Westpac Group has now joined the lending panel of the Home Guarantee scheme so Australian borrowers can explore their options. Westpac and RAMS are set to participate in the Scheme on 1 July 2023. St. George Bank of Melbourne, BankSA, and Bank of Melbourne will follow later that year.
The Scheme is managed by the National Housing Finance and Investment Corporation on behalf of the Australian Government. The Scheme is designed to assist eligible parties such as first-time buyers, single parents, and Australians living in regional areas.
The Home Guarantee Scheme is a group of plans that potential homebuyers may apply for:
The First Home Guarantee (FHBG) helps eligible first-time home buyers purchase their homes faster and with as little as a 5% deposit. Each financial year, 35,000 spots are available.
Regional Home Buyer Guarantee (RFHBG) helps eligible first-time homebuyers in a region to buy a house. Each financial year, from 1 October 2022 to 30 June 2025, 10,000 slots will become available.
The FHG (Family Home Guarantee) allows eligible single parents who have at least one child under their care to buy a home with as little as a 2 percent deposit. Each financial year, there are 5,000 available places up to 30 June 2025.