Credit Unions, Building Societies, Customer Owned Banks, Mutual Banks VS The Big 4 Banks. Risks, Cons and Advice?
Last edited 10/10/2019 - 16:12 by 1 other user
I am looking at getting a home loan with an offset account.
I am struggling to find information online about what the actual risks and cons are of going with credit unions, building societies, customer owned banks or mutual banks, verses the ever popular big 4 and international banks such as ING and HSBC.
Does anyone know anything about this?
Aside from the obvious cons - they might not have all the same features like multiple offset accounts, award credit cards included etc.
My main concern is situation that might cause me to lose the house, or losing the money in the offset.
What would happen in a financial crisis or in the event that the credit union went under or could no longer service the loans on their books for some reason, etc?
What else is there to consider?