Credit Union SA opens doors for first home buyers with $5,000 grant

South Australian real estate hopefuls are one step closer to entering the competitive housing market after Credit Union SA announced a new market-leading first home buyers grant.

Changes to the SA Government’s First Home Owner Grants in 2014 made securing funds for a first home purchase harder for buyers as it no longer applied to established properties. But Grant Strawbridge, CEO of Credit Union SA hopes the customer-owned institution’s $5,000 grant can help to alleviate financial pressures on potential buyers.

“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,” he said.

RELATED: New incentive to fix! ING Direct introduces 3.98% three-year fixed home loan rate

The $5,000 cashback offer is available to first home buyers taking out a mortgage of at least $200,000 with Credit Union SA. On top of the cash back incentive, Credit Union SA customers can also take advantage of low variable rates starting from 4.20%.

Strawbridge suggested the grant might renew borrower interest by making it easier to enter the market, and ultimately, strengthen the entire South Australian economy.

“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.

Find all the details on a Credit Union SA mortgage here, or head to our comparison tables to check out the some of the best home loan deals for first-time buyers on the market.