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By: Staff Reporter
Making headlines today, The Australian Financial Review has reported that the nation’s largest credit union, CUA, is set to compete with Australia’s largest second-tier lenders.
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According to the paper, Credit Union Australia will boost its marketing budget by 50 per cent and invest its retained earnings in organic growth, mergers and systems efficiency in a bid to double its size within five years.
CUA currently boasts a mortgage book of $7.8 billion and is committed to growing this over the immediate term.
However, any growth would not be to the detriment of its customers.
The credit union’s chief executive Chris Whitehead said the company had maintained very low arrears throughout the crisis by not giving customers loans they could not afford and would continue in this vein moving forward.
