From today, first home buyers will be able to apply to First Home Loan Deposit Scheme lending panel lenders to secure a guarantee to build a new home or purchase a newly built home with a deposit of as little as five per cent.
As part of the Morrison Government’s Economic Recovery Plan to create jobs, rebuild our economy and secure Australia’s future, 10,000 first home buyers will be able to purchase a new home sooner under our extended First Home Loan Deposit Scheme.
These additional guarantees will be available until 30 June 2021 and will drive more construction and support jobs in the economy at a time its needed most.
The First Home Loan Deposit Scheme has delivered for first home buyers with almost 20,000 buyers accessing the Scheme to purchase a home this year.
In September, the Australian Bureau of Statistics’ lending indicators data showed that first home buyers are flooding into the housing market, with the number of loans to first home buyers reaching the highest number in over a decade.
The total number of owner occupier first home buyer loan commitments rose 6.0 per cent to represent 40 per cent of the total number of owner occupier loans issued in September.
From today, the following lending panel members are ready to accept applications for a guaranteed loan to build a new home or purchase a newly built home:
Australian Military Bank | Defence Bank | P&N Bank |
Australian Mutual Bank | G&C Mutual | People’s Choice |
Bank Australia | Gateway Bank | QBank |
Bank of Us | IBA Group | Qld Country Bank |
Bendigo Bank | The Mutual | Regional Australia Bank |
Commonwealth Bank | MyState | WAW Credit Union |
Community First | National Australia Bank |
From 9 November 2020 onwards, the following lending panel members will begin to accept applications for a guaranteed loan to build a new home or purchase a newly built home:
Auswide Bank | Credit Union Australia | Police Bank |
Bank First | Mortgageport | Teachers Mutual Bank |
Beyond Bank |
Eligible first home buyers will also be able to take advantage of the Morrison Government’s HomeBuilder programme and First Home Super Saver Scheme, and may also be eligible for state and territory grants and concessions.
Combined, the First Home Loan Deposit Scheme, Homebuilder and First Home Super Saver Scheme represent an unprecedented level of Federal Government support for home buyers and the construction industry alike.
The Morrison Government is committed to doing all we can to help Australians get into a home of their own as part of our Economic Recovery Plan for Australia.
