The latest quarterly statistics from the prudential regulator show strong growth for the customer-owned banking sector.
The APRA quarterly statistics show home loan growth of 5.5 per cent over the past year while deposits grew by 5.9 per cent over the same period.
Total customer-owned banking sector assets have now reached almost $112 billion, an increase of $6 billion over the past year.
Home loan growth for customer-owned banks has been better than big four banks (5.1 per cent) and above system (5.4 per cent).
Deposit growth is more than double that achieved by major banks (2.7 per cent) and above system (3.1 per cent).
The Customer-Owned Banking Association (COBA) highlighted the strong results achieved today by mutual banks, credit unions and building societies offering a strong alternative across Australia.
“These results are further evidence that the banking royal commission has made Australians more receptive to banking alternatives and switching their banking,” the association said.
“COBA recently launched the Own Your Banking campaign following increased interest and demand from customers for such an alternative.
“The campaign is a direct response to COBA members, who already collectively have four million customers, reporting an increase in customer interest and enquiries.
“This was backed up by an Essential Media poll, commissioned by COBA, which found one in three people are more likely to consider switching their banking institution.”
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James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.
He has a sound pedigree to cover the business of mortgages and the converging financial services sector having reported for leading finance titles InvestorDaily, InvestorWeekly, Accountants Daily, ifa, Mortgage Business, Residential Property Manager, Real Estate Business, SMSF Adviser, Smart Property Investment, and The Adviser.
He has also been published in The Daily Telegraph and contributed online to FST Media and Mergermarket, part of the Financial Times Group.
James holds a BA (Hons) in English Literature and an MA in Journalism.