Credit Union SA announces market-leading $5,000 cash back to help first home buyers
30 Apr 2016
Credit Union SA has thrown much-needed financial support to first-time property buyers by announcing a market-leading First Home Buyers Grant that will help South Australians get a foothold into the property market sooner.
CEO, Mr Grant Strawbridge, said the customer-owned financial institution had developed the Credit Union SA $5,000 First Home Buyers Grant to open as many front doors as possible for first home buyers, and renewed buyer interest would ultimately strengthen the South Australian economy.
“The first home buyer segment represents about 15% of all loan settlements in South Australia annually, and this ongoing opportunity offers this group a practical way to help them into their own home,” Mr Strawbridge said.
When the SA Government’s First Home Owner Grants were changed in 2014 it became harder for first home buyers to get their foot in the door.
Mr Strawbridge said the Credit Union SA $5,000 First Home Buyers Grant – which applies to first home buyers taking out a mortgage of at least $300,000 to purchase a home with a loan to value ratio (LVR) over 80% – had been developed following a series of free home buying information seminars, where dozens of potential home buyers spoke about the challenges of realising the dream of home ownership.
“This is the biggest purchase that most of us will ever make, and our $5,000 First Home Buyers Grant allows people to be informed and in control of this major investment decision in the property market,” he said.
As South Australia’s third largest credit union, Credit Union SA has a total of five branches, over $915 million in assets and around 49,000 members.