What is a Building Society?
WBS traces it’s history back to 1873 and came into being when our forefathers put their heads together and did some creative thinking to solve a common problem – financing a home.
It made a lot of sense then and it still does today – if local residents collectively pooled their funds they could create a locally focused banking organisation from which they and other Wairarapa residents could borrow. By doing so they didn’t need to go cap-in-hand to a foreign bank for a loan – they could do it for themselves. Community banking had arrived!
We still follow the same original blueprint of a Building Society. We take in money from predominantly Wairarapa residents and then lend back into the same community. We are ultimately owned by a charitable trust and return the majority of our income to the community we serve. It has always been part of our philosophy to actively support the community that supports us. We achieve this through sponsoring many local organisations and by returning the majority of our income to the local community, either by way of interest, salaries and wages or in the goods and services we purchase.
By having your mortgage with WBS you are enabling us to to return over 95% of our income back into the local community we live and work in. Profit does not go offshore.
Now that’s a powerful reason!