Are you in need of banking and financial services for mortgages and housing needs? If your answer is yes, then building societies may be the ideal financial institution for you. Building societies are financial institutions, owned by its members, that provide interest on deposits and lends money for housing purposes. The banking philosophy of building societies is built upon cooperation and mutual benefit. They are community based institutions that work for the financial well-being of their depositors and borrowers.
Building societies originated from the "self-help" movement that emerged during the late 18th century in England. The first building society was established in Birmingham, England in 1775. Many pioneering building societies were "fully terminating", which means that they were dissolved once all its members were able to own a house. Permanent building societies eventually emerged during the middle of the 18th century. These building societies continuously accepted new members even as old members were able to buy houses. During this period, building societies flourished in Great Britain. Many towns had a building society named after them. As time went by, the number of building societies decreased as many of these societies merged to establish bigger building societies.
The first building societies were established in Australia in the 1850s. These building societies were comparatively small regional establishments that were under State legislation. In the middle part of the 20th century, the number of building societies in Australia increased with the high demand for home ownership. The number of building societies in Australia reached a peak during the 1970s and experienced a decline by the end of 1985 as their number decreased from 178 to around 70. In 1999, Australian building societies were placed under national jurisdiction after a century under State legislation. Since that time, building societies have been licensed under the Banking Act and are subject to the Corporations Law. At present, all Australian building societies hold Australian Financial Services Licenses. In 2006, the Australian Association of Permanent Building Societies linked up with the Credit Union Industry Association to establish the Association of Building Societies and Credit Unions (Abacus-Australian Mutuals).
At present, Abacus has 150 members that represent all of Australia's building societies and credit unions. Abacus members are prominent in regional Australia and in large and small communities. Abacus offers a banking system that features competitive pricing, better service, reasonable fees and total commitment to its members and their communities. Its service philosophy is based on the values of cooperation, moral integrity, trust, financial discretion, care, and social responsibility.
Abacus helps uphold the importance of the mutual financial services industry. It also promotes the welfare of building societies and credit unions. Abacus offers its member institutions expert advice and support services. Abacus has specialist teams that handle compliance services, research and advisory services, and public affairs. Abacus's research and advisory services include comprehensive market analysis and support. Abacus's compliance service specialists provide training and legal advice to members. Its public affairs specialists are in charge of representation and liaison activities with the media and with other stakeholders.
