The scheme, which is overseen by the National Housing Finance and Investment Corporation (NHFIC), kicked-off on 1 January but only 5,000 spots were initially available through two major banks – NAB and CBA.
NHFIC CEO Nathan Dal Bon says the additional 25 lenders are located around the country and will provide first home buyers with a range of choices.
“More places are now available to help first home buyers purchase a modest home sooner,” Mr Dal Bon adds.
The 25 other lenders
The NHFIC says the 25 non-major participating lenders below are supporting the scheme by committing to not charging eligible customers higher interest rates than equivalent customers outside of the scheme.
- Australian Military Bank
- Auswide Bank
- Bank Australia
- Bank First
- Bank of us
- Bendigo Bank
- Beyond Bank Australia
- Community First Credit Union
- Defence Bank
- Gateway Bank
- G&C Mutual Bank
- Indigenous Business Australia
- MyState Bank
- People’s Choice Credit Union
- Police Bank (including the Border Bank and Bank of Heritage Isle)
- P&N Bank
- 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
Want to find out more?
If you want to apply for this new scheme then it’s best to give us a call sooner rather than later, as the major banks have already registered more than 3,000 potential first home buyers for the 10,000 spots up for grabs this financial year.
We’d be more than happy to run you through the scheme in more detail and, if you’re eligible, help you apply through a participating lender.
Call us on 0430 119 158 to discus how we can help you get into your own home sooner.
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