Winter 2022 ALBION PARK Shopping Village, Terry Street & 02 4235 8800 BEGA 184 Carp Street & 02 6499 1400 BERMAGUI 2 Wallaga Street & 02 6497 8810 MERIMBULA 1/20 Market Street & 02 6460 3800 MORUYA 68 Vulcan Street & 02 4474 9800 NOWRA Shop 1, 24 Berry Street & 02 4428 9700 THIRROUL Lawrence Hargrave Drive & 02 4224 7730
What’s on the Horizon ... Interest rates on the move The much anticipated decision by the Reserve Bank of Australia (RBA) to begin increasing official interest rates in May was met with either relief or trepidation – depending upon which side of the depositor / borrower fence people sat on. With the official rate having been anchored at an historic low of 0.10% since November 2020, depositors have been doing it tough learning to live with interest rates that are scarcely in the black, and not surprisingly these members are eagerly looking forward to more RBA increases.
As a mutual banking institution, Horizon straddles both sides of the depositor / borrower fence, seeking to offer competitive interest rates for all our members. Horizon's 'Net Interest Margin' (being the difference between our loan and deposit rates) is now the tightest in our history, and represents a very pleasing win for the membership as a whole. In the absence of a reliable crystal ball it's difficult to predict the course of interest rates over the coming years.
Graph of the Cash Rate Target
ULLADULLA Woolworths Complex, Princes Hwy & 02 4454 7800 WOLLONGONG 27 Stewart Street & 02 4224 7700 BSB 802-124 e: info@horizonbank.com.au p: 1300 366 565 Online Banking horizonbank.com.au
Horizon Credit Union Ltd ABN 66 087 650 173 AFSL and Australian Credit Licence Number 240573 trading as Horizon Bank All information correct at the time of printing: 1/06/22
On the other side of the fence borrowers have benefitted from low variable and fixed rates, but with the low rates fuelling a property boom, the average mortgage size has doubled since 2010 to almost $600,000. As a consequence, mortgage repayments are not necessarily any lower than they were a decade ago in spite of the low interest rates.
Irrespective of rate changes however, Horizon will continue doing what we do best – offering our members competitive and personal banking services. Thanks for your continued support of Horizon.
Horizon is always delighted when we can assist a first home buyer make that first big step into their own house, but the sad reality is that it is becoming increasingly difficult for young people to afford a home – even for the lucky few who get a bit of help from the “Bank of Mum & Dad”.
Jon Stanfield, CEO
Branch anniversaries
25 years
20 years 20 Years in Thirroul Our Thirroul branch celebrated its 20th anniversary on the 13th April. Our commitment to maintaining a branch presence in Thirroul remains strong. We opened the branch there in 2002 when one of the major banks moved out. During that time the same bank has reopened a branch, then closed it again.
Our commitment to the northern suburbs for over two decades has been and continues to remain, steadfast. 25 Years in Bermagui During the late nineties, Bermagui was left without banking and financial services due to the closure of major banks in the area. With little notice of the closures, small businesses struggled as residents
sought out other locations to bank and consequently shop. Horizon opened a branch in Bermagui with Council agreeing to fund its first two years of operation. 25 years on, and our relationship with the Bermagui community continues to thrive. We very much appreciate the support Bermagui locals have shown us over the last two and a half decades.
Download the Horizon bank app for easy banking on the go
Branch winter drives
Changes to Advantage Account (S25)
Our branches are collecting warm blankets and non-perishable food items for various charities and organisations along the South Coast, to help those in need this winter.
The Advantage account provides members with unlimited fee-free transactions and a free Visa debit card for a $6 monthly account fee. Effective 1st April 2022, this fee is waived if you: 4 Maintain a minimum balance of $2,000 for the month OR 4 Make a minimum of $2,000 in deposits for the month
Some of the organisations we are supporting include: e Wollongong Homeless Hub e Need A Feed - Thirroul e Moruya Anglicare e Mission Australia Bega
1.Deposits must be in the form of an external credit, cash or cheque deposit. An internal transfer from another Horizon account will not qualify.
