Westpac Group will be able to help more home buyers into the market from mid-next year after being appointed to the major lender panel for the National Housing Finance and Investment Corporation (NHFIC) Home Guarantee Scheme.
The Group’s participation in the Scheme will commence on 1 July 2023 starting with Westpac and RAMS, followed by St.George, Bank of Melbourne and BankSA later in 2023.
Westpac Group Chief Executive, Consumer & Business Banking, Chris de Bruin said:
“Home ownership is a major life and financial goal for Australians, so we’re looking forward to working alongside the Australian Government and NHFIC to help aspiring home buyers through the Home Guarantee Scheme.
“The expense of saving a home loan deposit remains a top barrier to entering the property market, and the Scheme-backed loans provide a bridge for buyers with a smaller deposit to purchase their home sooner and potentially save thousands of dollars.
“In particular, eligible first home buyers, single parents, and borrowers in regional communities utilising the Scheme can benefit from improved access to finance and competitive products.
“Westpac Group helps thousands of customers into their new home each year and now we will be able to use our scale, support, and expertise across the breadth of our retail brands to assist even more Australians in 2023,” Mr de Bruin said.