“Customer owned banking continues to grow and deliver a competitive alternative for millions of Australians,” COBA CEO Michael Lawrence said.
“Australian consumers looking to change banks stand to benefit by taking a little time to check out the full range of products on offer from mutual banks, credit unions and building societies in capital cities and in regional Australia.
“Today’s APRA figures demonstrate that the sector is taking up opportunities to deliver more for Australian consumers, including helping them into home ownership.
The APRA quarterly statistics show:
- Housing loan growth of 6.7% pa (compared with all ADI growth of 4.1% pa).
- Deposits growth of 7.7% pa (compared with all ADI growth of 2.5% pa).
- Total customer owned banking sector assets have now reached almost $111 billion.
“These are encouraging results for customer owned banking,” Mr Lawrence said.
“With banking a focus of some key inquiries this year, 2018 is an opportunity for consumers to see if they have the best banking relationship for their circumstances.
“I’m very confident that customer owned banking can deliver a very attractive alternative to major and listed banks.
“This includes an unmatched focus on the customer and very competitive home loan, credit card and deposit products.”
For more information please contact:
Daniel McDougall, Senior Manager – Media and Communication 02 8035 8444 or 0407 637 541, firstname.lastname@example.org.
Customer Owned Banking Association is the industry body for mutual banks, credit unions and building societies. See www.customerownedbanking.asn.au.