Bank of Heritage Isle is a proud participating lender in the Australian Government’s Housing Australia.
Whether you’re purchasing your first home or a family home, we’ll help you get into your home with our great low rates.
We’re proudly supporting the Government’s initiative to help Australians purchase their first home sooner.
Housing Australia is an Australian Government initiative to support eligible home buyers to purchase a home sooner.
Under the Housing Australia, part of an eligible first, regional or family home buyer’s home loan from a participating lender will be guaranteed by Housing Australia.
This is aimed at enabling eligible home buyers to purchase their first home sooner with lower deposits. In doing so eligible buyers can avoid paying for lender’s mortgage insurance premiums usually required for smaller deposit levels (which could cost up to $30,000~).
To purchase a home, you would normally need to save at least 20% of the property’s value to avoid having to pay for Lender’s Mortgage Insurance (LMI) premiums or relying on a guarantor. With this Scheme Housing Australia provides a Guarantee to Participating Lenders, which enables eligible first, regional or family home buyers the opportunity to buy a home sooner, with a smaller deposit and without paying LMI.
All applicants must meet the requirements of:
You can find out more about eligibility requirements for the guarantee and unique eligibility requirements within each scheme by visiting the National Housing Finance and Investment Commission’s website.
The First Home Guarantee (FHBG) is part of Housing Australia is an Australian Government initiative to support eligible home buyers purchase a home sooner. It does this by allowing Housing Australia to issue up to 35,000 guarantees each financial year from 2022-23 for eligible loans to home buyers with a deposit of between 5 and 20 per cent of the property value.
You can find more information about the FHBG and eligibility criteria on the Housing Australia website.
The Family Home Guarantee (FHG) is part of Housing Australia and is an Australian Government initiative to support eligible home buyers purchase a home sooner.
The FHG is for single parents and single legal guardians with dependents, including those who are not first home buyers. The purpose of the FHG is to support eligible single parents on a pathway to home ownership.
You can find more information about the FHG and eligibility criteria on the Housing Australia website.
The Regional First Home Buyer Guarantee (RFHBG) is an Australian Government initiative that aims to support eligible regional first home buyers to purchase a home sooner.
The RFHBG is to help eligible regional home buyers to buy a home sooner in a regional area.
You can find more information about the RFHBG and eligibility criteria on the Housing Australia website.
If you’re eligible for Housing Australia, you have the choice from these great rates.
| First Home Loan – up to 90% LVR | Principal & Interest | Interest Only |
|---|---|---|
| Variable |
Comparison rate* |
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| 1 year fixed |
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| 2 year fixed |
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| 3 year fixed |
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| 5 year fixed |
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| First Home Loan – up to 95% LVR | Principal & Interest | Interest Only |
|---|---|---|
| Variable |
Comparison rate* |
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| 1 year fixed |
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| 2 year fixed |
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| 3 year fixed |
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| 5 year fixed |
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Available on Principal & Interest Variable home loans only
Use our free Online Property Reports tool to help you find the right home. Backed by CoreLogic and accessible on any device, find the key property information you need wherever you are!
Use our repayments calculator to understand how much you can afford to repay.
Are you looking for a different home loan? Compare the different features of our home loans to find the right one for you.
ADDITIONAL INFORMATION
Terms & Conditions
General Terms & Conditions
Terms and conditions apply and are available on request. Fees, charges and lending criteria apply. A Financial Services Guide (FSG) is available here, at all Branches, on our website and upon request.
Home Loan Terms & Conditions
The interest rate and comparison rate is current as at and is subject to change. Unless stated, all comparison rates are based on principal and interest repayments. For more information on interest only comparison rates, please contact us.
The ‘Bank of Heritage Isle – First Home Loan’ is only available for applicants that qualify for the First Home Loan Deposit Scheme. Interest Only is only applicable for Construction purposes.
*The comparison rate is based on a loan of $150,000 over a 25 year term. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
# Interest Offset Account is not available on Interest Only or Fixed Loans.
^ Housing Australia’s participation in the scheme varies dependent on the purchase stream of each buyer.
Calculations
~Savings of $30,000 calculated using Genworth LMI Estimator Calculator based on $700,000 property value, 5% deposit over a 30 Year Loan Term.
