12 December 2019
Underlines Mutuals as responsible alternatives to major banks
The Business Council of Co-operatives and Mutuals (BCCM) congratulates its mutual members on being selected as approved non-major lenders by the National Housing Finance and Investment Corporation (NHFIC) to offer mortgages under the Federal Government’s First Home Loan Deposit Scheme (FHLDS) and help more Australians into home ownership.
Melina Morrison, BCCM’s CEO, said, “We congratulate BCCM members on their inclusion into the non-major list for the FHLDS. We know that mutual banks and credit unions have responsible lending practices as evidenced by their very low default rates. This shows they are excellent bank partners for government when it comes to credit risk.
“Home lending is core business for mutual banks, credit unions and building societies from their inception, being formed to address access to affordable lending in the first place. Fifteen of the 25 non-major bank lenders are members of BCCM showing strength in diversity.
“In this era of accountability, we are pleased government showed it understands the importance that borrowers be given lender choice. We know that member owned businesses are not conflicted between shareholder and customer interests because they are customer owned institutions. Borrowers can be assured their needs will always come first.
Ms Morrison added, “This selection demonstrates that the size of bank hasn’t diminished these mutuals’ capacity to supply these loans and we are pleased that mutuals can carry on their legacies of servicing the Australians who help Australians such as our defence personnel and first responders and also be able to extend their product offering to their members.”
BCCM Members included in the panel include:
- Australian Military Bank
- Australian Mutual Bank
- Bank Australia
- Bank First
- Bank of Us
- Beyond Bank
- Community First Credit Union
- Credit Union Australia
- Defence Bank
- People’s Choice Credit Union
- Police Bank
- P&N Bank
- Queensland Country Credit Union
- Regional Australia Bank
- Teachers Mutual Bank
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