Credit Union Australia would like to compete with Australia’s largest second tier lenders. According to the Australian Financial Review, CUA is about to expand its marketing budget by 50% and reinvest its retained earnings in organic growth, mergers and systems efficiency in a bid to double its size within five years.
CUA currently holds a mortgage book of $7.8 billion and is intending to grow this over the immediate term.
Growth will not be at the cost of customer service. CUA feels that it has been able to perform well over the past couple of years because of it’s strong credit policies which ensure that the credit union does not offer loans to people who are unable to afford them. Consequently CUA has maintained very low levels of loan arrears.