Buyers choose mutuals
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Buyers choose mutuals

By webmaster

More investors and home buyers are turning to credit unions and building societies to source financing, new figures suggest.

According to the latest APRA statistics, credit unions and building societies (mutuals) enjoyed substantial volume growth in 2010, growing their market share by 10.7 per cent

This compares with comparable growth of 4.4 per cent for banks over the same period.

These results follow the December Australian Bureau of Statistics data which found mutuals were writing almost 11 per cent of new home loans in Australia – a jump from 6.5 per cent two years ago.

“The strong growth of mutuals reflects the value they offer their customers – who are also their owners,” Abacus chief executive Louise Petschler said.

"As more people learn about our services more make the move to mutual banking. And why wouldn’t they? While the big banks are breaking up with each other we’re sticking with our members and offering consistently better rates over the long term.”

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Highest annual price growth - click a suburb below to view full profile data:
1.
SOLDIERS POINT 48.92%
2.
BLUE BAY 43.96%
3.
BERKELEY VALE 42.74%
4.
LEMON TREE PASSAGE 42.55%
5.
NORTH NARRABEEN 40.19%
Buyers choose mutuals
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