The new lenders set to offer the Australian Government's Home Guarantee Scheme include Credit Union SA, Illawarra Credit Union, IMB Bank, Newcastle Permanent Building Society, and Unity Bank.

Previously called the First Home Loan Deposit Scheme, home buyers using the scheme can enter the market with a 5% deposit without paying lenders mortgage insurance.

The National Housing Finance and Investment Corporation (NHFIC) notes the lenders have been appointed to the scheme’s non-major bank lender panel, following a competitive procurement process.

These banks join a panel of 25 non-major and two major bank lenders already offering the scheme to eligible home buyers including first home buyers and single parents.

The newly appointed lenders will offer the scheme from 1 July 2022, with the NHFIC anticipating 50,000 new places will be made available through the scheme to eligible home buyers in the year ahead.

This encompasses four individual schemes: The Home Guarantee, the New Home Guarantee, the Regional Home Guarantee, and the Family Home Guarantee - the latter of which lowers the deposit requirement to 2%.

The scheme has experienced strong demand since it was launched in 2020, helping more than 61,000 Australians buy or build a home, with a significant proportion being women. 

Newcastle Permanent CEO Bernadette Inglis said the mutual bank is delighted to have been selected for the Home Guarantee Scheme.

"Getting Australians into their own homes has always been core to our purpose and this is another way we can achieve this," Ms Inglis told Savings.com.au.

"We look forward to working with the National Housing Finance and Investment Corporation and to the scheme coming into effect 1 July."

First Home Loan Deposit Scheme - Full List of Home Guarantee Lenders

  1. National Australia Bank
  2. Commonwealth Bank of Australia
  3. Australian Military Bank
  4. Auswide Bank
  5. Bank Australia
  6. Bank First
  7. Bank of us
  8. Bendigo Bank
  9. Beyond Bank Australia
  10. Credit Union SA*
  11. Community First Credit Union
  12. Great Southern Bank
  13. Defence Bank
  14. Gateway Bank
  15. G&C Mutual Bank
  16. Illawarra Credit Union*
  17. IMB Bank*
  18. Indigenous Business Australia
  19. Mortgageport
  20. MyState Bank
  21. Newcastle Permanent*
  22. People’s Choice Credit Union
  23. Police Bank (including the Border Bank and Bank of Heritage Isle)
  24. P&N Bank
  25. QBANK
  26. Queensland Country Credit Union
  27. Regional Australia Bank
  28. Australian Mutual Bank
  29. Teachers Mutual Bank Limited (including Firefighters Mutual Bank, Health Professionals Bank, Teachers Mutual Bank and UniBank)
  30. The Mutual Bank
  31. Unity Bank*
  32. WAW Credit Union

* New for 1 July 2022

Advertisement

Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.

Update resultsUpdate
Filters
LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees Max LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkComparePromoted ProductDisclosure
6.04% p.a.
6.06% p.a.
$3,011
Principal & Interest
Variable
$0
$530
90%
4.6 Star Customer Ratings
  • Available for purchase or refinance, min 10% deposit needed to qualify.
  • No application, ongoing monthly or annual fees.
  • Quick and easy online application process.
Disclosure
5.99% p.a.
5.90% p.a.
$2,995
Principal & Interest
Variable
$0
$0
80%
Apply in minutes
  • No application or ongoing fees. Annual rate discount
  • Unlimited redraws & additional repayments. LVR <80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
 Disclosure
6.09% p.a.
6.11% p.a.
$3,027
Principal & Interest
Variable
$0
$250
60%
  • No annual fees – None!
  • Get fast pre-approval
  • Unlimited additional repayments free of charge
 Disclosure
5.69% p.a.
6.16% p.a.
$2,899
Principal & Interest
Fixed
$0
$530
90%
  • Available for purchase or refinance, min 10% deposit needed to qualify.
  • No application, ongoing monthly or annual fees.
  • Flexibility to split your loan with both fixed and variable rates
 Disclosure
Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of . View disclaimer.

Important Information and Comparison Rate Warning

Image by Cherry Lin via Unsplash



Ready, Set, Buy!


Learn everything you need to know about buying property – from choosing the right property and home loan, to the purchasing process, tips to save money and more!

With bonus Q&A sheet and Crossword!

Download Free
By subscribing you agree to our privacy policy