The mutual’s mortgage growth has beaten the broader market, adding momentum to customer-owned banking’s expansion.
NGM Group, the customer-owned organisation behind Greater Bank and Newcastle Permanent, grew its mortgage book by 9.56 per cent to $19.721 billion in FY2025–26, outstripping national housing credit growth.
Retail mortgages increased from $18 billion in FY2024–25, adding $1.721 billion over the year as the group continues to expand its lending base following its March 2023 merger.
NGM, which serves more than 660,000 customers, said its home lending and customer deposits grew more than those of any other Australian mutual bank.
Gross loans and advances climbed 9.40 per cent to $19.998 billion, from $18.279 billion.
Personal loans increased to $126.8 million from $123.5 million, while commercial lending rose to $94.7 million from $84.3 million.
Consolidated assets stood at $25.1 billion on 30 June 2026, with expected credit loss provisions totalling $35.2 million, equivalent to 0.18 per cent of gross loans and advances.
Merger builds scale while brands retain their place
Total assets have increased 23 per cent since Greater Bank and Newcastle Permanent combined, with NGM describing the performance as evidence of their “successful integration”.
Board chair Darren Turner said the merger had broadened the organisation’s footprint while preserving its connections to the regions that established the two institutions.
“What began as two respected regional institutions has evolved into a customer-owned banking group with reach right across Australia, while remaining deeply connected to the communities where our heritage was built,” Turner said.
“Our two strong and growing customer brands continue to be NGM Group’s key strengths.”
The results follow the appointment of chief customer and digital innovation officer James Cudmore as NGM’s next CEO, succeeding Bernadette Inglis.
Cudmore will work alongside Inglis during a planned handover over the coming months, designed to preserve continuity for customers, employees and stakeholders.
Inglis is leaving executive leadership after more than seven years with Newcastle Permanent and NGM to pursue board and advisory roles.
NGM also recently completed its core banking ecosystem’s migration to the cloud, retiring approximately 30 per cent of its technology estate.
The migration covers systems underpinning digital and branch services, core banking and payments.
NGM said it would strengthen cyber security, improve operational resilience and support new digital banking services.
Mutual lenders expand amid stronger mortgage competition
NGM’s expansion comes alongside strong lending growth elsewhere in the customer-owned sector.
P&N Group, which operates P&N Bank and BCU Bank, increased total lending by 5 per cent to $8.3 billion in FY25–26.
Bank Australia reported a $17.6 billion mortgage book and 17.7 per cent home loan growth against the combined Bank Australia and Qudos Bank portfolios in FY24–25.
Brokers generated $3.6 billion in Bank Australia home loans during FY25–26, more than double the previous year, accounting for over 80 per cent of origination value.
Great Southern Bank, meanwhile, increased home lending by 7.6 per cent to $18.78 billion, accelerating from the previous year’s 6.5 per cent growth to $17.5 billion.
[Related: Mortgage repayments claim more than 50% of family income]
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