Aussies are continuing to jump out of bed with the big four and are instead getting cosy with customer owned institutions for their banking products.
This is according to latest Quarterly ADI Statistics from the Australian Prudential Regulation Authority (APRA), which found that over the last year the customer owned banking sector has grown by 7.8% - an impressive 5.2% more than major banks.
Since the two RBA cash rate cuts a few months ago, customers have been able to find lower rates on products like home loans, including those offered by credit unions, mutual banks or building societies.
Customer Owned Banking Association CEO Michael Lawrence, believes that the success of these institutions is that, for them, it’s all about the customer.
“Australians want, and deserve, to be put first by their bank. Thankfully there’s an entire sector with a 150-year legacy of doing just that,” he said.
“These figures are a positive indicator of improving competition, but now is not the time to become complacent. If greater customer outcomes are the goal, then greater competition is the means.”
When it comes to home loans the proof is in the pudding. So take a look at a few of the customer owned institutions offering some hot deals at the moment and see if it’s time for you to make the switch.