FIVE more lenders will offer the First Home Loan Deposit Scheme after being appointed to its non-major bank lander panel by the National Housing Finance and Investment Corporation (NHFIC).
From July, Credit Union SA, Illawarra Credit Union, IMB Ltd (trading as IMB Bank), Newcastle Permanent Building Society and Unity Bank Limited will join a panel of 25 non-major and two major bank lenders already offering the scheme to eligible home buyers and single parents.
NHFIC anticipates making 50,000 new places available through the scheme to eligible home buyers across its four individual schemes, which include the home guarantee, new home guarantee, regional home guarantee and family home guarantee.
First home buyers are able to purchase a home with a deposit of as little as 5%, while the family home guarantee allows single parents to purchase with a deposit of just 2%.
Since being launched in 2020, more than 61,000 Australians have taken up the scheme to buy or build a home, with a significant proportion being women and key workers, according to the NHFIC.
NHFIC administers the scheme on behalf of the government.
