Westpac will be joining CommBank and NAB in offering eligible first-home buyers the opportunity to take advantage of the Home Guarantee Scheme (HGS).
Starting 1 July, Westpac will join the lender panel of the scheme, which allows first home buyers to apply for a loan without needing to pay for the Lenders Mortgage Insurance (LMI) even with a deposit of as little as 2%.
Westpac consumer and business bank chief executive Chris de Bruin said the bank is “delighted” to be part of the scheme that has already helped over one hundred thousand Australians over the past three years.
“Saving a 20% deposit is one of the many challenges people face when trying to get a foot on the property ladder, particularly for first home buyers or single parents,” he said.
“We are also pleased to be able to support friends and family members getting together to buy their home under the new changes to the Scheme.”
With Westpac’s inclusion in the HGS lender panel, it will be available to offer the following programs directly to its customers:
- First Home Guarantee – to support eligible home buyers to buy their home sooner, with a deposit as little as 5%.
- Regional First Home Buyer Guarantee - to support eligible regional home buyers to buy a home sooner, in a regional area, with a deposit as little as 5%.
- Family Home Guarantee – to support eligible single parents and eligible single legal guardians of at least one dependent to buy a home, with a deposit as little as 2%.
These guarantees will be offered initially for Westpac and RAMS customers but will be available across Westpac Group’s banking brands later this year.