Powered by MOMENTUM MEDIA
realestatebusiness logo

Breaking news and updates daily. Subscribe to our Newsletter!

Home of the REB Top 100 Agents
Breaking news and updates daily. Subscribe to our newsletter

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Credit unions claw back volumes

By Staff Reporter
23 September 2009 | 1 minute read

A new report from the Australian Prudential Regulation Authority (APRA) has shown credit unions have increased their lending over the year to March.

Advertisement
Advertisement

APRA’s quarterly performance statistics found credit unions had lifted their total housing loans by 10.2 per cent over the year.

The credit union and building society sector’s market share in new owner occupied lending commitments was also up from 6.8 per cent in July 2008 to 7.9 per cent in July 2009.

Louise Petschler, CEO of Abacus, said the figures prove that the banks do not have the lending market to themselves.

“It’s tough competing in a market dominated by the big banks but the mutual sector continues to perform strongly,” Ms Petschler said.

“Take our sector’s stellar performance in prudent lending – the banks recorded a 228 per cent increase in charge for bad doubts in the year to March while the mutual banking sector recorded a 5 per cent decrease in charge for bad debts.”

Credit unions claw back volumes
default
lawyersweekly logo

Tags:

Listen to other installment of the Real Estate Business Podcast
Do you have an industry update?

top suburbs

12 month growth
Travancore
49.78%
Timboon
49.57%
Dolphin Point
49.51%
Nyah West
49.42%
Preston Beach
49.29%
Newington
48.97%
Killcare Heights
48.89%
Wundowie
48.77%
Homebush
48.44%
Glenside
48.28%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
Subscribe to Newsletter

Ensure you never miss an issue of the Real Estate Business Bulletin.
Enter your email to receive the latest real estate advice and tools to help you sell.