Quay Credit Union's proposed merger with G&C Mutual Bank is over the line, after 89 per cent of Quay CU members voted in favour at a meeting last week. G&C Mutual Bank will have a post-merger balance sheet of around A$1.1 billion.  The merger may take effect from 1 September 2016. Finance company FlexiGroup has signed a new distribution agreement with travel company Flight Centre, which will offer interest-free finance provided by FlexiGroup subsidiary Lombard Finance. The agreement applies to the Flight Centre, Travel Associates, Cruiseabout, Student Flights and Escape Travel businesses in Australia and New Zealand. Marketplace lender Bigstone Capital has secured A$3 million in seed funding from private equity investor CVC Ltd and the founders of Bangkok-based Lighthouse Venture Partners. Bigstone chief executive Boyd Pederson said the funds would be spent on marketing and hiring business development managers to work on the expansion of the company's distribution network. Bigstone is a specialist small business lender and its platform is open to sophisticated investors. The company opened for business in May and did its first loan in June. Lenders continue to pass on only a portion of last week's cash rate reduction. AMP Bank cut its variable rate by ten basis points, with its Essential Home Loan now 3.98 per cent. MyState Bank and The Rock also cut their rates by ten bps. MyState's Special Residential loan and The Rock's Essentials Home Loan are priced at 3.89 per cent. According to Canstar, ten bps has been the most common reduction.