The National Housing Finance and Investment Corporation (NHFIC) is today commencing a procurement process to establish an initial panel of lenders to participate in the Australian Government’s new First Home Loan Deposit Scheme, due to commence on 1 January 2020.
This procurement process builds on initial consultations NHFIC has conducted, including a three-week market sounding in September which sought feedback from lenders on implementation of the Scheme. It also follows the recent passage of legislation in the Parliament enabling the establishment of the Scheme, which will be administered by NHFIC, and the release yesterday of a draft NHFIC Investment Mandate Amendment for public consultation.
NHFIC is inviting residential mortgage lenders to respond to a Request for Proposal (RFP), against which respondents will be assessed for participation in the Scheme.
The four major banks and their related entities will have until 11.59pm AEDT on Wednesday 6 November 2019 to respond. Responses for all other non-major bank lenders close at 11.59pm AEDT on Friday 15 November 2019.
Respondents will be evaluated for participation in the Scheme against a range of criteria, which have been informed by consultations undertaken to date with a broad range of financial institutions, brokers and peak bodies. Consistent with the draft Investment Mandate, these criteria include, but are not limited to, aspects of customer care, the competitiveness of loan products and regional reach.
The Scheme is part of the Australian Government’s commitment to help more first home buyers purchase a home faster.
NHFIC intends to periodically provide opportunities for lenders to apply to join the panel.
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/
M: 0407 294 620