Queensland based Credit Union handing down early Xmas present
Queensland Country Credit Union CEO Aileen Cull today announced the business would pass on the RBAs rate cut in full on variable home loan rates as of December 17 this year.The rate cut for Members is the latest in a series of cuts by Queensland’s largest regionally based credit union, which continues to offer a standard variable home loan rate lower than the big four banks.
Ms Cull said the customer owned model of the credit union meant Queensland Country could typically offer a greater experience over the long term as they were not driven by delivering dividends to shareholders.
“We are thrilled to be able to pass on the full 25 basis points at a time when 3 of the 4 major banks have announced cuts of just 20 basis points, and the 4th major is still to announce their cut,” she said.
“It means we can not only provide exceptional service to regional Queenslanders, in terms of banking, but that they can potentially get a better deal as well.”
Ms Cull was also quick to point out that the impact of the rate cut would be particularly appreciated at this time of year.
“People who have their mortgages with Queensland Country will appreciate being charged less interest as they approach Christmas.
“We will always look to achieve the best outcome for our Members, who after all, are owners of Queensland Country,” she said.