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New laws aimed at helping consumers compare home loans and credit cards is an opportunity to steer more Australians to understand the benefits of Credit Unions and Building Societies.

"Credit unions and mutual building societies have excellent home loan and credit card products, with low fees and highly-competitive rates," says Louise Petschler, Abacus – Australian Mutuals CEO.

The new laws were approved this week with the passage by Federal Parliament of the National Consumer Credit Protection Amendment (Home Loans and Credit Cards) Bill. Significant aspects of the legislative package will be implemented through regulations.

"We welcome the objective of these reforms – that is, to make it easier for consumers to navigate the sometimes complicated landscape of home loans and credit cards," Petschler said.

"We look forward to continuing to work with the Government to ensure the regulations are designed effectively to achieve the consumer benefit while minimising regulatory compliance costs for lenders.

"More than 4.5 million Australians already bank with a mutual banking institution, and our sector currently holds around 10 per cent of the new home loan market and has been growing its share of this market. Mutual banking institutions are offering Australian borrowers genuine choice.

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