Queenslanders Credit Union have experienced record levels of refinance enquiries from dissatisfied mortgage holders over the past week following their decision to leave interest rates on hold despite unforced rate hikes from major banks.
Queenslanders Credit Union CEO John Weier said they were excited by the level of interest people had shown in switching home loans to the credit union and were trying to make the transition as smooth as possible.
"In the past week we have had a 400 percent increase in enquiries from people wishing to refinance their home loans to Queenslanders from one of the major banks," Mr Weier said.
"The increase in demand for mortgage refinances is proof people are unhappy and are looking for something more from their home loan provider.
"We’re providing an option for people feeling the financial strain of recent big bank rate rises, so we’ve agreed to waive our usual mortgage loan establishment fee and provide $500 cash back to anyone who refinances their mortgage from a bank to Queenslanders.
"Our home loans offer great interest rates, low fees and, best of all, our experienced loan consultants are happy to help borrowers through the entire switching process.
"In many cases we’ve found our competitive interest rates will save new members thousands of dollars over the life of their loan."
Mr Weier said as a mutual financial institution fully owned by more than 20,000 members Queenslanders were able to focus on member and community needs rather than profit.
"We’re not criticising the banks for changing their rates," Mr Weier said.
"They are a business and their structure means they need to be highly profitable because that is why they exist – to make money.
"Community owned financial institutions like Queenslanders are different – our whole structure is about looking after our members, which means we don’t have the same pressure to make profits that banks do."
"Our claim to provide ‘Banking that’s personal’ is more than just a slogan; it defines the customer experience our members enjoy and the goal that underpins our values."