Home / Home Loans / South West Credit open for lending

South West Credit open for lending

22/10/2009

Warrnambool based credit union, South West Credit, has recorded very impressive lending and deposit growth in 2008 -2009, despite difficult financial and economic conditions for many smaller financial institutions.

The number of loans approved grew 18 per cent, well above the banking sector's eight per cent average. Deposits grew by 13.5 per cent in 2008-09.

Chief executive officer David Brown said housing and car loans had driven the good lending results for the credit union.

South West Credit's net profit after tax was $375,000 for the year, down from the previous year's result of $578,000, due to economic circumstances, Mr Brown said.

"Our (result) was probably heightened by the fact that we didn't pass on the rate cuts as quickly as some of the banks."

Source: Warrnambool Standard

Previous Article  Next Article



Popular Mortgages $250k

 



Popular Searches


Today's Best Rates

Institution Product Title Rate (%) Details
UHomeLoan - Refinance only (incl 0.20%p.a lifetime Loyalty Discount) 5.83
Dream Loan Express 5.95
State Custodians Standard Variable Offset Loan 6.02
MyRate.com.au - Advantage Rate Loan 6.15
Member Package Ultimate Offset Account 6.19
Institution Product Title Rate (%) Details

Rates for a $250,000 standard loan. The 3 year tabs show loans that are fixed for 3 years.



SPONSORED LINKS