Helping first home buyers get into their first home sooner

Sydney Mutual Bank is looking forward to helping even more first home buyers get into the property market after being selected by the National Housing Finance and Investment Corporation (NHFIC) to offer mortgages under the Federal Government’s First Home Loan Deposit Scheme.

The First Home Loan Deposit Scheme is a Australian Government initiative to support eligible first home buyers purchase a home sooner. It does this by providing a guarantee that will allow eligible first home buyers on low and middle incomes to purchase a home with a deposit of as little as 5 per cent.

In support of the Scheme and Sydney Mutual Bank’s commitment to first home buyers, Sydney Mutual Bank will not charge eligible customers higher interest rates than equivalent customers outside of the Scheme.

National Housing and Finance Corporation (NHFIC) CEO Nathan Dal Bon said: “We are delighted to have Sydney Mutual Bank join the panel. We received strong interest from a broad range of smaller lenders. The panel announced today aims to provide the Scheme with geographical reach whilst promoting consumer choice and assisting first home buyers to own their first home sooner .”

Applications open for Sydney Mutual Bank on 1 February 2020 and will be made available via the Sydney Mutual Bank website. For more information please don’t hesitate to contact info@sydneymutual.bank