Staff Reporter
Australia’s smaller lenders are hoping to claw market share away from the majors by leaving their interest rates untouched.
Yesterday, CUA bucked the trend of lifting rates by leaving its standard variable rate on hold 6.72 per cent – 66 basis points below the average SVR of the majors.
CUA’s chief executive officer Chris Whitehead said the lender remains committed to offering customers the best deal possible.
“Since April 2010, CUA’s standard variable rate has consistently been at least 0.5 per cent cheaper than the average of the big fours’ equivalent products,” he said.
“While CUA is certainly not immune to the funding pressures facing the big banks, our ability to focus entirely on our customers, rather than on dividends to shareholders, allows us more flexibility to make rate decisions that are in their best interests. This is the premise behind our decision to hold our variable home loan rates during this RBA cycle and also to make the recent cuts to our Fixed Rate Home Loan rates.”
