Australia’s largest customer-owned financial institution hits highest value of new lending in its 70 year- history
CUA has lent its customers a record $1.8 billion in the second half of 2014.
The value of new loans to customers over this time was up by 75% ($800 million) from the corresponding six-month period the previous year.
General Manager, Products and Marketing Jason Murray said, “In December alone, we issued $373 million in new loans, with more than 95% of that being for housing. That is highest value for new lending in one month that CUA has ever achieved in our 70-year history.”
Murray said they started topping records in October after lending $350 million in new loans.
The record was broken again in November with $357 million before December topped them both.
Murray said mortgage brokers were generating almost half of their new loans.
“Consumers are increasingly using comparison services and brokers for everything from hotel bookings to insurance, and banking is no different,” he said.
“Customers are shopping around for better value and are tired of being charged high interest rates and excessive fees.
Murray said CUA’s standard variable home loan interest rate has remained at 0.5% lower than the average of the Big 4 banks’.
“CUA doesn’t have shareholders. That means we can focus on giving benefits back to customers, which is what ‘Life rich banking’ is all about,” he said.
Latest poll: Does the convenience of online lending pose a threat to the broker industry? Click here to share your opinion.