Sunday, December 12th, 2010 - Australian Central Savings & Loans
Australia’s second-largest credit union has welcomed today’s Federal Government announcement to introduce greater competition in the banking industry by banning mortgage exit fees on new home loans.

Peter Evers - Managing Director of Australian Central Savings & Loans - said the announcement was “a step in the right direction” for the development of greater competition in the banking sector.

“It will enable consumers to look for the best deal in the market without the fear of being heavily penalised,” he said.

“This will ensure that all banks, credit unions and building societies continue to remain focussed on the needs of consumers.”

Mr Evers also welcomed the move to create a new pillar based on the combined competitive power of credit unions and building societies.

“There has been a lot of talk around the need for a so-called Fifth Pillar and while we have been supportive of the concept, the mutual sector has also been very outspoken about the need for change to enable us to truly compete with the banks,” he said.

“Today’s announcement by the Federal Treasurer is a welcome move that is good start in the quest to increase competition – and that has to be good news for consumers.

“These changes will enable credit unions and building societies to compete on a more level playing field with the big banks, which will ultimately provide a better outcome for consumers.”

MEDIA CONTACT:
Marcus LaForgia – 0421 585 740

Contact Profile

Marcus LaForgia

P: 0421 585 740
W: www.accu.com.au/

Keywords

Australian Central Savings & Loans, Wayne Swan, Treasurer, exit fees, competition in banking industry, comment on government banking, banking industry, credit unions, Australian credit unions

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