Credit Unions top personal loan ratings
19 December 2006
Independent research group CANNEX has found that credit unions and mutual building societies are offering almost all of the top personal loans in Australia.
Louise Petschler, Head of Public Affairs for Abacus – Australian Mutuals, the association for building societies and credit unions, said the CANNEX results prove that credit unions and mutual building societies are focused on delivering competitive products for their members.
“Credit unions offer 38 of the top 45 loans, and mutual building societies have five winning loans,” Ms Petschler said. “The remaining two were from financial services companies. Not one bank has achieved the CANNEX five-star rating on personal loans this year.”
Ms Petschler said credit unions continue to dominate the personal loan market in pricing, product design and service.
"While we've grown in the Australian market to offer a full range of financial services products to our members, personal lending has always been a core part of credit union business,” Ms Petschler said.
“The mutual structure of credit unions and mutual building societies means our focus is on our members, and we deliver benefits to them in better pricing and services. The CANNEX five star ratings offer more proof of our service and benefits."Credit unions have over 3.5 million members around the country. We continue to top customer service ratings for financial services providers, with our colleagues in the building societies. We believe it's our key difference - our mutual structure – that means competitive pricing and our members' needs coming first."
A copy of the CANNEX report is attached.
For more information:
Julie Sheather
Senior Adviser – Media & Public Affairs
(02) 8299 9024; (0409) 514 643
