Our purpose is to have an overall positive impact on society and the environment
Australian Mutual Bank’s purpose is to have an overall positive impact on society and the environment through the provision of banking services to members and their communities.
Australian Mutual Bank’s activities are funded by retail deposits from members. These retail deposits are used to provide loans back to our members. Approximately 96% of loans are residential mortgage secured, 3% are personal loans, and just over 1% are commercial purpose loans. Commercial purposes exclude activities that are deemed detrimental or destructive to the environment, or harmful to members of society. Credit cards are not able to be used for online gambling transactions.
Your deposits with Australian Mutual Bank are ethical because:
- Your deposits are managed by a carbon neutral, cooperatively owned bank that has policies designed to ensure ethical behaviour
- Your deposits are used for loans back to members in the form of residential property loans and personal loans
- Your deposits are prevented from being used for commercial borrowing purposes that cause social harm or environmental damage
- Your deposits do not provide for credit card funds that can be used for online gambling
- Australian Mutual Bank’s liquidity placements, where not regulatory required and where we can identify, will avoid counterparties with poor ESG ratings or fossil fuel loan exposures
Loans may be provided for any worthwhile, lawful business related activity that does not conflict with Australian Mutual Bank’s constitution purpose of having an overall positive impact on society and the environment through the provision of banking services.
Australian Mutual Bank will avoid the provision of financial support to individuals or businesses whose activities are deemed detrimental or destructive to the environment, or harmful to members of society. Examples of such activities are:
- Fossil fuel (coal, oil and gas) projects
- Deforestation or harvesting of old growth forests
- Arms, production and supply
- Businesses exposed to modern slavery
- Tobacco production and promotion
- Live animal export or animal testing for cosmetics
- Factory farming
Australian Mutual Bank will only place investments with banks that are regulated in Australia. Where we can, we avoid counterparties with poor ESG ratings and those with fossil fuel loan exposures. Importantly, Australian Mutual Bank has established investment limits specifically for mutual banks and credit unions, which we consider to be more ethical banking organisations.