A billion reasons to bank with Bendigo and Adelaide Bank

Thousands of Australians buying their first homes have been backed by Bendigo and Adelaide Bank to enter the property market, new data released today shows.

More than $1 billion in funding has been accessed 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 home ownership so far.

CEO and Managing Director of Australia's most trusted Bank¹, Bendigo and Adelaide Bank, Marnie Baker said the Bank's expectations of participation with the two programs had been exceeded, helping thousands of aspiring homeowners into their very first home.

"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," Ms Baker said.

"Bendigo and Adelaide's 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."

"In fact, what we've been doing is entirely consistent with why we were originally formed, helping more than a million Australians in this way since 1858."

"We would like to thank the Federal and State Governments for implementing and supporting these programs. They are important initiatives that remove hurdles for aspiring homebuyers and play a key role in ensuring our communities continue to grow and thrive," Ms Baker said.

Bendigo Bank Customer and mum of two, Nicole, who has recently qualified for the Victorian Homebuyer Fund said it was the perfect solution for her and her family.

"I was trying to get back into the property market and it was a bit of a struggle. I'm a single mum now with two girls - so after a conversation with my mobile home lender, we established that I already the necessary five per cent deposit. So, using the Victorian Homebuyer Fund, I was able to purchase my property without having to continue to save for what seemed like forever," Nicole said.

"I didn't believe that just a five per cent deposit meant that I could get back into the property market.

"I'm now paying less than rent, owning my own home, paying off a mortgage, able to decorate our home in the way that I love and enjoying long term security, safe in the knowledge that this is my place. The ability to still be able to put money aside for bills and school fees is a reassurance to me that the Fund is working as intended.

"The Victorian Homebuyers Fund has allowed me to purchase a property in the community that my children have grown up in, it's close to their friends and their schools and it’s a place that's friendly and familiar to them," Nicole concluded.

This financial year the Federal Government has 40,000 more places up for grabs under the newly named Home Guarantee Scheme to support eligible homebuyers in purchasing a new or existing home with a deposit as low as five per cent. Victoria’s Homebuyer Fund is also taking applications.

Chief Customer Officer Consumer Banking Richard Fennell encouraged aspiring homebuyers 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," Mr 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," Mr Fennell said.

To find out more about what Bendigo and Adelaide Bank offers first homebuyers 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

See more of Nicole’s story on YouTube.

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