Illawarra Mutual Building Society was formed in 1880 as a mutual building society to provide housing finance and deposit account facilities for the growing population of the Illawarra region of NSW and has traded continuously since that time. Illawarra Mutual Building Society currently has 38 branches in the Illawarra, Sydney, NSW South Coast, NSW Southern Highlands, ACT and Melbourne and representation in all other mainland Australia states.
Illawarra Mutual Building Society offers full-service face-to-face and electronic banking facilities including home and personal lending, savings and transaction accounts, term deposits, business banking, financial planning and a wide range of insurance products.

Illawarra Mutual Building Society has been regulated by the Australian Securities and Investments Commission and the Australian Prudential Regulation Authority since July 1, 1999. These government bodies regulate all banks, building societies and credit unions in Australia, and similar prudential standards exist for each of these financial institutions. Illawarra Mutual Building Society is a member of ABACUS, an independent organisation representing mutual building societies and credit unions.

In recognition that the dominant purpose of Illawarra Mutual Building Society’s activities is to provide benefits to its members rather than to generate a profit, they established the Illawarra Mutual Building Society Community Foundation in 1999. Since the Foundation’s establishment, Illawarra Mutual Building Society has provided grants totalling $3,500,000 for application in projects for the benefit of the general community.

In June 2004, Illawarra Mutual Building Society was assigned an investment grade rating of BBB- long term and A-3 short term by ratings agency Standard and Poor’s. Illawarra Mutual Building Society was the first Australian building Society or credit union to have been assigned an investment grade rating. Illawarra Mutual Building Society’s credit rating has since been increased by Standard & Poor’s to BBB long term and A-2 short term.

Illawarra Mutual Building Society was named Building Society of the Year in 2005 and again in 2006 in the Money Magazine Consumer Finance Awards.

Illawarra Mutual Building Society is one of Australia’s largest building societies.