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By: Belinda Luc
Australia’s credit unions are launching a $2.5 million advertising campaign to capture a greater market share from the major banks, according to Abacus.
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The campaign, which is aimed to highlight the advantages of credit unions and building societies, like lower interest rates, comes off the back of a recent study that showed higher savings for borrowers who belonged to a credit union or building society.
According to the study by independent research analyst InfoChoice, homeowners who take a mortgage out with a credit union or building society are, on average, $35,000 better off over the life of the loan.
Abacus chief executive officer Louise Petschler said the fee analysis shows that credit unions and building societies should be a serious option for all home buyers.
“Home buyers unhappy with the major banks have a competitive alternative in credit unions and building societies,” Ms Petschler said
“[Credit unions and building societies] have been helping Australians own their own homes for over 100 years and are growing from strength to strength.”
The new TV advertising campaign has been airing nationally from 16 May 2010. It will be supported by a website for people to locate their nearest credit union or building society.
