BSB 806 015

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BSB 806 015

First home buyers take advantage of government scheme through P&N

30 Apr2020

At P&N, our purpose is to enrich the lives of our members, so it will come as no surprise that we are committed to helping eligible first home buyers realise their dream of owning their first home.

As the only WA-based bank to be appointed as a lender for the First Home Loan Deposit Scheme (FHLDS), an Australian Government initiative to support eligible first home buyers purchase a home sooner, P&N Bank has already helped over 50 West Australian customers achieve their goal of entering the property market since our launch in February.

The Scheme allows eligible first home buyers to purchase a home with a deposit of as little as 5% without needing to pay lenders mortgage insurance (LMI), both of which can be a barrier for those entering the property market.

Crosby family

Jamie and Brittanie Crosby, parents to two-month-old Elijah, are one family who have seen their dreams come true by dipping their toes into the property market for the first time through the FHLDS.

The couple, who have lived and worked in Gingin for two years, were encouraged by Jamie’s colleague to speak to our team about applying for a home loan to purchase their first property in Butler.

Working with P&N Mobile Home Loan Specialist, Jessica Nguyen, Jamie and Brittanie discovered they were eligible not only for the First Home Buyers Grant, but also for the FHLDS.

“We were always aware that if we wanted to buy our dream home we would need to save quite a bit,” Jamie said.

“We knew we’d need to enter the market with a more sensible home to start with, and we wanted to try and save a 20% deposit for when we did decide to buy.

“The First Home Loan Deposit Scheme sped up the time it would take for us to enter the property market without having to pay lenders mortgage insurance, which has been great.

“I’ve always banked with P&N, so having all our accounts with the bank made the process even easier.”

The couple plan to relocate to the Perth metro area and live in the home for a year, before making another move to remote WA so they can pay down their mortgage faster.

P&N Bank Senior Manager Retail Distribution, Kaine Adamson, said P&N’s participation in the Scheme was more important than ever during these challenging times.

“Through the Scheme, the usual barriers have been removed so more West Australians now have the opportunity to enter the housing market – and our WA property market also benefits,” Mr Adamson said.

“People can either enquire or access the FHLDS through P&N Bank directly by contacting one of our lending team, or through their broker.”

Find out more about the First Home Loan Deposit Scheme.

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