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A welcome boost for first home buyers

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First Home Loan Deposit Scheme

South West Credit Union welcomes the coalition’s announcement to make it easier for first home buyers to get into the housing market.

David Brown CEO of South West Credit Union 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.”

South West Credit Union particularly welcomes the Prime Minister’s comments that the scheme would give preference to smaller banks and Credit Unions.

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

“Australia’s customer owned banking institutions deliver a 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 Brown said.

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

South West Credit Union looks forward to working on the details of the scheme with whichever party wins government on Saturday.