Credit Union SA, Illawarra Credit Union, IMB Bank, Newcastle Permanent Building Society and Unity Bank will join the Home Guarantee Scheme on an expanded lender panel from July 1.
They will join an established panel of Commonwealth Bank, NAB and 25 smaller lenders.
The Minster for Housing Julie Collins announced the additions to the panel yesterday, along with confirmation of the new government’s changes to the scheme.
Labor is expanding the scheme by introducing a regional first home buyer support scheme, guaranteeing up to 15 per cent of the purchase price for up to 10,000 people a year.
The government will honour revisions to the scheme announced by the Morrison government. From July 1, the government will provide 35,000 guarantees a year under the existing first home guarantee scheme, up from the current allocation of 10,000 a year.
To be eligible for the first home guarantee, individual income cannot exceed A$125,000 and a couple’s income cannot exceed $200,000.
From July 1 and running until June 2025, 5000 guarantees will be allocated to support single parents trying to buy a home.
In total, the scheme will offer 50,000 guarantees in 2022/23.