The new lenders set to offer the Australian Government's Home Guarantee Scheme include Credit Union SA, Illawarra Credit Union, IMB Bank, Newcastle Permanent Building Society, and Unity Bank.
Previously called the First Home Loan Deposit Scheme, home buyers using the scheme can enter the market with a 5% deposit without paying lenders mortgage insurance.
The National Housing Finance and Investment Corporation (NHFIC) notes the lenders have been appointed to the scheme’s non-major bank lender panel, following a competitive procurement process.
These banks join a panel of 25 non-major and two major bank lenders already offering the scheme to eligible home buyers including first home buyers and single parents.
The newly appointed lenders will offer the scheme from 1 July 2022, with the NHFIC anticipating 50,000 new places will be made available through the scheme to eligible home buyers in the year ahead.
This encompasses four individual schemes: The Home Guarantee, the New Home Guarantee, the Regional Home Guarantee, and the Family Home Guarantee - the latter of which lowers the deposit requirement to 2%.
The scheme has experienced strong demand since it was launched in 2020, helping more than 61,000 Australians buy or build a home, with a significant proportion being women.
Newcastle Permanent CEO Bernadette Inglis said the mutual bank is delighted to have been selected for the Home Guarantee Scheme.
"Getting Australians into their own homes has always been core to our purpose and this is another way we can achieve this," Ms Inglis told Savings.com.au.
"We look forward to working with the National Housing Finance and Investment Corporation and to the scheme coming into effect 1 July."
First Home Loan Deposit Scheme - Full List of Home Guarantee 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
- Credit Union SA*
- Community First Credit Union
- Great Southern Bank
- Defence Bank
- Gateway Bank
- G&C Mutual Bank
- Illawarra Credit Union*
- IMB Bank*
- Indigenous Business Australia
- Mortgageport
- MyState Bank
- Newcastle Permanent*
- People’s Choice Credit Union
- Police Bank (including the Border Bank and Bank of Heritage Isle)
- P&N Bank
- QBANK
- Queensland Country Credit Union
- Regional Australia Bank
- Australian Mutual Bank
- Teachers Mutual Bank Limited (including Firefighters Mutual Bank, Health Professionals Bank, Teachers Mutual Bank and UniBank)
- The Mutual Bank
- Unity Bank*
- WAW Credit Union
* New for 1 July 2022
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| Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Extra Repayments | Split Loan Option | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
5.94% p.a. | 5.98% p.a. | $2,978 | Principal & Interest | Variable | $0 | $530 | 90% |
| Promoted | Disclosure | ||||||||||
5.89% p.a. | 5.80% p.a. | $2,962 | Principal & Interest | Variable | $0 | $0 | 80% |
| Promoted | Disclosure | ||||||||||
5.99% p.a. | 6.02% p.a. | $2,995 | Principal & Interest | Fixed | $0 | $0 | 60% |
| Promoted | Disclosure | ||||||||||
5.93% p.a. | 5.93% p.a. | $2,975 | Principal & Interest | Variable | $0 | $395 | 70% | Disclosure |
