The first home buyer scheme is one of the policies that kicked off on 1 January and will see 10,000 Australians set to benefit each financial year.
According to the government, the scheme has been deliberately designed to ensure strong representation of smaller lenders to promote competition between major and non-major lenders.
The scheme has also reportedly been designed with broad geographic reach in mind.
Here are the lenders involved:
Major lenders
National Australia Bank
Commonwealth Bank of Australia
Non-major lenders
Australian Military Bank
Auswide Bank
Bank Australia
Bank First
Bank of us
Bendigo Bank
Beyond Bank Australia
Community First Credit Union
CUA
Defence Bank
Gateway Bank
G&C Mutual Bank
Indigenous Business Australia
Mortgageport
MyState Bank
People’s Choice Credit Union
Police Bank (including Border Bank and Bank of Heritage Isle)
P&N Bank
QBANK
Queensland Country Credit Union
Regional Australia Bank
Sydney Mtuutal Bank and Endeavour Mutual Bank (divisions of Australian Mutual Bank Ltd)
Teachers Mutual Bank Ltd (inclusive of Firefighters Mutual Bank, Health Professionals Bank, Teachers Mutual Bank and UniBank)
The Mutual Bank
WAW Credit Union
nestegg has previously looked at some of the pros and cons of the first home buyer scheme.
