The National Housing Finance and Investment Corporation (NHFIC) has appointed the National Australia Bank (NAB) as the first participant on an initial panel of lenders to offer guarantees under the Australian Government's new First Home Loan Deposit Scheme scheduled to commence 1 January 2020, with other participating lenders to be announced shortly. NHFIC has committed to announcing the full panel of lenders before 20 December 2019, at the latest.
The Scheme is designed to provide a guarantee that will allow eligible first home buyers on low and middle incomes to purchase a home with a deposit of as little as 5 per cent. It will support up to 10,000 loans each financial year and is subject to eligibility criteria in relation to income thresholds and property prices.
NHFIC has also published a property price threshold lookup tool enabling potential borrowers, (Qld capital city has a purchase price limit of $475,000) to quickly check applicable price thresholds under the Scheme for properties across the country. The tool is available at
NHFIC will shortly be launching an interactive, online borrower eligibility tool as well.