The list of 27 lenders who will be able to offer loans under the First Home Loan Deposit Scheme (FHLDS) has been released. Another Big Four bank joins the list, with the rest of the list made up of smaller players. Here’s when you can apply, and how to do it.
UPDATE: 2020 First Home Loan Deposit Scheme: lowest variable loan rate from each lender revealed
MORE INFO: First Home Loan Deposit Scheme – how to apply
The National Housing Finance and Investment Corporation (NHFIC) has released the list of residential mortgage lenders involved in the first round of the scheme, which kicks off on 1 January, 2020. The scheme is designed to help eligible Australian first home buyers – who have saved deposits as low as 5% – to get a loan, without needing to pay for lenders’ mortgage insurance (LMI). The scheme’s first round is available to 10,000 eligible first home buyers, who are purchasing properties that meet certain criteria, including fitting under a price cap based on their geographical area.
Major bank lenders which will be opening FHLDS applications from 1 January, 2020, are:
- National Australia Bank (previously announced)
- Commonwealth Bank
Non-major lenders which will be opening FHLDS applications from 1 February, 2020, are:
- Australian Military Bank
- Auswide Bank
- Bank Australia
- Bank First
- Bank of us
- Bendigo Bank
- Beyond Bank Australia
- Community First Credit Union
- CUA
- Defence Bank
- Gateway Bank
- G&C Mutual Bank
- Indigenous Business Australia
- Mortgageport
- MyState Bank
- People’s Choice Credit Union
- Police Bank (including the Border Bank and Bank of Heritage Isle)
- P&N Bank
- QBANK
- Queensland Country Credit Union
- Regional Australia Bank
- Sydney Mutual Bank and Endeavour Mutual Bank (divisions of Australian Mutual Bank Ltd)
- Teachers Mutual Bank Limited (including Firefighters Mutual Bank, Health Professionals Bank, Teachers Mutual Bank and UniBank)
- The Mutual Bank
- WAW Credit Union
More on the scheme: Want to apply for the First Home Loan Deposit Scheme? Here’s how much you may need to save
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