Page 49 - Tropic Magazine Issue 11

Industry
Banking

True focus

The way Cairns Penny delivers
for its customers contains
lessons for all types of
businesses.

Words Gavin King

Stay true to your roots, focus on
long-term relationships and provide
solutions to the problems of customers.
If you’re in business, those three maxims
may seem simple and straight-forward. A solution to this doesn’t lie in just
But how often do they get lost and pushed adopting the latest technology, but in
aside in the daily grind and cash-flow designing services that can help to solve
pressure of operating a business? problems. Cairns Penny’s latest product
In the case of Cairns Penny, a business for first home buyers does exactly that.
with a story as old as Cairns itself, success We’re not in this for “We’ve all heard of the ‘Bank of Mum and
is defined by how well it delivers on those Dad’ and how parents are now helping
concepts. the short-term, but more than ever before when their
to develop children are buying their first home,” he
said. “We recognised that we also have a
long-term family responsibility to those parents that are
relationships using their hard-earned cash to help, as
this kind of transaction can be fraught
Peter Phillips with difficulties.”
CEO “So, we designed a great product that
genuinely helps both parties. Rewarding
parents for helping their children and
helping people onto the housing ladder.
What’s more, it’s simple and
straightforward – because life’s
complicated enough! We always ensure
that our customers know exactly what
kind of product they have and how it all
works.”
So, how does Peter make sure Cairns
Penny’s products are the best for
customers?
“We are absolutely unyielding on what
Cairns Penny CEO Peter Phillips, who’s be hard to save these days; it is not we’re looking for. If the product doesn’t
been at the helm for over 10 years, simply whether low interest rates make solve a problem, isn’t easy to understand
believes Cairns Penny’s success is due to a loan repayments affordable or not.” or isn’t designed to make our customers
focus on its core business and customers. “People with any cash savings are having better off then it’s probably not for
“We keep our eyes on exactly what a hard time of it too, with interest rates Cairns Penny”.
customers need and how we can make remaining low to help the housing
them more secure, financially better off market and economy”. MORE: cairnspenny.com.au
or make things easier for them,” he told
Tropic. “We’re not in this for the
short-term, but to develop long-term
family relationships where locals can
bank with someone they can trust”.
As a long-standing local business, Cairns
Penny understands the Cairns market.
“We know that first home buyers are the
crucial part of keeping the housing
market in Cairns moving and we want to
do as much as we can to help,” he said.
“We also know that a deposit of 20% can