ECU Australia is pleased to report that in the latest Canstar Cannex Ratings their Variable Home Loan achieved a 5 star rating, the highest rating available.
The widely renowned Canstar Cannex ratings are complied from over 100 different lenders and over 1600 products. Both their Premium Variable Rate Home Loan and their Loyalty Home Loan Package were awarded 5 stars.
ECU Australia CEO, Mr Brett Myles said “As Far North Queensland’s largest locally based financial institution we pride ourselves on offering competitive products and a real alternative to the major banks.”
The results showed that while the major banks hold over 90% of the home loan market their products made up only 12% of the 5-Star loans, confirming that there is little correlation between market share and product excellence.
The bottom line is that prospective borrowers should research available home loans rather than just committing to one with an attractive headline interest rate. There are other factors to consider including fees and product features.
