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By: Staff Reporter
Credit Union Australia (CUA) is determined to make its mark on the mortgage market, announcing it will cut its standard variable rate by 25 basis points to 6.37 per cent.
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The move will put the credit union’s new standard variable rate approximately 50 basis points below the average rate of the big four.
"There has been talk in recent weeks about the need for competition in financial services," CUA group general manager Andrew Hadley said.
"This is an opportunity to step to the mark and do something about it."
The new rate, effective from April 27, will be 37 basis points below the cheapest standard variable rate offered by the big four – NAB.
Westpac has the highest standard variable rate of the majors at 7.01 per cent.
