The Federal Government’s National Housing Finance and Investment Corporation (NHFIC) announced today that G&C Mutual Bank (G&C) has been appointed to the lending panel for the Federal Government’s First Home Loan Deposit Scheme (First Home Guarantee). G&C will commence funding Government-guaranteed loans from 1 February, 2020.
Earlier this year, the Australian Government announced the introduction of the Scheme to assist eligible first home buyers. The Scheme will provide a Government guarantee for up to 15% of the borrowed funds, enabling first home buyers on low and middle incomes to purchase their first home with only a 5% deposit.
G&C’s appointment to the panel of preferred lenders follows an extensive assessment process over the past 2 months, with over 100 home loan lenders and mortgage brokers expressing interest.
“Our team loves supporting young people to buy their first home and we’re very proud to have been selected to provide Government - guaranteed loans under the First Home Loan Deposit Scheme,” G&C Mutual Bank CEO, Dave Taylor said.
G&C Mutual Bank will not charge eligible borrowers under this Scheme higher interest rates than those charged to equivalent borrowers outside the Scheme.
G&C has a proud history of providing flexible and competitively-priced products for first home buyers, including our First Home Premium Package which offers eligible borrowers a competitive interest rate of 2.79%p.a., with no establishment fee, no valuation fee and loan terms of up to 40 years. G&C’s “Get Ahead Start” family guarantor option also provides an alternative for those looking to reduce or avoid the cost of Lenders Mortgage Insurance.
G&C is celebrating 60 years of operation in 2019 and has helped many thousands of Australian banking customers to own their own home. We look forward to welcoming a new generation of home loan customers.
Updates will be provided on our website in the lead-up to February 1. Ahead of the commencement date, borrowers can:
- Check eligibility on the National Housing Finance and Investment Corporation (NHFIC) website
- Review the First Home Loan Deposit Scheme (First Home Guarantee) Fact Sheet, FAQs and Information Guide
- Register their interest