The 25 non-major lenders will begin offering guaranteed loans from the 1 February 2020. Here is the list of the non-major lenders participating in the First Home Loan Deposit Scheme.

Australian Military Bank

Auswide Bank

Bank Australia

Bank First

Bank of us

Bendigo Bank

Beyond Bank Australia

Community First Credit Union

CUA

Defence Bank

Gateway Bank

G&C Mutual Bank

Indigenous Business Australia

Mortgageport

Mystate Bank

People's Choice Credit Union

Police Bank

P&N Bank

QBANK

Queensland Country Credit Union

Regional Australia Bank

Sydney Mutual Bank And Endeavour Mutual Bank

Teachers Mutual Bank Limited

The Mutual Bank

WAW Credit Union

Consistent with the National Housing Finance and Investment Corporation's (NHFIC's) Investment Mandate, the non-major lenders will receive no less than 50 per cent of the initial 10,000 guarantees allocated in the current financial year.

The initial lending panel composition achieves the Australian Government's objective of promoting competition between the big and small lenders, and also ensuring that the scheme has broad geographic reach, including in regional and remote communities.

The composition of the panel should enable strong activation of the mortgage broker channels and promote choice for first home buyers.

All participating lenders are supporting the scheme by committing to not charge eligible customers higher interest rates than equivalent customers outside the scheme.

Source: http://www.nhfic.gov.au/

Newcastle and Hunter Valley first home buyers have an opportunity to reduce their upfront costs enabling them to get into their own home sooner. With lower deposits and no Lenders Mortgage Insurance(LMI), the dream of purchasing your own home could be sooner than you think. Contact Newcastle Finance Brokers to see if you may be eligible for the government scheme.