Full house: 26 lenders granted a spot in First Home Loan Deposit Scheme (FHLDS)
They say when it rains it pours and that’s exactly what’s occured in the home loans industry within the last 24 hours.
The National Housing Finance and Investment Corporation (NHFIC) has officially announced the full list of lenders which will be participating in the federal government’s First Home Loan Deposit Scheme (FHLDS).
If you weren’t aware of the new upcoming scheme, from 1 January 2020, a selected number of Aussie borrowers with a 5% deposit will be able to dodge Lenders Mortgage Insurance (LMI) - a fee which borrowers must pay when they borrow below 80% of the property’s value - while the government guarantees the remaining deposit amount.
"Today, the government welcomes confirmation from the National Housing Finance and Investment Corporation (NHFIC) that 27 lenders have been selected, from a wide pool of applicants, to form the initial panel offering guarantee-backed loans under the First Home Loan Deposit Scheme,” said Minister for Housing and Assistant Treasurer, Michael Sukkar
In November, big four bank NAB was the first lender to be given a spot, securing one of the two big bank seats.
So who took out the second position? It was none other than CommBank, who together with NAB, will be permitted to issue up to 50% of the annual 10,000 guaranteed loans every financial year.
And the rest? Well without further ado, here are the 25 remaining lenders who will be able to issue the rest of the loans to first home buyers:
- 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
- Teachers Mutual Bank Limited (including Firefighters Mutual Bank, Health Professionals Bank, Teachers Mutual Bank and UniBank)
- The Mutual Bank
- WAW Credit Union
And according to Sukkar, the wide range of non-bank lenders was no coincidence.
“The scheme has been deliberately designed to ensure strong representation of smaller lenders on the panel. This will promote competition between the large and small banks, and ensure the Scheme has broad geographic reach, including in regional and remote communities,” he said.
"The composition of the panel should also enable strong activation of mortgage broker channels and promote choice for first home buyers.”
But if you’re an Aussie ready to snatch up your dream home before the new year, you can head over to our home loan comparison tool to start comparing some of the latest home loan deals or check out some of our first home buyers guidesto make sure up to scratch with all the terminology and processes.
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5.54
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5.93
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5.90
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5.99
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Fixed Home Loan
- Owner Occupier
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Go to site- Interest rate
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5.54
%
p.a.
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- Comparison rate
-
5.93
%
p.a.
- Initial monthly repayment
-
$2,852
Competitive fixed rate on up to a 30 year loan term. No application fees to pay. Additional repayments up to $20,000 per year without penalty. Free online redraw. Optional 100% offset feature ($10/month) 10% minimum deposit. Fees & charges apply, Australian Credit Licence 237879 is held by Bendigo and Adelaide Bank Limited, the credit provider.
- Interest rate
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5.54
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p.a.
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- Comparison rate
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5.93
%
p.a.
- Upfront fees
-
$495
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$0.00
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$325.00
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Get repayment certainty with HSBC’s low 2 Year Fixed Rate Home Loan. Make up to $10,000 of extra repayments a year. The option to split your home loan between fixed and variable. Plus, score $3,288 cashback when you refinance an existing home loan of $250,000. Must apply by 28 February 2023 and settle by 30 April 2023.
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6.27
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$390.00 yearly
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no
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$0
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5.98
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5.90
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$2,995
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5.99
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$2,995
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5.99
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5.99
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$0.00
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$300.00
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no
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Mozo experts choice awards won:
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Simple Home Loan Variable
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- LVR<60%
Go to site- Interest rate
-
5.99
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- Comparison rate
-
5.99
%
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$2,995
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5.99
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$0
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$175.00
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Fixed Rate
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- Interest rate
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5.99
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Fixed 3 years
- Comparison rate
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6.89
%
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- Initial monthly repayment
-
$2,995
Enjoy up to $3000 cashback for eligible first home buyers and $2000 cashback for refinancers on eligible home loans with the ANZ Fixed Rate Home Loan. Get the security of repayment certainty with a competitive locked in rate. No ongoing fees to pay. Offset account on 1-year fixed loans ($10/month fee applies). Interest-only payments allowed.
- Interest rate
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5.99
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6.89
%
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- Upfront fees
-
$160
- Ongoing fees
-
$0.00
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-
$160.00
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Mortgage Simplifier
- LVR<80%
- Owner Occupier
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- Interest rate
-
6.14
%
p.a.
Variable
- Comparison rate
-
6.17
%
p.a.
- Initial monthly repayment
-
$3,043
Get a competitive variable rate with ING’s Mortgage Simplifier. Free extra repayments, no monthly or annual fees. Freedom to make free extra repayments or redraws.
- Interest rate
-
6.14
%
p.a.
Variable
- Comparison rate
-
6.17
%
p.a.
- Upfront fees
-
$350
- Ongoing fees
-
$0.00
- Discharge fee
-
$250.00
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Offset account
-
no
- Maximum loan to value ratio
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- $150,000
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- $2,000,000
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-
Elevate
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- <80% LVR
- Interest rate
-
6.18
%
p.a.
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-
6.18
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- Initial monthly repayment
-
$3,056
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- Interest rate
-
6.18
%
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- Comparison rate
-
6.18
%
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- Upfront fees
-
$498
- Ongoing fees
-
$0.00
- Discharge fee
-
$325.00
- Extra repayments
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yes - free
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Optional extra - $10 per month
- Maximum loan to value ratio
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Your selected home loans
* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.
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