Official statistics released by the Australian Prudential Regulation Authority (APRA) yesterday show double digit home loan growth for credit unions and building societies.
Total housing loans for credit unions grew by 10.8 per cent to $31.2 billion over the year to September, while total housing loans for building societies grew by 10.9 per cent to $15 billion.
Louise Petschler, chief executive officer of Abacus, said credit unions and building societies had returned from the economic doldrums and now represented a genuine competitor in the market place.
“In the past year, credit unions and building societies have increased their strong and stable funding base, expanding total deposits by 10.4 per cent,” Ms Petschler said.
“So, if you’re looking for genuine competition and choice in the home loan market, you will find it with credit unions and mutual building societies.”
According to Ms Petschler, borrowers should vote with their feet, and make the switch to credit unions and building societies who “consistently outperform the major banks in customer satisfaction surveys.”
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