Bendigo and Adelaide Bank has announced it will be a participating lender in NSW’s Shared Equity Home Buyer Helper scheme.
The program has been designed to help make homeownership more achievable for single parents, older singles and first home buyer key workers. The initiative launches on January 23, 2023, and will involve the NSW government contributing a proportion of the purchase price of a property in exchange for an equivalent share of the property.
The NSW government equity contribution is up to 40% of a new dwelling and up to 30% of an existing dwelling.
Bendigo and Adelaide Bank chief customer officer for consumer banking Richard Fennell (pictured above) said it was in the bank’s DNA to help Australians realise their dream of homeownership.
“Bendigo and Adelaide Bank’s purpose is to feed into the prosperity of our customers and the communities they live and work in, not off them and we’re delighted to help first homebuyers get that foot in the door in owning their first ever home,” Fennell said.
“As one of Australia’s largest and most trusted banks, we support any initiative that helps Australians get ahead. We know homeownership is an important enabler of both financial and community security, which is why we are also proud lending partners of the Victorian Homebuyer Fund and federal home guarantee schemes.”
Shared Equity Home Buyer Helper is open to single parents of a child or children under 18 years of age, single people aged 50 or above, or first home buyer key workers who are nurses, midwives, paramedics, police officers, teachers and early childhood educators.
Participants must meet the relevant income threshold and be buying a home in NSW with a property price up to $950,000 in Sydney and major regional centres (Newcastle, Lake Macquarie, Illawarra, Central Coast, North Coast of NSW) or up to $600,000 in other regional areas.
Bendigo and Adelaide Bank has so far helped 1,990 Victorians into their own homes under the Victorian Homebuyer Fund and 1,997 across Australia under the federal home guarantee schemes.
The bank said it expected to see a similar level of interest in NSW and was looking forward to the opportunity of making homeownership more affordable.
On December 16, Bendigo and Adelaide Bank was for the third consecutive quarter this year ranked Australia’s most trusted bank by research house Roy Morgan.
Bendigo and Adelaide Bank CEO and managing director Marnie Baker said it was a great time of year to make reflections and she wanted to take this opportunity to say thank you to the lender’s 2.2 million customers for trusting the organisation with their banking needs.
“Bendigo and Adelaide Bank is a genuine and competitive alternative to the major banks,” Baker said. “We’re also a bank with heart and heritage, giving back to the communities we live and work in. It’s humbling to again be recognised for these efforts by being named the most trusted bank in Australia.”
