Twenty-six additional lenders have been appointed to the government’s First Home Loan Deposit Scheme
Twenty-six additional lenders have been appointed to the initial panel of the government’s First Home Loan Deposit Scheme, including major bank Commonwealth Bank.
The National Housing Finance and Investment Corporation (NHFIC) has announced its full panel of lenders taking part in the federal government’s First Home Loan Deposit Scheme (FHLDS).
Following on from the announcement that CBA has been named as the second major bank to offer loans under the scheme, along with 25 non-major lenders.
The participating lenders will have the ability to write loans for first home buyers (FHBs) who have saved deposits as little as 5 per cent, with the government set to guarantee the rest of the deposit under the FHLDS.
CBA and NAB will reportedly be able to issue up to 50 per cent of the 10,000 annual guaranteed loans provided per financial year, according to the NHFIC Investment Mandate.
The two major banks will be accepting applications for the scheme from 1 January 2020.
The other 50 per cent of guaranteed loans will be written by the other non-major lenders on the NHFIC lending panel.
The non-majors will be taking applications from 1 February 2020.
The full list of lenders on the panel, along with NAB and CBA, are as follows:
• 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)
• Teachers Mutual Bank Ltd (including Firefighters Mutual Bank, Health Professionals Bank, Teachers Mutual Bank and UniBank)
• The Mutual Bank
• WAW Credit Union
Applications for the scheme will begin on 1 January 2020 and can be made either directly to participating lenders or via the broker channel. The NHFIC will not be taking any direct applications.
Additional lenders may be “periodically” added to the panel after the scheme was launched, according to the NHFIC.
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