The National Housing Finance and Investment Corporation (NHFIC) is pleased to announce that Westpac Group has been named to the panel of residential mortgage lenders offering the Australian Government’s Housing Guarantee Scheme (HGS).
Westpac Group joins the program’s panel of major bank lenders following a competitive procurement process managed by the NHFIC, giving homebuyers even greater access to HGS.
The scheme is an Australian Government initiative to help eligible homebuyers, including first-time homebuyers, single parents and regional Australians, buy their homes earlier. It includes the First Home Guarantee (FHBG), the Family Home Guarantee (FHG) and the Regional First-time Home Buyer Guarantee (RFHBG). The NHFIC administers the program on behalf of the government.
The program is currently available to eligible homebuyers through 2 major banks (Commonwealth Bank of Australia and National Australia Bank) and 30 other lenders. Westpac and its RAMS Home Loans brand will offer the program from July 1, 2023, with the remaining Westpac St George Bank, Bank of Melbourne and Bank SA brands following later in 2023.
The introduction of the RFHBG on October 1, 2022 brings the total number of HGS places to 50,000 for this fiscal year.
More information about the program can be found on the NHFIC website HERE.