No rate cut, no worries - Mutuals already better by half
07 February 2012
Big bank customers disappointed by the RBA's rate decision today can give themselves a "rate cut" by switching to mutuals who offer better alternatives, according to independent market data.
Industry group Abacus – Australian Mutuals encouraged unhappy bank borrowers to compare the competitive pricing and service offered by mutual banking groups.
"Our average home loan rates are already 0.45% lower than the average for the big 4," said Louise Petschler, Abacus CEO.
"A difference of 0.45 % can save thousands of dollars over the life of a loan – over $25,000 on an average $300,000 home loan," Ms Petschler said.
"The start of a new year is a great time to take charge of your finances, and to get a fairer deal for your banking."
Canstar Cannex data today shows that credit unions, building societies and mutuals have an average Standard Variable home loan rate of 6.85%, compared to the big 4 bank average of 7.3%.
Mutuals – credit unions, building societies and mutual banks – are owned by their customers, and focus entirely on member needs. This allows credit unions and mutuals to offer consistently better rates than the major banks while maintaining market-leading customer satisfaction.
"Every decision and every person in the mutual sector is focused on customer needs, not external shareholders. That's how customer-owned banking can offer consistently better pricing and service in the banking market."
"Big bank customers who want a cheaper rate and a banking alternative that responds to its customers should go to www.comesbacktoyou.com.au to find out more," Ms Petschler said.
Daniel McDougall, Senior Adviser – Media
02 8299 9024; 0407 637 541;
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
