WELCOME PROGRESS ON FIRST HOME LOAN DEPOSIT SCHEME

Confirmation that 27 lenders have been selected for the initial lenders panel for the First Home Loan Deposit Scheme is another important step forward towards making home ownership a reality for more first home buyers.

Property Council of Australia Chief Executive Ken Morrison said the inclusion of two major lenders – National Australia Bank and Commonwealth Bank – along with 25 non-major lenders will help to promote competition between banks, provide more choice for consumers and also extend the reach of the scheme to regional and remote communities.

Mr Morrison said the scheme would help eligible first home buyers get over one of the biggest hurdles to home ownership which was the amount of time required to save a 20 per cent deposit, on top of costs such as mortgage insurance and stamp duty.

“We’re anticipating strong demand under the Scheme from eligible first home buyers, and congratulate the Government and the National Housing Finance and Investment Corporation on the progress made so far in getting the scheme ready for launch in just over two and a half weeks time,” Mr Morrison said.

More information on the Scheme is available at the NHFIC website .

Media contact: Matt Francis | M 0467 777 220 | E mfrancis@propertycouncil.com.au