We investigate two-flavour and two-colour QCD at finite temperature and chemical potential in comparison with a corresponding Nambu and JonaLasinio model. By minimizing the thermodynamic potential of the system, we confirm that a second order phase transition occurs at a value of the chemical potential equal to half the mass of the chiral Goldstone mode. For chemical potentials beyond this value the scalar diquarks undergo Bose condensation and the diquark condensate is nonzero. We evaluate the behaviour of the chiral condensate, the diquark condensate, the baryon charge density and the masses of scalar diquark, antidiquark and pion, as functions of the chemical potential. Very good agreement is found with lattice QCD (N c = 2) results. We also compare with a model based on leading-order chiral effective field theory.