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CUA mortgage customers ahead of the game

15/06/2010

Credit Union Australia mortgage customers were effectively 0.50 per cent ahead of the game during the first couple of weeks in May, because of CUA’s much publicised 25 basis point rate cut, effective 27 April, and a delay in passing on the RBA’s 25bp rate hike. CUA says the average big bank customer can save $30,000 over the life of their mortgage.

The CUA claim is based on Infochoice research that assumes an average rate gap between CUA’s headline SV mortgage rate and an average of the headline SV mortgage rates of the big four banks of 0.51 per cent over the life of the 30-year mortgage. CUA’s current SV mortgage rate is just that – 0.51 per cent below an average of the big four banks.

Source: BankingDay



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