Borrowers told to shop around
17 June 2009
Borrowers could save up to $32,000 on their home loan if they look beyond the big four banks to a more competitive credit union or building society, according to independent analysis by InfoChoice.
InfoChoice says credit unions and building societies are offering better rates than CBA, Westpac, ANZ and NAB but consumers are reluctant to shop around.
InfoChoice’s statement (attached) says the discrepancy in mortgage rates between the big four banks and smaller, more competitive credit unions and building societies can now add up to three years onto the life span of the average home loan.
“This research by InfoChoice is further confirmation of the outstanding competition and choice that credit unions and building societies bring to the home loan market,” said Louise Petschler, CEO of Abacus – Australian Mutuals.
“Politicians and other commentators should stop trying the jawbone the big banks into changing their behaviour and instead urge borrowers to check out the customer-owned alternative,” Petschler said.
For more information, contact:
Louise Petschler
Chief Executive Officer
02 8299 9034, 0408 239 226
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Mark Degotardi
Head of Public Affairs
02 8299 9053, 0419 998 201
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