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Credit unions and building societies want to clarify the data released by the Australian Prudential Regulation Authority (APRA) that suggested the big four banks are controlling the mortgage market.
According to figures from Abacus, credit unions and building societies are approving close to 5,000 new mortgages each month and are writing seven out of every 10 new mortgages approved outside the banks.
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In the three months to June, credit union and building society mortgage approvals were up 26 per cent on this time last year.
Abacus CEO Louise Petschler said that while the market dominance of the big four banks was indisputable, credit unions and mutual building societies remained an essential competitive alternative for Australian borrowers.
“Consumers can be heartened that credit unions and mutual building societies are actively lending and offering Australian’s a great alternative,” she said.
