Community CPS Australia Group holds firm on interest rates
Following last week’s announcements by the big banks to increase their interest rates against the Reserve Bank of Australia’s direction, leading credit union Community CPS Australia – operating as United Community in Western Australia - today announced they have no immediate plan to change their standard variable home loan rate.
Community CPS Chief Executive Officer, Robert Keogh, said the decision reflects the credit union’s commitment to delivering value to its members, and also highlighted the different business models of banks and mutually owned organisations.
"As a customer owned financial institution we are committed to creating and returning the best value to our members – absorbing the interest rate pressures in this instance is a demonstration of that commitment," said Mr Keogh.
"Our standard variable home loan rate was lower than the major banks’ prior to their rate changes and we will continue to adopt a position where we can demonstrate a return of value to our borrowing members, while at the same time ensuring that the business remains sustainable in the long term."
"We achieve this by generating an appropriate level of profits and reinvesting this back into the business. That way all members benefit, not just the borrowers."
About THE COMMUNITY CPS AUSTRALIA GROUP
The Community CPS Australia Group is one of the largest customer owned financial institutions in Australia, with assets under management approaching $4 billion. The credit union employs 585 staff across 48 branches, servicing more than 180,000 members. Community CPS is located in South Australia and the Australian Capital Territory, and operates as Wagga Mutual Credit Union in Wagga Wagga, Companion Credit Union in the Hunter Valley and United Community in Western Australia.
The Group comprises activities in banking, the community (through the Community CPS Foundation) and professional services (wealth management, tax and accounting services via Eastwoods). For more information visit www.communitycps.com.au