Banks compete for loan scheme
THE big four banks are vying to be hand-picked to offer mortgages under the Federal Government’s new First Home Loan Deposit Scheme.
The Commonwealth Bank and Westpac are frontrunners as the two big banks to take part.
The scheme allows firsthome buyers to have as little as a 5 per cent deposit saved up and the Government will act as the guarantor for the remaining 15 per cent deposit.
The scheme begins on January 1 and is available only to the first 10,000 applicants.