Newest mutual bank stakes claim for new customers

On its first day as the newly rebadged Teachers Mutual Bank (TMB), the former Teachers Credit Union has claimed that it is already seeing a shift of customers away from the big banks, towards the mutual sector.

The trend has been acknowledged in mutual banking circles since the big four banks broke ranks with the RBA interest rate cycle late last year.

As has been reported widely, refinancing remains the growth area for home loans this year, and James said TMB has been taking refinancing business away from the four majors.

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