More for your buck with credit unions and building societies
24 March 2010
Australians can get a better deal on their home loan by choosing a credit union or building society. The announcement from Australia’s largest credit union, CUA, that it is cutting its standard variable home loan rate by 0.25% to 6.37% shows that member-owned banking institutions can save their members thousands on their home loans.
“CUA’s announcement comes at a time when more and more consumers are looking for a fairer deal from the big banks,” said Abacus CEO Louise Petschler.
“Credit unions and building societies have excellent products and loans that can save you a lot of money – it’s a good time for people to make the switch and see what credit unions and building societies can offer.
“Mutuals already serve over 4.5 million Australians for their banking needs, holding 8% of the new home loan market and 11.4% of Australian household deposits, and they have more than $73 billion in assets.
“Being a mutual institution means that there are no shareholders to pay dividends to. Instead, you, the customer, own the institution and the profits and benefits come back to you. Profits are invested back into better products and better service. You, the customer, will always come first.
“Look around and find an alternative – a mutual banking alternative where the customers own the institution. There are 116 credit unions and mutual building societies to choose from, just go to www.abacus.org.au to find a credit union or building society near you.
“Shop around and you’ll find that there are competitive alternatives to the big banks. It won’t cost you anything to look and might just save you thousands of dollars,” said Ms Petschler.
For more information, please contact:
Pamela Eldridge
Senior Adviser - Media, Public Affairs
02 8299 9024, 0423 843 790
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
