After responding in accordance with the terms of the RFP, Defence Bank has been selected to join the First Home Loan Deposit Scheme panel of lenders on the basis of a range of criteria including the competitiveness of our home loan offering, geographic reach and readiness to meet Scheme implementation timelines.
National Housing and Finance Corporation (NHFIC) CEO Nathan Dal Bon said: “We are delighted to have Defence Bank join the panel. We received strong interest from a broad range of smaller lenders. The panel announced today aims to provide the Scheme with geographical reach whilst promoting consumer choice and assisting first home buyers to own their first home sooner.”
“We are thrilled to be successful in our application and look forward to helping support eligible first home buyers on low and middle incomes to purchase a home with a deposit of as little as 5 percent, through participation in the Scheme,” said David Marshall CEO of Defence Bank.
“Our unique Defence membership means we attract a disproportionally high number of younger men and women right across Australia, many who are looking to buy their first home. The Scheme will be another way in which Defence Bank can support the men and women of the defence community.”
Our participation compliments our long history of working effectively with government agencies such as the Department of Defence and Department of Veterans’ Affairs in facilitating home ownership in Australia. For over 10 years, we have been one of only three incumbent Defence Home Ownership Assistance Scheme (DHOAS) panel lenders.
The Scheme will support up to 10,000 first home loan guarantees each financial year. Eligible borrowers can use the guarantee in conjunction with other government programs like the First Home Super Saver Scheme, state and territory First Home Owner Grants and stamp duty concessions.
Defence Bank participation in the Scheme will commence 1 February 2020.
For more information on the scheme, click here.