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Queenslanders Credit Union has bucked a recent banking trend by today announcing they will not increase rates on their variable interest rate home loans. The announcement comes after three of the four major banks increased rates, independently of the Reserve Bank, by up to 0.16% earlier in the month.
According to Queenslanders CEO, Aileen Cull, the decision was driven by the organisation’s customer-owned operating structure, which takes into account the needs of their 100,000 Members along with the Credit Union’s commercial goals.
“The banks cited an increase in the cost of attracting deposit fund as the reason for their decision. The reality is, Queenslanders is facing the exact same pressures, but on this occasion we’ve decided to absorb the extra costs rather than pass them on to our Members,” Ms Cull explained.
“We have some latitude when making these decisions because we don’t need to choose between what is best for our shareholders and our customers – they are one and the same,” she added.
While she could not guarantee that Queenslanders would not need to increase rates at some stage in the future, Ms Cull confirmed that such a decision would not be made lightly. “If the market conditions putting pressure on interest rates continue, we may have to reassess our position. But for now, we feel comfortable that we have made the right decision for our Members, she said.
Ms Cull also confirmed that the organisation would be making changes that will allow more Members to enjoy fee-free transactional banking in the coming weeks. Their current fixed rate loan offer of 3.74% for two years will also remain unchanged.
Queenslanders has representation in regional communities throughout the State and are conscious that the current drought conditions are placing pressure on many households. Last week the organisation, along with Queensland Country Health Fund, donated $50,000 to the Buy a Bale appeal aimed at assisting regional communities.
“We’re doing our bit to support the communities that support us through these difficult times,” she said.