Credit unions buck the trend with lower rates
9 May 2008 |
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Credit unions that fund their lending through their deposit base rather than securitisation have been able to escape the worst of the pressures on funding costs and offer their members lower rates than can be obtained through the major banks. Melbourne based mecu, one of Australia's largest credit unions, reports that their loan growth is running at 13.5 per cent for the first nine months of the current financial year, against the company's forecast of 12 per cent. Chief executive Phylip Doughty said that much of the growth is being driven by people refinancing loans that were previously with banks or non-bank lenders. Gateway Credit Union has about 50,000 members, most of whom are in NSW, says that it isn't interested in "growth for growth's sake". Chief executive Paul Thomas said that while it is quite large, Gateway does not have a branch network, or a full product range, and doesn't want them. Gateway does most of its business over the phone and internet and has a standard variable home loan rate of 8.74 per cent, compared with at least 9.44 per cent at the major banks.
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| Source : The Australian Financial Review |
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| 02 May 2008 | - Westpac keeps profit on track |
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