Bendigo Bank is here to help
A strong supporter of communities around Australia, Bendigo Bank is a proud partner of Park2Park presented by University of Southern Queensland which this year raises much-needed funds for Virtual Healthcare in the West Moreton Health Region.
Bendigo Bank customers will know that as of one Australia’s most trusted banks, Bendigo Bank can help you through one of the most important moments in life; buying your first home.
Just like completing our Half Marathon or Advanced Triple, buying your first home is as much about the journey as it is the finish. Saving money every week will get you one step closer to realising the dream.
Thankfully for Australians, the Federal Government’s First Home Loan Deposit Scheme (FHLDS) gives approved applicants the opportunity to purchase their first home with just a 5% deposit and avoidance of the lenders mortgage insurance.
Richard Fennell, Executive Consumer Banking, Bendigo Bank said it made homeownership realistic.
“The dream of homeownership is achievable. A common factor between them was that these buyers were ambitious young adults who all sought space. They managed to purchase a bigger or better property in a more favorable location than they originally thought was possible – and in some cases, the mortgage repayments were about the same as the properties they were formerly renting.
“We found for many of our first home buyers, the FHLDS was the difference between being able to buy now and waiting another couple of years to save more for their deposit. The scheme also allows these customers to avoid having to pay Lenders Mortgage Insurance, which would normally be the case for borrowers with a deposit of less than 20% of the property value”, Mr Fennell concluded.
In support of the Scheme and Bendigo Bank’s commitment to its customers, Bendigo Bank will not charge eligible customers higher interest rates than equivalent customers outside of the Scheme.
Under the Scheme, eligible borrowers will also be able to access the assistance in conjunction with other government programs such as the First Home Super Saver Scheme, state and territory First Home-Owner Grants, and stamp duty concessions.
Applications are now open. With only 10,000 applications available, contact Bendigo Bank on 1300 024 701 or visit www.nhfic.gov.au/what-we-do/fhlds/eligibility/ for more information.