Bank of Heritage Isle announces its participation in the First Home Loan Deposit Scheme

Bank of Heritage Isle is pleased to announce today that the Bank has been successful in our bid to the National Housing Finance and Investment Corporation (NHFIC) to participate in the Federal Government’s First Home Loan Deposit Scheme.

The success of our application marks a significant win for our core-bonded Members by providing a guarantee to eligible Members who are first home buyers and have a deposit as little as 5%, helping them buy a home sooner without paying lender’s mortgage insurance premiums.

Police Bank Ltd Chair Greg McKenna said: “We’re very pleased to be a part of the Federal Government’s First Home Loan Deposit Scheme and look forward to our Bank being able to further support our Members to own a home earlier, whether it be soon after getting a job or at any stage of their life”.

Police Bank Ltd CEO Andrew Rasby commented: “Member focus is one of our core values, and the opportunity to provide eligible Members with lending to purchase a home sooner aligns with what we believe in. The team are excited at the opportunity to offer this initiative to our Members in an increasingly difficult house market for first home buyers, and have committed to ensuring the Bank is ready in the early stages of 2020”.

National Housing Finance and Investment Corporation (NHFIC) CEO Nathan Dal Bon said: “We are delighted to have Bank of Heritage Isle 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.”

Bank of Heritage Isle will provide its Members with further information about its participation in the Scheme as the project progresses.