On 1 February 25 smaller lenders around the country started offering the Australian Government’s new First Home Loan Deposit Scheme – offering guaranteed loans, giving eligible first home buyers wider consumer choice. The Scheme allows eligible first home buyers on low and middle incomes to purchase a home with a deposit of as little as 5 per cent.

A further 10,000 Scheme places will be released from July and all participating lenders are supporting the Scheme by committing to not charging eligible customers higher interest rates than equivalent customers outside of the Scheme.

Having the choice of large and small lenders gives first home buyers a great choice with most lenders having information on their websites. You are able to apply through your Mortgage Broker who can help you find a suitable lender for your specific needs.

The mix of the lending panel offers competition between the big and small lenders, and also ensuring that the Scheme has broad geographic reach, including in regional and remote communities.

The initial Scheme lenders are:

Major bank lenders:

National Australia Bank
Commonwealth Bank of Australia

Non-major lenders:

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

Information about the Scheme is available on NHFIC’s website (www.nhfic.gov.au/what-we-do/fhlds/) including online tools to assist prospective first home buyers determine their potential eligibility and identify the relevant property price threshold that will apply to any potential purchases.

Need some Advice about loans?

A mortgage broker can help you find the right loan and secure the finance that’s most suitable for you. It will also ensure you avoid making mistakes.

Any questions you may have regarding loans, contact Annette Tothill on 0420 973 551.