Special conditions For members aged 18 to 25 years, the total minimum monthly deposits required is $500.1
If you would like to make a donation, please contact your local branch for more information.
Horizon’s Values
It’s all about you Our members are our reason for being. Everything we do, we do for them.
A trusted partner We will earn our members’ trust every day by acting honestly, ethically and in their best interests.
People for people In a world of technological innovation, we understand the value of people.
Committed custodian We will embrace our responsibilities by developing our sta, supporting our communities and respecting the environment.
Green Horizons We care about reducing our environmental footprint. One of the simplest but most significant sustainability initiatives we’ve implemented was our move to renewable energy. In 2005 we changed our source of electricity to GreenPower for all of our branches and head office. Greenpower offsets the equivalent of Horizon's electricity consumption from the electricity grid against renewable generation from sources such as solar, wind and hydro.
Our efforts earnt Horizon Bank a tick of approval from the National GreenPower Accreditation Program, whose mission is to decrease greenhouse gas emissions from the generation of electricity. In 2015, we installed a 20 kilowatt solar system at our head office in Wollongong. Then in 2018 we changed office lights to LED and moved to power-saving technology which saw our power usage reduce by 30%.
Severe weather events: A claims process guide In the unfortunate event that you are affected by severe weather, here's a guide of what you can expect when making a claim and what kind of support may be available to you. Check what your policy covers Like in any situation, if you properly prepare, you'll be better equipped to handle the unexpected when and if it happens. Some of the most common types of loss experienced during extreme weather (in particular a flood or storm) is roof damage. Be sure to check your policy provides you with adequate cover for certain types of damage caused to your home and belongings by major weather events.
Work with your insurer It's best to lodge a claim as soon as the damage happens. You may be asked a range of questions to help your insurer assess and process your claim; for example, proof of ownership, availability to inspect your buildings or contents, and organising a time to undergo repairs. Follow the advice of emergency services One of the most important things to do is to listen and follow the instructions of emergency services. Doing so can save your life and the life of your family members and pets.
Another thing to double check for is whether or not you get access to 24/7 claims. Considering major weather events can happen suddenly and at any hour of the day or night, having around the clock help and immediate claims assistance can make all the difference when you've been affected. Get your documents ready Be sure to document and take photos of any damage and make a list of anything that will form part of your claim. If your insurance documents are destroyed due to a natural disaster or you're unable to access them, don't stress because most insurers keep electronic records.
*You should consider the PDS when deciding whether to buy or hold the product. A PDS is available online or from any Horizon bank branch
The GOLD standard in customer service Congratulations to our long-term category and were a finalist for the customer service award. staff member Kerry Wheatley from We’re exceptionally proud of our team and the hard work they Bega for winning Senior Female of put in for our members. the year in the 2021 Chamber of Commerce & Industry Customer Service & Business Awards. Kerry has been a Horizon employee for 28 years and her dedication and commitment to our members is outstanding. Whilst not able to collect her award on the night, Branch Manager Tina Deacon accepted the award on her behalf.
Picture from left, Hope Lazzaro, Joanne Crowe, Joanne Ward & Tina Deacon O u r B e g a b ra n c h w e re a l s o nominated for the Financial Services
Horizon in the Community
Merimbula Branch Manager Jessica Porter with petrol card winner Blake Suter Moruya Branch Manager Jenny McKenzie with Moruya Library Summer Reading Club participant
Nowra Branch Manager Liz Shepherd with Power 94.9FM Battle of the Bubs winner and family Bermagui Christmas collection for St Vincent De Paul Narooma
Moruya staff collecting non-perishable food for Anglicare
Wollongong Aquathon at Wollongong Harbour
Albion Park Branch Manager Jo Thompson with wood choppers at the Albion Park Show
Horizon is proud to support the communities of the NSW South Coast We encourage you to visit towns on the South Coast and support local businesses