First home deposit scheme extension announced
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 |
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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.
