Westpac Group is the latest lender to join the National Housing Finance and Investment Corporation Home Guarantee Scheme.
The major bank will be able to help more home buyers into the market from July 1, 2023, after being appointed to the major lender panel for the NHFIC Home Guarantee Scheme.
Westpac and RAMS will be the first organisations in the Westpac Group to take part, followed by St. George Bank, Bank of Melbourne and BankSA later in 2023.
There are currently 32 lenders included in the Home Guarantee Scheme including major banks NAB and Commonwealth Bank. Non-major banks include Auswide Bank, Bendigo Bank, Gateway Bank, Great Southern Bank, Newcastle Permanent Building Society and Teachers Mutual Bank.
The Home Guarantee Scheme is an Australian government initiative that helps first home buyers get into their own home with just a 5% deposit, and therefore avoid paying LMI.
The scheme includes the First Home Guarantee Scheme, the Regional Home Guarantee Scheme and the Help To Buy Scheme.
Westpac Group chief executive, consumer and business banking Chris de Bruin (pictured above) said home ownership was a major life and financial goal for Australians.
Read more: NAB, CBA welcome regional homebuyer scheme
“We’re looking forward to working alongside the Australian Government and NHFIC to help aspiring home buyers through the Home Guarantee Scheme,” de Bruin said.
“The expense of saving a home loan deposit remains a top barrier to entering the property market and the scheme-backed loans provide a bridge for buyers with a smaller deposit to purchase their home sooner and potentially save thousands of dollars.
De Bruin said eligible first home buyers, single parents and borrowers in regional communities using the scheme can benefit from improved access to finance and competitive products.
“Westpac Group helps thousands of customers into their new home each year and now we will be able to use our scale, support and expertise across the breadth of our retail brands to assist even more Australians in 2023.”
