First home deposit scheme extension announced

First home deposit scheme extension announced
Joel RobinsonDecember 7, 2020

The office of Michael Sukkar has announced the lending panel leaders that are ready to accept applications for a guaranteed loan 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 Federal Government’s plan to create jobs and rebuild the economy, 10,000 first home buyers will be able to purchase a new home sooner under the extended first home loan deposit scheme, which will be available until June 30, 2021.

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 November 9 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 Federal Government’s HomeBuilder programme and first home super saver scheme, and may also be eligible for state and territory grants.

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.

These additional guarantees will drive more construction and support jobs in the economy at a time it's needed most.

 

 

Joel Robinson

Joel Robinson is a property journalist based in Sydney. Joel has been writing about the residential real estate market for the last five years, specializing in market trends and the economics and finance behind buying and selling real estate.

Editor's Picks