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Recent data from Canstar Cannex has revealed that some credit unions and mutual building societies actually offer standard variable mortgage rate products that are 30 basis points less than the banks.
Abacus chief executive officer Louise Petschler said credit unions and mutual building societies were slowly beginning to stake their place in the industry by offering an array of mortgage products that challenge the majors.
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“Why should Australians pay more when they can get excellent service and products with a credit union or building society that sits in exactly the same secure regulatory environment as the banks?” Ms Petschler said.
“The mutual sector, credit unions and mutual building societies, are offering Australians the essential choice and competition they need. And mutuals continually deliver good deals.
“Mutuals like credit unions and building societies meet exactly the same strict prudential standards and regulatory requirements as banks and have been providing home loans and outstanding member service to Australians for over 100 years.”
