HomeMedia & ResourcesMedia ReleasesCustomer owned banks on the front foot of delivering the First Home Loan Deposit Scheme

Customer owned banks on the front foot of delivering the First Home Loan Deposit Scheme

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Customer owned banks have experienced a surge of interest from potential home buyers ahead of 1 February, when the majority of loans under the First Home Loan Deposit Scheme will be released.

Making up 20 of the 27 lenders on the scheme’s panel of lenders, customer owned banks are playing a key role in delivering the 5000 loans allocated to non-major bank lenders.

Only a month old, the scheme promises 10,000 places for the current financial year. With the first release of 3,000 loans in January filled within a week, consumer demand is high.

Participating customer owned banks have already spent weeks working closely with enquirers, says Chief Executive Officer of the Customer Owned Banking Association, Michael Lawrence.

“Customer owned banking institutions have been helping prospective first home buyers with assembling documentation and preparing applications to assist with timely lodgements from 1 February,” Lawrence said.

“Applicants will now be able to choose from a panel of 27 lenders, bolstering choice under the scheme. Customer owned banking institutions deliver highly competitive pricing and an unmatched customer focus.

 “While pre-approvals are set to continue at a fast rate, applicants who are worried about missing out will have ample opportunity in the months to come.

“The scheme will release a further 10,000 loans at the commencement of the new financial year.

“Customer owned banking institutions have a long tradition of helping first homeowners enter the property market. They have specific products and ways to help buyers, so always ask for help.”

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.

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 (including the Border Bank and Bank of Heritage Isle), 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 (including Firefighters Mutual Bank, Health Professionals Bank, Teachers Mutual Bank and UniBank), The Mutual Bank, WAW Credit Union.

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Ashley Penny
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