Lender’s participation in federal and state schemes has delivered $4 billion in lending since 2020
Thousands of would-be buyers have entered the housing market earlier than planned by accessing Bendigo Bank home loans backed by federal and state government schemes.
Bendigo Bank now counts more than 10,000 customers who have accessed home loans supported by government programs over the past five years. The lender’s chief executive, Richard Fennell, said these initiatives were helping Australians enter the property market earlier.
“In an environment where housing affordability can be a challenge for many, especially our young people, Bendigo Bank is proud to partner with the federal and state governments to support our customers in their journey to home ownership,” Fennell sated.
Since 2020, Bendigo Bank has taken part in several targeted initiatives, including the Australian Government 5% Deposit Scheme (previously the Home Guarantee Scheme), the NSW Shared Equity Homebuyer Helper and the Victorian Homebuyer Fund.
Under these arrangements, eligible borrowers using participating lenders can receive either a government guarantee or a shared equity contribution, reducing the deposit hurdle or overall loan requirement for qualifying home purchases.
According to Fennell (pictured right), the bank intends to remain active in these policy-driven channels to help more Australians into stable housing.
“Bendigo Bank has a track record of partnering to deliver positive customer outcomes,” Fennell said. “The bank has now provided more than $4 billion in lending and assisted more than 10,000 customers with their home ownership goals through government schemes since 2020.
“Bendigo Bank’s purpose is to feed into prosperity. By partnering with government and offering these schemes, together we can do even more to support the aspirations of our customers and strengthen local communities.”
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