20 of the 27 banks on the FHLDS panel of lenders are customer-owned

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.

Also read: Deposit scheme popular amongst regional buyers

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
  • CUA
  • 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