Mutual ADIs interest rate already ahead of the big banks1
The recent announcement of the RBA rate cut of .25% to 4.5% is welcome news for Australian consumers struggling with the rising cost of living. Consumers that are looking for even more respite from high interest rates on their home loans can look to us for a better deal.
Mutual ADI’s standard variable home loan rates have been, on average, lower than the big four banks' for years, based on financial comparison websites like Canstar Cannex.
Today's Canstar Cannex rates are no exception, showing credit union, building society and mutual banks' average Standard Variable Rate as 7.33%; compared with the big four banks' average of 7.79%. This difference of 0.46% or 46 basis points could save consumers thousands of dollars over the life of a home loan. Even if the big banks pass on the rate cut, they will still be behind the competition.
Borrowers who are dismayed to hear of the billions of dollars of big bank profits and are looking to get the best value home loan they can, should lose no time investigating the great value options of banking with a mutual ADI.
What distinguishes us from the big four banks’ is that their customers always come first and this translates to great value deals for those customers.
Mutual ADIs provide important competition and choice for consumers because of their community focus, excellent customer service and great rates on home loans and deposits. They give back to their customers because they are not under the same pressure as listed banks to pursue large profits for shareholders.
Mutual ADIs are known for their competitive rates, fair and ethical dealings and their outstanding customer service.
Don't put up with a second rate deal from your bank – join the 4.5 million Australians who already get a better deal by banking with a mutual ADI.