The Morrison Coalition Government’s First Home Loan Deposit Scheme has seen thousands of Australians engage with lenders to secure a guaranteed loan to help them get into a home sooner.
From today, 25 non-major lenders will begin to offer guaranteed loans, along with NAB and CBA, which means more first home buyers can secure a home loan with as little as a five per cent deposit.
The Scheme has been deliberately designed to ensure strong representation of smaller lenders. This will promote competition between the major and non-major lenders, and ensure the Scheme has broad geographic reach, including in regional and remote communities.
Consistent with NHFIC’s Investment Mandate, the non-major lenders will receive no less than 50 per cent of the 10,000 guarantees allocated per financial year.
The strong initial interest the Scheme is very welcome, and it is important to remember this is only the beginning.
From 1 July 2020 a further 10,000 guarantees will become available and we look forward to more Australians taking advantage of this Scheme.
The full list of participating lenders is:
Major bank lenders
- National Australia Bank
- Commonwealth Bank of Australia
- Australian Military Bank
- Auswide Bank
- Bank Australia
- Bank First
- Bank of us
- Bendigo Bank
- Beyond Bank Australia
- Community First Credit Union
- Defence Bank
- Gateway Bank
- G&C Mutual Bank
- Indigenous Business Australia
- MyState Bank
- People’s Choice Credit Union
- Police Bank (including the Border Bank and Bank of Heritage Isle)
- P&N Bank
- Queensland Country Credit Union
- Regional Australia Bank
- Sydney Mutual Bank and Endeavour Mutual Bank (divisions of Australian Mutual Bank Ltd)
- Teachers Mutual Bank Limited (including Firefighters Mutual Bank, Health Professionals Bank, Teachers Mutual Bank and UniBank)
- The Mutual Bank
- WAW Credit Union