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Australia’s largest credit union, Credit Union Australia (CUA), has become the latest victim of the global credit crunch after suspending sales of all variable rate home loans through its broker network.
According to The Australian, CUA told brokers that sales would stop from today, although it would continue to sell the loans through its branch network.
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“As a result of recent events in financial markets and following a review of CUA’s broker distribution model, CUA will temporarily withdraw its variable interest rate product range from this Friday,” CUA said in a note to brokers.
