iscover 
The long-awaited government’s shared equity scheme, Help to Buy, will be launching on Friday (5 December) and will initially only be available through two lenders: the Commonwealth Bank of Australia (CBA) and Bank Australia.
While Bank Australia has confirmed its Help to Buy scheme loans will be available through the broker channel, CBA is not doing the same.
When Broker Daily asked whether the broker channel would be able to write these loans as well, it was told that it would not be offered through the broker channel at launch.
Instead, eligible customers will initially only be able to apply through a CommBank home lending specialist.
However, the major bank said this may change in the future.
Baber Zaka, general manager, third-party banking at CBA, commented: “Mortgage brokers play an important role in supporting home ownership in Australia, particularly for first home buyers who are navigating the process for the first time.
“The Australian Government Help to Buy scheme is in its early stages, with a limited number of placements.
“While not currently offered through the broker channel at CBA, we continuously review our distribution strategy and that might change in the future.”
“Brokers have been instrumental in delivering the expanded Australian Government 5% Deposit Scheme and CommBank is proud to be a leading lender in that program, working side-by-side with brokers to support more Australians secure their first home.
“Our focus remains on helping customers to achieve their home ownership objectives and on supporting brokers through investing in innovative technology and comprehensive systems that make working with CBA seamless and industry leading.
“We’re continuing to invest in platforms like CommBroker and integrations such as PEXA Settlement, giving brokers near real-time updates on settlements and soon the ability to self-serve escalations. These innovations are designed to save time and help deliver exceptional outcomes for customers.”
The Mortgage & Finance Association of Australia (MFAA) CEO Anja Pannek said that while the objectives of Help to Buy are welcome, the way in which the Scheme has been launched in this initial phase is limiting equitable access for Australian first home buyers.
“Shared equity is a significant long-term commitment. Borrowers need clear, impartial guidance to understand how the Government’s equity share in their home works, what it means for future borrowing capacity, and how it may impact refinancing or selling,” Pannek said.
“This means access to the scheme has to be available through mortgage brokers.”
She added: “We have consistently advocated for Help to Buy to be accessible through brokers from day one, and we will continue to press for this.
“Consumers should be able to access government housing initiatives through their channel of their choice.”
“We understand that additional lenders are expected to be added to the panel early next year. This will be critical for ensuring broader access to the Scheme. We urge all lenders, present and future to allow interested applicants to get access to the scheme through their mortgage brokers,” Pannek said,
The MFAA said it would continue to engage with Housing Australia, the Minister for Housing Clare O’Neil, participating lenders, and the Government to ensure the Scheme’s distribution structure ensures fair access and informed consumer decision-making.
CBA increasingly focusing on proprietary
CBA has been focusing on proprietary home lending in the past few years, with its most recent financial update showing that 68 per cent of new mortgages were originated through its own channels in the September quarter, up from 67 per cent for the full year to June.
This shift has been driven by cheaper rates on digital-only offerings and the hiring of more home lending specialists in branches, and comes as the major bank eyes proprietary lending flows to improve margins.
The trend reflects a broader push by the major banks to prioritise proprietary lending, prompting concerns from the broking industry about channel conflict and potential lender bias.
[Related: Help to Buy to start on Friday]