Australia’s largest customer-owned financial institution lent its customers a record $1.8 billion in the second half of 2014.
The value of new loans to customers from 1 July to 31 December 2014 was up by around 75 per cent – or $800 million - compared to the corresponding six-month period the previous year.
CUA general manager, products and marketing, Jason Murray, said that on the back of strong lending results for July to September, CUA finished the year with three consecutive record-breaking months for lending.
The three record months helped CUA grow at more than three times the average rate of the industry for that period.
“In December alone, we issued $373 million in new loans, with more than 95 per cent of that being for housing,” Mr Murray said.
“That is the highest value for new lending in one month that CUA has ever achieved in our 70-year history,” he said.
“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.”
Mr Murray said brokers are contributing to CUA’s lending growth, generating close to half of its new loans.
“Consumers are increasingly using comparison services and brokers for everything from hotel bookings to insurance, and banking is no different,” he said.