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COBA welcomes boost for first home buyers

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The Customer Owned Banking Association welcomes the coalition’s announcement to make it easier for first home buyers to get into the housing market.

Michael Lawrence, CEO of the Customer Owned Banking Association said, “Buying your first home is a rite of passage for so many Australians, but it can be difficult to save for a deposit.

“The First Home Loan Deposit Scheme announced by Prime Minister Morrison, will make it easier for many Australians to get into the property market sooner.”

COBA particularly welcomes the Prime Minister’s comments that the scheme would give preference to smaller banks.

“Australia’s credit unions, mutual banks and building societies have provided loans for millions of Australians buying their first home. By preferencing smaller banks, the Prime Minister is acknowledging that Australians should look beyond the Big Four.

“Australia’s customer owned banking institutions delivering great service, highly competitive pricing and an unmatched customer focus. We account for 70 per cent of the total number of Authorised Deposit-taking Institutions operating in the Australian market,” Mr Lawrence said.

We welcome the Labor Party’s announcement that it will match the scheme.

The Customer Owned Banking Association looks forward to working on the details of the scheme with whichever party wins government on Saturday.

A PDF version of the media release can be read here.

For more information please contact:

Sally Mackenzie
Director – Strategy & Stakeholders
0412721663
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Mick Gibb
Corporate Affairs Manager
P: +61 2 8035 8444
M: +61 423 149 494
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