From July 1, five more lenders will join a panel of 25 non-major and two major bank lenders offering the Australian Government’s Home Guarantee Scheme that helps more eligible Australians buy a home, including first home buyers and single parents.
The scheme, currently known as the First Home Loan Deposit Scheme, will be bolstered by Credit Union SA, Illawarra Credit Union, IMB (trading as IMB Bank), Newcastle Permanent Building Society, and Unity Bank.
The lenders have been appointed to the scheme’s non-major bank lender panel, after a competitive procurement process run by the National Housing Finance and Investment Corporation (NHFIC), to complement and strengthen the existing panel, improve the reach and accessibility of the scheme, and support more eligible homebuyers to achieve their homeownership goals.
Launched in 2020, the scheme is an Australian government initiative to support eligible homebuyers to become homeowners sooner. It is administered by NHFIC on behalf of the government.
Since its launch, it has so far helped more than 61,000 Australians buy or build a home, with a significant proportion being women and key workers (figures as of May 31, 2022). In the year ahead, NHFIC anticipates making 50,000 new places available through the scheme to eligible homebuyers.
