The alternative banking sector has reported a substantial growth in home-loan activity due to the First Home Loan Deposit Scheme (FHLDS), according the Customer-Owned Banking Association (COBA).
The sector posted a 1.32% home loan growth over the December quarter, higher than the average gain the whole banking system recorded at 0.57%.
"While negotiating the pandemic with operational resilience, customer-owned banking institutions have also continued to back Australians on home ownership," said Michael Lawrence, CEO of COBA.
According to COBA's figures, over 8,300 first-home buyers have now purchased a property with a loan from one of the 20 customer-owned banking institutions on the scheme’s panel of lenders.
"These banking institutions are helping customers take advantage of a low-interest-rate environment, including first-time buyers, and owner-occupiers refinancing to save money," Lawrence said. “The government is also reissuing around 1,800 unused FHLDS guarantees from the 2019-20 financial year, providing aspiring buyers with yet another reason to enquire with a participating lender.”
The following banking institutions are on the FHLDS 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 Bank
- 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