Competition hots up: credit unions & building societies offer Australians the best home loan deals
17 December 2009
Independent data confirms that credit unions and mutual building societies are providing extremely competitive home loans across all home loan categories.
In the table of cheapest residential variable home loans of $300,000, credit unions and mutual building societies fill all ten of the top ten rankings, according to data this week from Canstar Cannex1.
“Credit unions and mutual building societies offer Australians the exact same prudential and regulatory standards and protections as banks – but with lower home loan rates and better service,” said Louise Petschler, CEO of Abacus – Australian Mutuals.
“The average home loan is around $272,000 so there’s never been a better time to switch from a bank to a credit union or mutual building society.
“Unlike at banks, at credit unions and mutual building societies customers come before profit because our customers are our owners. We don’t maximise profits to please external shareholders – instead we focus on pleasing members with better rates and better service.”
“To find a credit union or mutual building society that suits you, go to the new Abacus website at: www.abacus.org.au”, Ms Petschler said.
(Source: Canstar Cannex 16 December 2009)
For more information, please contact:
Pamela Eldridge
Senior Adviser – Media
02 8299 9024; 0423 843 790
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[1] Source: Canstar Cannex 16 December 2009 - Based on $300,000 residential variable home loans that are not part of package and have no split facility.
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