CUA supports first homebuyers with $244 million of lending via government scheme
CUA is helping Australians achieve the dream of owning their first home with $244 million in home loans issued and in progress from the first round of the First Home Loan Deposit scheme (FHLDS), it revealed today.
Australia’s largest member-owned banking organisation is encouraging prospective homeowners to prepare now to secure one of the 10,000 additional scheme places set for release on 1 July.
Registering interest in the scheme, organising finances and researching scheme eligibility were all steps buyers should take now to avoid missing out, said Chief Customer Officer Megan Keleher.
“For over 70 years CUA has been providing affordable finance to help Australians achieve the dream of home ownership, and our advice for future homeowners is simple: talk to us,” said Ms Keleher.
“Our team members understand the scheme and we can tell you what you need to do and how to do it. If you pre-register your interest with us, you will be contacted by a lender who understands how it works, so you can own your own property even sooner.
“It’s vital to get your finances in order. To finalise your application, whether that is with CUA or another lender, you’ll need to submit your 2019-2020 tax return and have received your Notice of Assessment back from the Australian Taxation Office. For many people, this may mean waiting a few weeks until you can complete your application, so it is worthwhile being organised and ready to lodge it as soon as you can.”
Ms Keleher said CUA has a long history of providing affordable and accessible pathways to home ownership.
“Our origins date back to Australia’s first credit union, which provided fair and responsible finance to people who weren’t able to access loans from traditional banks,” Ms Keleher said.
“We’re proud to continue that legacy today, helping hundreds of Australians, including singles and couples, into homeownership sooner through the FHLDS, and helping others through related schemes like BuyAssist which assists eligible home buyers with their deposits.
“Many users of the scheme have already moved into their new homes, or are well down the path towards becoming a home owner. We’re pleased to have helped so many people make progress towards securing their own financial future and improving their long-term financial wellbeing.”
The National Housing Finance and Investment Corporation administers the Australian Government scheme, which provides a guarantee for eligible first home buyers to purchase a home with a minimum 5 per cent deposit and no lenders’ mortgage insurance.
Applicants can pre-register for the scheme at www.cua.com.au/firsthome and will be contacted by CUA when the next round of places in the scheme are released.
1 as at 26/06/2020.