Westpac is set to help more Australians buy their home sooner through the Australian Government’s Home Guarantee Scheme.
From July 1, eligible home buyers with a deposit as little as 2% (Family Home Guarantee) and 5% (First Home Guarantee and Regional First Home Buyer Guarantee) can apply for a home loan without paying Lenders Mortgage Insurance as part of the Australian Government initiative.
“We are delighted to be part of the Australian Government’s Home Guarantee Scheme which has already helped over one hundred thousand Australians into home ownership since the Scheme commenced over three years ago,” said Westpac Consumer and Business Bank Chief Executive, Chris de Bruin.
“Saving a 20 per cent deposit is one of the many challenges people face when trying to get a foot on the property ladder, particularly for first home buyers or single parents.
“We are also pleased to be able to support friends and family members getting together to buy their home under the new changes to the Scheme,” Mr de Bruin said.
Westpac is offering the three Australian Government Guarantees to customers:
- First Home Guarantee – to support eligible home buyers to buy their home sooner, with a deposit as little as 5%.
- Regional First Home Buyer Guarantee - to support eligible regional home buyers to buy a home sooner, in a regional area, with a deposit as little as 5%.
- Family Home Guarantee – to support eligible single parents and eligible single legal guardians of at least one dependent to buy a home, with a deposit as little as 2%.
The Guarantees are currently available for Westpac and RAMS customers and will be available across Westpac Group’s other banking brands later in the year.
Westpac is also currently offering customers applying for some loans via the Home Guarantee Scheme up to $2,000 back on Westpac Home and Contents Insurance policies provided by Allianz. The offer is available with Westpac home loans supported by the Regional First Home Buyer Guarantee or Family Home Guarantee, applied for from now until 30 September 2023 and settled by 31 December 2023.
All eligible applicants are encouraged to apply by making an appointment online via the Westpac website, at a Westpac branch, with a Westpac lender, or their mortgage broker.