24 Jul 2022

Are credit unions safer than banks?

Buy a House with Bad Credit

The difference between a bank and a credit union is interesting. While both operate in similar ways, credit unions are owned by the members of the financial institute. Banks have a large team of shareholders, and the customers or ‘members’ are just clients that pay for a banking service.

But are credit unions safe? Which is the safer option? You may be surprised to find that credit unions and banks have the relatively same degree of ‘safeness’ or ‘danger’. All credit unions are overseen by the Banking Act as Authorised Deposit-Taking Institutions (ADIs). All of your information is stored online, but it is not easy to get this information. You don’t have to worry about hackers since credit unions are official non-profit organisations that use different technologies and software systems.

Mortgage House also provides safety to its users and borrowers. While we primarily operate online, it is out of convenience. All issues are also resolved promptly, so if you are looking for a loan, use our competitive interest tool to view a graph of the current lowest rates offered!

Not only can you view the competitive interest rates, but we also have links to easy-to-use and free online mortgage calculators that can give you an idea of how much to borrow and apply for.

Credit Unions Conclusion

While Mortgage House is not a credit union, it can still provide safe and quality services and products. Speak to one of our Mortgage House representatives today for more information about low-cost loans.

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