"When you think about Permanent, it means we're here for good."
That's the slogan popularised by the old Newcastle Permanent advertisements, however, it seems the brand may not be living up to that statement.
Another Newcastle Permanent branch has closed, leaving Lambton residents without a local branch.
Several banks have closed their Newcastle branches in the last few months in the move to get consumers to take advantage of online services instead, while the Permanent have closed vital bricks-and-mortar branches at the John Hunter Hospital and Callaghan University campus in addition to the Elder Street location.
Wallsend MP Sonia Hornery believes Australian financial institutions are abandoning disadvantaged people in regional areas.
"It's difficult for residents, especially the elderly or disabled, to get to another Newcastle Permanent branch a few kilometres away.
"It's all well and good for building societies to say you can do what you want online," Ms Hornery said, "but there are many people that don't have access to computers and there are many elderly and disabled people who like to actually talk to somebody.
"So taking away a service from the community is really taking away the opportunity for locals to communicate..." she continued.
Ms Hornery also fears there will be a loss of convenience which will hamper businesses on Elder Street and surrounds.
"With the closure of the Perm in Lambton," she said, "it means there are no services - no banks or building societies- making it difficult for local businesses to do their banking."
