Bendigo and Adelaide Bank exceeds participation in two govt schemes for first-home buyers

Bendigo and Adelaide Bank has supported thousands of Australians in buying their first homes, fresh data showed.

So far, more than $1 billion in funding has been tapped by customers under the federal government’s First Home Loan Deposit Scheme and the Victorian Government’s Homebuyer Fund to assist 3,023 customers into their first home.

Marnie Baker, CEO and managing director of Bendigo and Adelaide Bank, said the two initiatives remove the hurdles for aspiring homeowners and the bank’s expectations of participation with the two programs had been exceeded.

“We’re proud to have played a role in helping 3,023 customers in communities across Australia become homeowners who might otherwise have been unable to do so,” Baker said. “Bendigo and Adelaide Bank’s purpose is to feed into the prosperity of the communities we live and work in, not off them, and we’re incredibly proud to have helped thousands of Australians fulfil their dream.”

This financial year, 40,000 more places will be up for grabs under the newly named Home Guarantee Scheme to support eligible home buyers in purchasing a new or existing home with a deposit as low as 5%. Applications are also open for Victoria’s Homebuyer Fund.

Richard Fennell, chief customer officer consumer banking, urged home buyer hopefuls to review the details of the programs available and find out if they are eligible to buy a home sooner.

“If previous interest in these schemes is anything to go by, applications for this next round will be keenly sought,” Fennell said. “Eligible borrowers may also be able to access assistance in conjunction with other government programs such as the First Home Super Saver Scheme, state and territory First Home-Owner Grants and stamp duty concessions.”

To find out more about Bendigo and Adelaide Bank’s offerings to first-home buyers and the range of other state schemes the bank participates in, visit the Bendigo Bank website.

For more information on the Australian Government Home Guarantee Scheme, visit: Support to buy a home – NHFIC.

For more information on the Victorian Homebuyer Scheme, visit: www.sro.vic.gov.au/homebuyer.