Heritage Building Society

About Heritage Building Society

Heritage Building Society, as we now know it, was formed in 1981 by the merger of Toowoomba Permanent Building Society (est. 1875) and the Darling Downs Building Society (est. 1897). Since that time it has become firmly established as the largest mutual building society in Queensland, and one of the largest in Australia as well as a recognised force in Australia's building society industry.

THE EARLY DAYS

As Australia heads into a new era of mechanisation, the country is crippled by drought.

• 1875 Toowoomba Permanent Building Society formed.
• 1893 Toowoomba Permanent Building Society records record profit.
• 1897 Darling Downs Building Society launched with aggressive expansionary policy.

DAWN OF THE CENTURY

Australia leaves behind a drought-stricken country of the 1890's.

• 1900 Darling Downs Building Society initiates modern, aggressive advertising policy which is to lead to rapid growth.
• 1908 Darling Downs Building Society establishes agents in western centres as well as Gatton and Laidley. Becomes second largest society in the State. Darling Downs Building Society enters lucrative personal loan market.
• 1914 Darling Downs Building Society largest society in State. Toowoomba Permanent Building Society third largest society in State.
• 1914-1919 The agricultural contribution of the Darling Downs to the war effort keeps local economy stable and enables both building societies to stay afloat.

QANTAS IS BORN

• 1919-1923 Period of expansion into other areas by both societies.
• 1923 Toowoomba Permanent Building Society replaces Darling Downs Building Society as the largest building society in Queensland.
• 1929-1935 Both societies suffer losses by defaulting borrowers and reduction in home loans. Darling Downs Building Society adopts expansionary, forward-looking approach while Toowoomba Permanent Building Society retains a conservative, deflationary approach.

THE PRE-WAR YEARS

• 1934 Toowoomba Permanent Building Society moves headquarters from Russell Street to a site at the corner of Russell and Neil Streets, Toowoomba. It will remain there for 43 years.
• 1935 Depression easing. Period of rapid expansion for Darling Downs Building Society.

THE WAR YEARS

We'll meet again: diggers ship out.

• 1937 Darling Downs Building Society regains position as largest building society in the State.
• 1939 Both societies record record deposits and loans. World War II declared.
• 1939-1945 Both societies face problem of defaulting borrowers and lack of manpower.

BABY BOOMING YEARS

Don Bradman brings despair to the English bowlers.

• 1945-1950 Housing boom heralds a boom period for both societies.
• 1954 Darling Downs Building Society relocates head office from Neil Street to Margaret Street, Toowoomba.

THE TIMES, THEY ARE A CHANGING

Sir John Kerr sacks Whitlam.

• 1968-1974 Revival in economy and demand for housing finance sparks uprise in business for both societies.
• 1971 Darling Downs Building Society moves headquarters to Ruthven Street, Toowoomba.
• 1975 Despite problems with building society operations in Queensland, both Toowoomba societies retain strong financial bases and experience measured growth.

EIGHTIES BRING CHANGES

"Australia II" wins the America's Cup.

• 1981 Amalgamation of Toowoomba Permanent Building Society and Darling Downs Building Society to form Heritage Building Society.
• 1983 Headquarters moved to newly constructed Heritage Plaza.

A NEW CENTURY BECKONS

• 1995 Assets of Heritage Building Society pass the $1 billion mark
• 1999 Heritage opens Queensland's first community bank in Crow's Nest, QLD.
• 2000 Heritage celebrates the 125th anniversary of the formation of its predecessor, the Toowoomba Permanent Building Society

THE FUTURE

• 2003 Assets under management of Heritage Building Society pass the $4 billion mark.
• 2004 Heritage wins 4 national awards as Australia's 'Best Building Society'.
• 
  2005 Heritage celebrates the 130th anniversary of the formation of its predecessor, the Toowoomba Permanent Building Society and passes the $5 billion mark in assets under management.

Heritage Building Society Home Loan Products