Hi Primm,
Several sources I've come across have suggested that industry funds can be cheaper option, but I'm reluctant to go down that line for several reasons:
1) The investment choice generally seems limited. With many industry funds you can choose general options such as "balanced" or "growth", but nothing more specific than that.
2) I'm suspicious of organisations claiming to be not-for-profit. It's almost impossible to align fees and charges so precisely that no profit is made. Even if the company administering the fund is not for profit, the investment company is most likely collecting a fee, which brings me on to my next point...
3) The fees and charges are opaque. Think of it like your everyday bank account - you don't get to see what interest the bank is making on your money, but you know that they earn several percentage points more in interest than they pay you!
For reference, my better half was a nurse (she's now a SAHM) and is in HESTA at this point in time. We intend to roll her fund over to ING around the same time and mine.