Customer-owned banks have helped over 1,150 borrowers purchase a property through the federal government's First Home Loan Deposit Scheme (FHLDS).
Michael Lawrence, CEO of COBA, said of the 27 banks on the scheme's panel of lenders, 20 are customer-owned, providing a range of choice for first-home buyers.
"Buying a house is one of the biggest decisions in life, and customer-owned banking institutions are specialists at helping their customers make the right decision. They support customers at every step of the way, from initial conversations to the settlement of a property," he said.
The FHLDS allows homebuyers to purchase a property without having to meet the typical 20% deposit requirement.
"The scheme is well designed for low- and middle-income earners, providing a pathway to homeownership amid the challenges of COVID-19," Lawrence said.
An initial 10,000 slots were opened this year. Non-major lenders will get at least half of the 10,000 guarantees.
"COBA is delighted by this strong performance after only three months, which includes homes that have settled or where a sale contract has been signed. Our members are also supporting many more applicants who are in the process of purchasing a property," Lawrence said.
The following customer-owned banking institutions are on the scheme's panel of lenders:
- Australian Military Bank
- Bank Australia
- Bank First
- Bank of us
- Beyond Bank Australia
- Community First Credit Union
- Defence Bank
- Gateway Bank
- G&C Mutual Bank
- People’s Choice Credit Union
- Police Bank (including the Border Bank and Bank of Heritage Isle)
- P&N Bank
- Queensland Country Credit Union
- Regional Australia Bank
- Sydney Mutual Bank and Endeavour Bank (divisions of Australian Mutual Bank Ltd)
- Teachers Mutual Bank Limited (including Firefighters Mutual Bank, Health Professionals Bank, Teachers Mutual Bank, and UniBank)
- The Mutual Bank
- WAW Credit Union
Collections: Mortgage News