Much like other financial institutions, there’s a range of factors we take into consideration when we’re setting our lending rates. However, as a mutual credit union, we do not rely on the cash rate set by the Reserve Bank of Australia (RBA) to set our interest rates. We use the money our members deposit with us to fund our lending portfolio, so the RBA cash rate serves as more of an industry benchmark and isn’t directly influential. We always strive to find an equitable balance between our depositor members and our borrowing members.
Unlike banks, we reinvest our profits back into the Credit Union to provide better products and services, so we can continue to offer competitive rates to both depositing and lending members.