Credit unions up the competition

By |

Credit unions are making some creative alliances in an effort to compete against big banks.

NSW-based Teachers Credit Union and the Victorian Teachers Credit Union are on the verge of making an agreement that will allow them to share back office and technology operations, reported the SMH.

The move will not only offset rising costs, but it will help the credit unions compete more effectively against the major banks.

NSW Teachers Credit Union chief executive Steve James said that the sector has already made a dent in the competition.

“We've taken some ground from them already, they certainly don't have the market share they had during the global financial crisis,'' he told the SMH.

The move is expected to be emulated by other small lenders looking to stem the tide of rising costs and pressures.

“I think there will still be mergers going in the credit union sector. This one is a little bit different, but regulators are likely to give it the tick,'' James said.

Both parties deny that the alliance will result in a formal merger.

Can you afford to buy in this suburb? Find out how much you can borrow

Top Suburbs : upper kedron , alexandria , redcliffe , werribee , wentworthville

go back

Get help financing your investment



Do you need help finding the right loan for your investment?


When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.

Just fill in a few details below and we'll then arrange for a local expert Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus, our mortgage broking service is at no cost to you.

How soon would you like a mortgage?
What is your Annual Household Income i $
Do you currently own any Investment Properties?
Do you own your own residence?
How much equity do you have in all your current properties?
First Name
Last Name
Where do you live?
What number can we reach you on?
E-mail address
We value your privacy and treat all your information seriously - you can check out our privacy policy here