Bankwest enters the Australian Government 5% Deposit Scheme

Eligible Australians looking to buy their first home will have another pathway into the property market, with Bankwest joining the Australian Government 5% Deposit Scheme.

• Eligible first home buyers can purchase a home with as little as a 5% deposit
• Those eligible can avoid lenders mortgage insurance, helping reduce upfront costs
• Bankwest is focused on supporting customers to determine if the scheme is right for them

The Scheme helps eligible first home buyers purchase a home with a minimum 5% deposit, and eligible single parents or legal guardians with a minimum 2% deposit, supported by a government guarantee.

A government guarantee means eligible borrowers do not need to pay lenders mortgage insurance, helping reduce one of the significant costs associated with buying a home.

Comments attributable to Bankwest General Manager Origination and Lending Experiences Frances Fattoretto:

“Buying a first home is a major milestone, and we know saving for a deposit can be one of the biggest challenges for many Australians.

"The Australian Government 5% Deposit Scheme helps eligible customers buy a home with a smaller deposit, supported by a government guarantee.

“Purchasing a home is a significant financial commitment, so we'll work with customers and their brokers to help them understand whether the scheme is right for their individual circumstances and financial goals.

“Whether customers choose to discuss their options with a broker or a Bankwest home lending specialist, we're focused on providing clear information and practical guidance to support their home buying journey."

Customers interested in learning more about the Australian Government 5% Deposit Scheme and eligibility criteria can visit the Bankwest website or speak with a broker or Bankwest home lending specialist.

Information about the Scheme and eligibility criteria is also available at www.firsthomebuyers.gov.au