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By: Staff Reporter
Credit unions are beginning to snare a larger share of the mortgage market, suggesting the dominance of the big five banks is slowly being eroded.
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Yesterday, the NSW-based Teachers Credit Union said its lending growth was currently running at 12 per cent, thanks to a strong growth in mortgages.
In addition, the credit union said earnings had rebounded, helped by lending growth and a drop in operating costs. The Teachers book now exceeds $3 billion.
''Credit unions and building societies are starting to take a little more off the banks. This time last year the banks had 93 per cent of the lending market and now they are down to 88 per cent,'' said the credit union's chief executive, Steve James.
The union’s deposits have also increased, with the lending book up 12 per cent.
