Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Credit unions hit back at ‘big four’ dominance claims

Staff Reporter 1 minute read

Credit unions and building societies want to clarify the data released by the Australian Prudential Regulation Authority (APRA) that suggested the big four banks are controlling the mortgage market.

According to figures from Abacus, credit unions and building societies are approving close to 5,000 new mortgages each month and are writing seven out of every 10 new mortgages approved outside the banks.

In the three months to June, credit union and building society mortgage approvals were up 26 per cent on this time last year.

Abacus CEO Louise Petschler said that while the market dominance of the big four banks was indisputable, credit unions and mutual building societies remained an essential competitive alternative for Australian borrowers.

“Consumers can be heartened that credit unions and mutual building societies are actively lending and offering Australian’s a great alternative,” she said.

Credit unions hit back at ‘big four’ dominance claims
default
TheAdviser logo

The not-to-be-missed Accountants Daily Strategy Day will travel through Melbourne and Sydney in August to equip accounting professionals with the latest industry updates and tips for modern practice management as well as the latest cutting-edge technology, processes, strategies and trends shaping the future of accounting. Visit the website for more information: www.accountantsdaily.com.au/strategy-day

default

 

more from the adviser
David Hyman

Breaking News

Brokers promote competition in lending: Lendi

Brokers are driving competition in the mortgages sector and chang...

money au ta

Breaking News

SME fintech closes $25m raise to fund expansion

An SME lender has raised $25 million in equity to fund the ‘rap...

loan application

Breaking News

Hot Property: The biggest property headlines from the week 26 to 30 July

The weekly round-up of the biggest news stories from across Momen...