More savers and borrowers choosing mutuals

APRA Quarterly Statistics show credit unions, building societies and mutual banks recorded housing loan growth of 5.8% which is above market performance of 4.5%. The sector also performed strongly in deposits, with 6.6% growth.

"It's clear from these figures today that consumers are backing us and our customer owned model," Abacus CEO Louise Petschler said.

"We are offering market leading performance on customer satisfaction, and substantially lower home loan and credit card rates.”

Source: Abacus