Deposit scheme popular amongst regional buyers

By Gerv Tacadena

Regional buyers are interested in applying for the First Home Loan Deposit Scheme.

The federal government's First Home Loan Deposit Scheme is getting the interest of many first-home buyers who are targetting homes outside major capital cities, according to the National Housing Finance and Investment Corporation (NHFIC).

According to a report in Australian Associated Press, almost half of Australians who have applied for the deposit scheme are planning to buy outside Sydney, Melbourne, and Brisbane. Most of these buyers belong to the under-30 age group. 

Also read: New tool launched for first-home buyer scheme

Interestingly, around 2% of the 10,000 slots for the scheme have been taken up by Australians under the 50-59 age group. 

Around 10,000 more slots are expected to be opened in July.

First-home buyers who are interested to apply for the scheme should submit their applications through the participating lenders and their authorised representatives. Aside from CBA and NAB, the following banks are assigned by the NHFIC to process applications for the scheme:

  • 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

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