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COBA members help first home buyers realise their dream through FHLDS


More than 1,150 first home buyers have purchased a property with a loan from customer owned banking institutions participating in the First Home Loan Deposit Scheme.

Making up 20 of the 27 lenders on the scheme’s panel of lenders, Customer Owned Banking Association (COBA) members commenced offering loans under the scheme from 1 February.

Michael Lawrence, CEO of COBA, said the results spoke to the strength of the Scheme, and the commitment of members in helping Australians realise their dreams of home ownership, even in the midst of the COVID-19 crisis.

“COBA is delighted by this strong performance after only three months, which includes homes that have settled or where a sale contract has been signed. Our members are also supporting many more applicants who are in the process of purchasing a property.

“Buying a house is one of the biggest decisions in life, and customer owned banking institutions are specialists at helping their customers make the right decision. They support customers at every step of the way, from initial conversations to the settlement of a property.

“The Scheme is well designed for low and middle income earners, providing a pathway to home ownership amid the challenges of COVID-19.”

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 to the lender that allows eligible first home buyers on low and middle incomes to purchase a home with a deposit of as little as 5 per cent. Another 10,000 Scheme places will be available from July 2020.

List of customer owned banking institutions on the FHLDS panel of lenders

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. 


Media Contacts

Ashley Penny
Corporate Affairs Manager
P: +61 2 8035 8444
M: +61 431 932 950
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