Credit unions grow mortgages by 10%

04/06/2010

Figures out today from the Australian Prudential Regulation Authority show that total assets of credit unions and building societies increased by nearly $5 billion dollars in the year to March 2010. Total assets for the mutual banking sector increased from $67 billion to $71.8 billion. The sector also recorded double-digit loan growth, growing housing loans outstanding by 10.4 per cent. "A bigger, stronger sector is good for our members", said Abacus – Australian Mutuals CEO Louise Petschler.

APRA's Quarterly Credit Union and Building Society Performance Statistics also noted that "total housing loans increased by 10.9 per cent to $32.8 billion over the year" and for building societies, total housing loans "increased 9.4 per cent to $15.5 billion. Housing loans accounted for 84 per cent of total gross loans and advances for credit unions, and 87.7 per cent for building societies.

Source: Abacus