Teachers Mutual Bank is offering Aussies a new option

Australia's four major banks – Westpac, ANZ, Commonwealth Bank and National Australia Bank – continue to dominate the financial services market, but it seems that some people are starting to realise there are other options available to them.

Aussies have remained loyal to these four heavyweights in the past, but a lot of home loan customers are becoming less satisfied with the services being offered to them and are starting to look elsewhere.

Bosses at Teachers Credit Union have confirmed that since some of its divisions became official banks, the company's popularity has spiralled upwards.

Speaking to the Australian Associated Press, chief executive Steve James said the business is providing genuine competition to the nation's "big four" institutions.

He added that the demand from people looking at refinancing their mortgages has been very high.

"Now that people have got the security and safety of a bank (in a mutual) … I think more people will switch," he was quoted as saying.

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