The National Housing Finance and Investment Corporation (NHFIC) is committed to meeting the Government’s objective of the First Home Loan Deposit Scheme (FHLDS) commencing on 1 January 2020.
The NHFIC has been working intensively with stakeholders on the FHLDS establishment. This has included a detailed market sounding process which provided useful feedback on the operation of the scheme, including potential pricing outcomes.
The process revealed that a variety of lenders intend to offer FHLDS guarantee loan pricing in line with or better than comparable first home buyer loans currently offered.
NHFIC currently has a competitive procurement process to establish an initial panel of residential mortgage lenders to participate in the Australian Government’s new First Home Loan Deposit Scheme.
Responses to the Request for Proposal (RFP) for major banks closed on Wednesday with all other non-major lenders having until 11.59pm AEDT on Friday 15 November to submit their responses.
As NHFIC has made clear in the RFP documentation, the competitiveness of loan products offered including interest rates and other fees, is a key evaluation criterion for selection as a participating lender in the Scheme
The quality of the customer experience has also been a paramount consideration that has informed the Scheme’s development and will guide its operationalisation.
NHFIC has also launched an online tool to assist prospective first home buyers determine the relevant property price threshold that will apply to any potential purchases. Additional eligibility tools are being developed and will be launched publicly now that the NHFIC Investment Mandate Amendment has been finalised.
For more information on the procurement process, including copies of the RFP documentation and instructions on responding visit https://www.nhfic.gov.au/what-we-do/fhlds/panel-procurement/