Credit unions and building societies experienced a positive 12 months to September 2007 with lending for housing driving the sector’s growth.
According to APRA’s Quarterly Credit Union and Building Society Performance Report released today, credit unions tabled a total asset growth of seven per cent in the year to September 2007, driven predominantly by a 9.3 per cent growth in housing loans.
Total lending for housing reached $24.8 billion.
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Building societies’ total assets grew by 9.6 per cent over the same period to $21 billion.
Lending for housing was also a major contributor to building societies’ growth, increasing by 14.4 per cent to $14.2 billion.
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