CUA's new loans up 75% over the year

CUA lent its customers $1.8 billion in the last six months of 2014, up $800 million from the same period the year before.

According to general manager of products and marketing Jason Murray, the result, a record breaker for CUA, was largely a result of the final three months of the year.

"In December alone, we issued $373 million in new loans, with more than 95% of that being for housing. That is highest value for new lending in one month that CUA has ever achieved in our 70-year history," said Murray.

"The record breaking run started in October when we issued a massive $350 million in new loans. In November, we broke that record with $357 million of new loans. And we topped it yet again in December."

CUA claims the October to December results "helped CUA grow at more than three times the average rate of the industry for that period".

Murray noted the growing influence of mortgage brokers.

"Mortgage brokers are also contributing to our lending growth, generating close to half of our new loans, which reflects a trend across the industry. Consumers are increasingly using comparison services and brokers for everything from hotel bookings to insurance, and banking is no different."

As of 24 February, CUA will offer a variable rate home loan for 4.43% per annum to customers with at least 20% equity in their property or a 20% deposit.

Their standard variable home loan interest rate will be 5.15%.