Customer owned banks make up 20 of 27 lenders on First Home Loan Deposit Scheme panel

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 The Customer Owned Banking Association congratulates the 20 customer owned banking institutions appointed today to the First Home Loan Deposit Scheme (FHLDS) panel. 

“We welcome the news that three-quarters of this panel is made up of mutual banks and credit unions,” said Michael Lawrence, CEO of the Customer Owned Banking Association.

“This shows our sector’s strong commitment to serving first home buyers and providing competition and choice in the home loan market.

“Customer owned banking institutions are excited to work with the Federal Government to help more Australians enter the property market.

“We appreciate the Government’s commitment to competition and choice by ensuring smaller lenders are so well represented in the scheme.

“The range of lenders chosen to participate in the FHLDS is a strong endorsement of the choice that is available to borrowers in the home loan market.

“Customer owned banking institutions deliver highly competitive pricing and an unmatched customer focus. Our sector’s total home loan portfolio surpassed $92 billion in the September quarter 2019,” Lawrence said.

The First Home Loan Deposit Scheme is a Government initiative to support eligible first home buyers purchase a home sooner. It does this by providing a guarantee that will allow eligible first home buyers on low and middle incomes to purchase a home with a deposit of as little as 5 per cent. The Scheme will support up to 10,000 loans each financial year. The two major banks participating in the scheme will start offering guaranteed loans from 1 January 2020 and the 25 non-major lenders will start offering guaranteed loans from 1 February 2020.

List of customer owned banking institutions on FHLDS panel:
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, P&N Bank, QBank, Queensland Country Credit Union, Regional Australia Bank, Sydney Mutual Bank and Endeavour Bank (divisions of Australian Mutual Bank Ltd), Teachers Mutual Bank Limited, The Mutual Bank, WAW Credit Union.