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Credit unions are likely to follow the lead of the major banks by raising interest rates on standard variable mortgages, reports The Advertiser.
According to the daily, CEO of Australian Central Credit Union Peter Evers described credit unions as “price followers”, stating that while higher funding costs had impacted mutuals, Australian Central’s rates would not move any higher than those of the banks.
“We can’t be uncompetitive, but we also won’t put our long-term future under pressure,” he said.
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