APRA has recently released its latest quarterly statistics, showing strong growth for the customer-owned banking sector. Because of the recent report, investors are optimistic for 2018’s second half.
According to the APRA quarterly report, housing loans have increased by 5.5% and deposits have grown by 5.9% over the last year. The data also shows that total customer-owned banking sector assets have already reached about $112 billion, translating to a $6 billion increase over the past year.
Housing loan growth for customer-owned banks has performed better than the big 4 banks which grew by 5.1% and above system with a recorded growth of 5.4%. Meanwhile, deposit growth has grown more than double than major banks which increased by 2.7% and above system which grew by 3.1%.
Mutual banks, credit unions and building societies have also achieved strong results, giving a great alternative across Australia. The Banking Royal Commission has truly made Australians keener to banking alternatives or switching their banking. COBA and Essential Media reports both support these findings and reiterate the recent increase in interest and demand for banking alternatives.
If you would like to know more about banking alternatives and finance, you can click here to know more about Chan & Naylor services. You can leave your details here and we can schedule you for a free consultation. We’ll contact you to explain more.
Whether you are a beginner, seasoned investor or business owner, our property and business tax accountants can give you guidance to maximise the financial areas of your life. We can also give you an integrated and tailored solution for your superannuation, taxation, property investment, asset protection, estate planning and more.
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