A record-breaking $500 million wholesale deposit raise will help more Hunter residents into homes, support local lending and enable continued investment in community initiatives across Newcastle and the wider region.
The transaction was secured by NGM Group – the customer owned banking group behind Newcastle Permanent and Greater Bank – and represents the largest floating rate five-year debt transaction by tenor ever completed by an Australian mutual bank.
The five-year debt issuance supports lending to Novocastrians and reinvestment into the communities where customers live and work. The issue attracted orders totalling around $1.14 billion from domestic and international investors.
NGM Group currently serves more than 650,000 customers nationwide, with Newcastle Permanent and Greater Bank maintaining deep roots in the Hunter region.
NGM Group Chief Financial Officer Richard Burton said the funding would directly support local customers and communities.
“This funding strengthens our ability to help more people into homes, support local businesses and continue investing in the communities that matter most to our customers,” Richard said.
“As a customer-owned bank, our focus is on long-term sustainability, ensuring we can keep lending responsibly, managing funding risk carefully, and reinvesting profits back into our heartland communities.”
NGM Group experienced record levels of household loans and deposits in FY25.
Building on that momentum, the funding further supports the Group’s multi-brand strategy, enabling Newcastle Permanent and Greater Bank to continue growing in the Hunter while also expanding their reach nationally.
Proprietary channels now account for around two-thirds of the Group’s home loan portfolio, helping more than 12,000 customers with new or refinanced home loans in FY25, including many across the Hunter.
NGM Group has also continued to expand its broker network to give customers greater choice in how they access lending, alongside its branch, mobile lender and digital channels.
Beyond lending, the funding enables continued investment in technology and service improvements, with more than $40 million invested in FY25 to enhance customer experience and operational efficiency.
Importantly for the Hunter, NGM Group remains committed to giving back, investing over $6 million in community initiatives in FY25, supporting local organisations, events and programs across Newcastle and surrounding communities.
“This transaction positions us well for the next stage of growth,” Richard said.
“It underpins our ability to invest in our customers, our technology and our local communities, while staying true to the principles that define us as a customer-owned banking group.”
IMAGE | NGM Group CFO, Richard Burton.
