HomeView 2015 Media ReleasesReforms can help home ownership dream

Improving banking competition, making it easier to save for a deposit and mortgage broker reforms can help more Australians achieve their home ownership dream.

Improving banking competition, making it easier to save for a deposit and mortgage broker reforms can help more Australians achieve their home ownership dream.

The Customer Owned Banking Association has made these recommendations in its submission to the House of Representatives Economics Committee Inquiry into Home Ownership.  

“The customer owned sector is actively supporting Australians into home ownership,” COBA CEO Mark Degotardi said.

“Around 80% of our sector’s residential mortgage lending goes to owner occupiers, compared to around 65% for the major banks.

“Positive government reforms will allow us to serve the needs of more Australians.”

“We encourage the committee to support the Financial System Inquiry (FSI) blueprint.

“The FSI’s pro-competitive and pro-consumer recommendations should be given a high priority for implementation.

“They will deliver more choice and bargaining power to home buyers.

“Record low interest rates make it easier to meet repayments but saving for a home deposit has never been more challenging. COBA recommends a scheme is considered to assist first home buyers (FHBs) save a home deposit.

“Deposits are the simplest but most heavily taxed savings vehicle. The tax rate applied to deposits should be lowered to address the inequality and assist FHBs.

“Further options should also be considered for stamp duty relief to help new entrants.

“COBA is also concerned about the broker market. We believe consumers deserve clearer information so they know who they are dealing with, without having to wade through fine print to uncover ownership and product structures.”

For more information please contact:

Daniel McDougall, Senior Manager – Media and Communication

02 8035 8444 or 0407 637 541, This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Customer Owned Banking Association is the industry body for credit unions, building societies, mutual banks and friendly societies.  See coba3.nexusone.com.au

Media Release

Submission

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Media Contacts

Mick Gibb
Corporate Affairs Manager
P: +61 2 8035 8444
M: +61 423 149 494
Email Mickcontact-arrow

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