The decreases reflect the ongoing impact of intense competition that bcu is experiencing for deposits and as a result bcu's expectation is that the reduction in its funding costs will be less than the 0.50% reduction in official cash rate announced by the RBA on 1 May 2012. bcu’s lending to borrowers is primarily funded by members’ savings and investments and strong competition for these deposits has resulted in bcu’s funding costs increasing relative to the official cash rate over time. To keep rates for borrowers as low as possible for as long as possible, bcu did not increase its variable loan rates earlier this year, independent of the RBA, despite a large number of its competitors doing so due to the increase in funding costs. In addition bcu had passed on in full both previous RBA cash rate reductions where many competitors only passed on lesser amounts. bcu is committed to providing a range of highly competitive loan and deposit products and bcu's lending rates remain lower than many of its larger competitors, which demonstrates a commitment to fair go banking. bcu will continue to carefully manage and balance the interests of its depositors and borrowers to ensure it remains a financially strong and sustainable financial institution in the long term. |
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Copyright 2010, Bananacoast Community Credit Union Ltd. ABN:50 087 649 750 AFSL: 241077 Australian Credit Licence Number: 241077.
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bcu's Registered Office is located at Level 2, 144-148 West High Street Coffs Harbour, NSW 2450; PO Box 1563 Coffs Harbour, NSW 2450.
Please read the Terms and Conditions and Financial Services Guide before acquiring any basic deposit product.
bcu’s Fees and Charges Schedule for home loans and personal loans is available here.
bcu's BSB in Australia is: 704 328. For International Transfers please contact bcu. sitemap