Bendigo Bank to participate in First Home Loan Deposit Scheme

The Scheme, which will provide support for up to 10,000 first home loan guarantees for eligible first home buyers each financial year, aims to help first home buyers purchase a home faster.

“Home ownership is a great way for people to build equity for their future which at the same time helps stimulate community prosperity and economic growth, something that stems back to the role Bendigo Bank played in enabling home ownership during Victoria’s gold rush era. We welcome the opportunity to participate in the Scheme and commend the initiative as a great first start for the many prospective buyers who may have thought home ownership wasn’t achievable in the near term,” said Bendigo and Adelaide Bank Managing Director, Marnie Baker.

Bendigo and Adelaide Bank has a proven history in supporting affordable housing initiatives to help Australians obtain their own home including partnerships with HomesVic, Keystart, HomeShare Housing and Homesafe.

“As Australia’s fifth largest and only regionally-headquartered large bank, we have deep connections with communities right across the country and we aim to play our part in supporting applications from eligible first home buyers to help strengthen and underpin the economic security of the nation”, Ms Baker concluded.

In support of the Scheme and Bendigo Bank’s commitment to its customers, the Bank will not charge eligible customers higher interest rates than equivalent customers outside of the Scheme.

Under the  First Home Loan Deposit Scheme, eligible borrowers will also be able to access the 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.

The Bank will start receiving applications from 1 February 2020.

Interested First Home Loan Deposit Scheme applicants can contact the Bank on 1300 024 701 or visit www.nhfic.gov.au/what-we-do/fhlds/eligibility/ for more information.