mecu Wins AFR Smart Investor Blue Ribbon Award

mecu has received national recognition for developing a price leading, socially responsible home loan product.

Vic, Australia (PRWEB) November 1, 2008 -- mecu's Premium Variable Home Loan product has won the prestigious 2008 Australian Financial Review (AFR) Smart Investor Blue Ribbon Award ahead of banks and businesses involved in the financial services industry across Australia.

mecu General Manager Rowan Dowland said mecu was pleased to have won the category for 'Best Variable Home Loan' product. "These awards are considered to be the premier awards in the banking and finance sector with a panel of industry judges researching each entry."

mecu's combination of providing low interest rates and flexible loan features were considered by the judges as innovative. Borrowers have access to re-draw and offset mortgage facilities as well as free loan protection insurance where mecu will pay up to $120,000 off a home loan in the event of the death of the borrower.

Mr. Dowland added that a new and unique feature of all mecu home loans is the opportunity provided to borrowers to offset the loss of biodiversity associated with clearing land for construction. For every new home construction financed by mecu, it will set aside an equivalent land area of native bushland into its Landbank, thereby assisting to offset any associated loss of biodiversity. Properties allocated into the Landbank will be protected by a Trust for Nature Conservation Covenant against any future development.

He said as a community credit union, mecu is owned by its customers (members) and has a commitment to provide a different kind of banking. In a first in the banking industry in Australia, mecu has been working over the past five years to embed social and environmental considerations into every aspect of its business to ensure that mecu and the products it offers make a positive contribution towards a responsible and sustainable society.

The AFR Smart Investor Blue Ribbon Award follows a string of achievements by mecu which this year became the first Australian credit union to be assigned a long and short term credit rating from international ratings service Standard & Poor's.

mecu has received numerous national and international awards for sustainability innovation. mecu was announced 'Best New Entrant' in the 5th Australian New Zealand Corporate Responsibility Index at the prestigious National Business Leaders Forum on Sustainable Development in Canberra. It is 2007 joint winner of the Association of Chartered Certified Accountant's (ACCA) Continued High Quality Sustainability Reporting Award, and Gold Banksia Environmental Award winner (2005).

A major achievement for mecu is to be selected among the top 50 leading sustainability reporters in the world by Global Reporters - a partnership between SustainAbility UK, the United Nations Environmental Program and Standard & Poor's.

*As a community credit union anyone can become a member of mecu. mecu has more than 109,000 members across Australia, assets approaching $1.7billion and more than $190 million in tier one capital.

Contact details:
mecu Rowan Dowland 03 9854 4644 Mobile: 0418508718
mecu Zoe Gaylard 03 9854 4663

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