The Queensland Teachers' Credit Union has being named Queensland's best non-bank lender for first home buyers by Canstar Cannex.
The Queensland Teachers' Credit Union (QTCU) beat all Queensland credit unions, building societies and mortgage providers to take out the award for its Smart Starter Home Loan Package, designed specifically for first home buyers.
QTCU CEO Mike Murphy said the win was the result of careful research into creating a product suited to the first home buyer market.
"Queensland Teachers' Credit Union's Smart Starter Home Loan Package has been designed to make the process of buying a home that little bit easier for first home owners," he said.
Canstar Cannex head of research Steve Mickenbacker said although the major banks had the edge when it came to national coverage, state-based non-banks played an important role by providing healthy competition in the local lending market.
Murphy said QTCU continued to demonstrate the viability of using credit unions as an alternative to the major banks.
"We continuously strive to provide our members with products and services that suit their needs and this award demonstrates our ability to create products that are both relevant and highly competitive."
Canstar Cannex researched 403 products from 115 lenders before choosing QTCU as its winner.
Mutuals boast higher regulation standards - Credit unions and building societies are ahead of the pack when it comes to responsible lending practices, according to the industry body Abacus.