Banks com­pete for loan scheme

Mercury (Hobart) - - NEWS -

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.

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