Credit Union SA to help first home buyers climb onto the property ladder

Credit Union SA has launched a scheme designed to buck the industry norm by taking mortgage and financial experts to the people in a series of information roadshows across metropolitan and regional locations to help first home buyers climb onto the property ladder.

Credit Union SA CEO, Grant Strawbridge said the program would see a number of first home buyer seminars held at shopping centres and key public locations where people could come along and listen to practical advice on things they should consider when planning to buy a home.

“Because buying a home is the biggest purchase most of us will ever make it can be a daunting process, and is often more so for someone who might be young or who has never done it before,” Mr Strawbridge said.

“We have found that people have a range of questions they want to ask but really don’t know where to go to find answers about issues such as how much deposit might be needed, what they should be doing about budgeting and whether it is necessary to have pre-approvals before they go shopping for a house,” he said.

“With the local property market showing signs of improvement there are a growing number of people who are thinking about buying in the months and years ahead, and our seminars provide an opportunity for someone to speak with an expert on their own terms and in their local area.”

Mr Strawbridge said despite Adelaide being rated as one of the most affordable cities in Australia, a recent survey found that first home buyers still need to save for an average of 3.9 years to raise a 20% deposit for a median priced metro Adelaide house ($395,000).

“That savings target has seen people aged in their twenties and into their thirties living longer with their parents as they build their deposit and prepare themselves for financial independence,” Mr Strawbridge said.

Credit Union SA expects nearly 250 first home buyers to attend the seminars over coming months and bookings can be made online at www.creditunionsa.com.au or by phoning 8202 7721.

The first home buyer information seminars will be held on:

·         17 April at the Golden Grove Village Shopping Centre (The Golden Way, Golden Grove)

·         10 July at the Credit Union SA Head Office (Level 3, 400 King William Street, Adelaide)

·         17 July at the Port Augusta Golf Course (Hamilton Road, Port Augusta)

·         1 October at the South Adelaide Football Club (1 Lovelock Drive, Noarlunga Downs)

As South Australia’s third largest credit union, Credit Union SA has a total of seven branches, $800 million in assets and more than 50,000 members.