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Bankwest has joined the lender panel for the Australian government’s 5 per cent Deposit Scheme, with eligible first home buyers (FHB) now able to access a Bankwest mortgage to purchase their first home through the scheme.
The 5 per cent Deposit Scheme – an expanded evolution of the Home Guarantee Scheme – allows eligible FHBs to purchase with a deposit as low as 5 per cent and single parents or legal guardians with as little as 2 per cent, without paying lenders mortgage insurance.
The government, via Housing Australia, provides a guarantee that covers the gap between the borrower’s deposit and the usual 20 per cent equity buffer.
Bankwest officially joined the lender panel on Monday (2 November), making loans available through both the broker channel and through Bankwest home lending specialists.
Commenting on its addition, Bankwest’s general manager of origination and lending experiences, Frances Fattoretto, said: “Buying a first home is a major milestone, and we know saving for a deposit can be one of the biggest challenges for many Australians.
"The Australian government 5 per cent Deposit Scheme helps eligible customers buy a home with a smaller deposit, supported by a government guarantee.
“Purchasing a home is a significant financial commitment, so we’ll work with customers and their brokers to help them understand whether the scheme is right for their individual circumstances and financial goals.
“Whether customers choose to discuss their options with a broker or a Bankwest home lending specialist, we’re focused on providing clear information and practical guidance to support their home-buying journey."
Bankwest became the 57th lender to join the panel, following the additions of non-bank lender Resimac and mutual lender Woolworths Team Bank in the past week.
[Related: Second non-bank joins 5% Deposit Scheme lender panel]
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