm on Friday 22 September 2017 and completed ballot papers must be received by 12 (noon) Saturday 30 September 2017. 

BALLOT RESULTS 

Election results will be announced at the 2017 Annual General Meeting on Thursday 16 November 2017. 

MORE INFORMATION ON THE RETURNING OFFICER 

If you need further information or have any questions about ballot procedures, please contact CorpVote on 1300 147 797 or support@corpvote.com.au

* Eligible members hold ten paid-up shares, are aged 18 years or older and have been a member of BankVic for at least 12 calendar months before the day preceding the close of nominations for election of Directors, that is, they need to have become a member prior to 30 June 2016.

WE’RE JOINING A NEW NEIGHBOURHOOD IN THE WEST

SUNSHINE HOSPITAL BANKVIC BRANCH

We’re moving into a new neighbourhood. This month, BankVic will be opening the doors to another new branch. Located at Sunshine Hospital, the branch provides access to members and staff working and living in Melbourne’s west. Staff at Sunshine Hospital will now be able to bank right where they work, with access to personalised banking and specialised staff.

SUNSHINE HOSPITAL BANKVIC BRANCH

WHY NOT COME BY FOR A CHAT IF YOU’RE IN THE AREA

MEET MICHELLE

SUNSHINE HOSPITAL BRANCH MANAGER 

Michelle FerryI’m delighted to be joining the BankVic team at the new branch at Sunshine Hospital in my role as Branch Manager. I’ve been employed by BankVic for a total of 24 years and have been a member for 37 years. I am married with three children.

Throughout my time at BankVic, I have had the opportunity to assist many of our members working at Sunshine Hospital and members living in Melbourne’s Western suburbs, in my recent role as a mobile lender. I love my job and working for BankVic and I am thoroughly excited about my new role in leading the new branch.

I was a patient at the Peter MacCallum Cancer Centre a few years ago and the service and care I received was excellent. I know first hand how hard health professionals work and I feel privileged to be able to serve not only the health professionals but also the wider community in the Western suburbs. If you are around, please stop by!

The new branch looks fantastic. It doesn’t even resemble a bank branch, rather it looks like a really modern retail space with beautiful interiors. This new design allows our members to take a few minutes from their busy lives and have a conversation about their banking needs.

It’s great to be able to offer a service to our members based in Melbourne’s west, and I am excited by the early positive feedback I’ve received. 


Competitions

COMPETITION WINNERS

LITTLE COPPER CLUB EDUCATION AWARD 

Congratulations to Veronica, the winner of our Little Copper Club Education Award. Veronica has won $1,000 towards her education costs.

UNLOCK A WINNING INSURANCE DEAL ‘WIN A CAR’ COMPETITION WINNERS 

We are thrilled to announce the winner of our combined BankVic and CGU – Win a Car competition! Long-time BankVic member Catherine Sims is the winner of a brand new Kia Sportage worth more than $37,000 and a 12 months comprehensive insurance policy. Many Congratulations Catherine!

Stay tuned for photos and more information in next month’s edition.

Congratulations also to our four winners of the Insurance ‘Obtain a Quote and Win’ competition. Suzanne Cleary, Lorna Archer, Paula Jenkins and Michelle Mcconachie have each won a $250 cash prize, for obtaining an obligation free home, contents, landlord or car insurance quote between 1 March and 30 June 2017!

BSB: 704 230

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