Bendigo and Adelaide Bank to help NSW single parents, older singles and key workers buy their own home
Bendigo and Adelaide Bank will be a participating lender in NSW’s Shared Equity Home Buyer Helper to help make home ownership more achievable for single parents, older singles, and first home buyer key workers.
The initiative, launching on 23 January 2023, will see the NSW Government contribute a proportion of the purchase price of a property in exchange for an equivalent share of the property. The NSW Government equity contribution is up to 40 per cent of a new dwelling and up to 30 per cent of an existing dwelling.
Bendigo and Adelaide Bank Chief Customer Officer for Consumer Banking, Mr Richard Fennell, said it was in the Bank’s DNA to help Australians realise their dream of home ownership.
“Bendigo and Adelaide Bank’s purpose is to feed into the prosperity of our customers and the communities they live and work in, not off them, and we’re delighted to help first homebuyers get that foot in the door in owning their first ever home,” Mr Fennell said.
“As one of Australia’s largest and most trusted banks, we support any initiative that helps Australians get ahead.
“We know home ownership is an important enabler of both financial and community security, which is why we are also proud lending partners of the Victorian Homebuyer Fund and Federal Home Guarantee Schemes,” Mr Fennell concluded.
Shared Equity Home Buyer Helper is open to single parents of a child or children under 18 years of age, single people 50 years of age or above, or first home buyer key workers who are nurses, midwives, paramedics, police officers, teachers and early childhood educators.
Participants must meet the relevant income threshold and be buying a home in NSW with a property price up to $950,000 in Sydney and major regional centres (Newcastle, Lake Macquarie, Illawarra, Central Coast, North Coast of NSW) or up to $600,000 in other regional areas.
Bendigo and Adelaide Bank has so far helped 1990 Victorians into their own homes under the Victorian Homebuyer Fund and 1997 across Australia under the Federal Home Guarantee Schemes. The Bank expects to see a similar level of interest in NSW and is looking forward to the opportunity of making home ownership more affordable.
To find out more about what Bendigo and Adelaide Bank offers first homebuyers and the range of other state initiatives the Bank participates in visit: Government home loan support.
For more information on the Shared Equity Home Buyer Helper, including important eligibility criteria, visit: www.nsw.gov.au/housing-and-construction/shared-equity-scheme
Bendigo Bank’s presence in NSW:
- Customers based in NSW: 373,668
- Businesses/Organisations based in NSW: 55,420
- In FY22/23, our Community Banks gave $2.75 million back to NSW communities through donations, grants and sponsorships. These were distributed across arts and culture, education, and sport & recreation projects.
- The Bank has six corporate branches, and 45 Community Banks are operating across NSW, employing 717 people.