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Helping Australians with the First Home Loan Deposit Scheme

Bank First is proud to be one of the official providers of the First Home Loan Deposit Scheme, a new Australian Government initiative helping eligible buyers to purchase their first home sooner.

From 1 February 2020, eligible Bank First customers will have the opportunity to apply for their first home loan with a minimum of 5% of the property’s value towards the deposit. 

Under the Scheme, the Australian Government will provide a limited guarantee covering up to 15% of the property’s value. This means that participants will avoid paying additional fees such as Lender’s Mortgage Insurance, which is usually required for deposits under 20%. 

Bank First CEO William Wolke said “as a Customer Owned Bank, we understand the needs of our customers and despite low interest rates, many Australians are unable to save the 20% deposit required to avoid incurring Lenders Mortgage Insurance costs”.

Wolke said “we are proud to be participating in this important initiative so that we can continue to support and empower our people financially, so that we can help get first home buyers into their homes sooner”.

Bank First is committed to providing first home buyers with the support they need to move into their first home sooner. We have a range of customised products available for first home buyers, including the Australian first Home First portal, which uses real-time data to guide home buyers through the process and provide property options based on their budget, desired location, and lifestyle aspirations.

Interested applicants are encouraged to take their first step by speaking with one of our friendly lending specialists on 1300 654 822

To find out more about the Scheme, visit: https://www.nhfic.gov.au/what-we-do/fhlds/