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With eligible first home buyers now able to apply for a guaranteed home loan with just a 5 per cent deposit, we’ve compiled a list of all lenders participating in the government scheme.
The first home buyer scheme kicked off on 1 January and will see 10,000 Australians set to benefit each financial year by enabling first-time borrowers to access a mortgage from 27 eligible lenders with a deposit of just 5 per cent.
The scheme’s commencement coincided with the release of new research that found 94 per cent of Millennials still see home ownership as important.
According to the government, the scheme has been deliberately designed to ensure strong representation of smaller lenders to promote competition between major and non-major lenders.
The scheme has also reportedly been designed with broad geographic reach in mind, despite CoreLogic’s Eliza Owen considering it to have “an accessibility problem”.
Here’s a full list of involved lenders:
National Australia Bank
Commonwealth Bank of Australia
Australian Military Bank
Bank of us
Beyond Bank Australia
Community First Credit Union
G&C Mutual Bank
Indigenous Business Australia
People’s Choice Credit Union
Police Bank (including Border Bank and Bank of Heritage Isle)
Queensland Country Credit Union
Regional Australia Bank
Sydney Mtuutal Bank and Endeavour Mutual Bank (divisions of Australian Mutual Bank Ltd)
Teachers Mutual Bank Ltd (inclusive of Firefighters Mutual Bank, Health Professionals Bank, Teachers Mutual Bank and UniBank)
The Mutual Bank
WAW Credit Union
Smart Property Investment has previously looked at some of the pros and cons of the first home buyer scheme.