BankVic is proud to announce it has become a participating lender in the Australian Government 5% Deposit Scheme, opening up government-backed home ownership support to eligible members through their own bank.

BankVic has been helping police, emergency services workers, and health professionals with their financial lives for more than 50 years. Joining the scheme means members now have one more reason to bring their home ownership journey to a bank that already understands how they work, what they earn, and what they need.

CEO Anthony De Fazio said the milestone reflects what the organisation exists to do.

"We are honoured to join the Australian Government 5% Deposit Scheme as a participating lender. Home ownership is one of the most significant goals our members work toward, and being able to support them through this scheme is a genuine reflection of what BankVic is here to do. Our members serve their communities every day. Helping them get into their own home sooner is one of the most meaningful things we can offer in return."

The Australian Government 5% Deposit Scheme makes home ownership more achievable by helping eligible first home buyers purchase with a minimum 5% deposit, with a government guarantee. Single parents and legal guardians may be eligible with a minimum 2% deposit. There are no income caps, no waitlists, and eligible buyers can avoid the cost of Lenders Mortgage Insurance.

Chief Growth & Experience Officer Rachel Morley said BankVic's Home Loan Mentors are well placed to help members make the most of the Scheme.

"Our Home Loan Mentors are already partnering alongside members at every stage of their home buying journey. As a participating lender, we can now bring the scheme directly into those conversations -helping members understand how it may combine with other supports they're eligible for. For members who have been saving and are close to taking their first step into home ownership, this has the potential to bring their plans forward in a meaningful way."

More information about the Scheme and borrower eligibility is available here and at firsthomebuyers.gov.au

Find out more

To speak with a BankVic Home Loan Mentor about your options, call us on 13 63 73, or book an appointment online.

All loans are subject to lending assessment and approval criteria. Terms, conditions, fees, and charges apply. Information about government schemes, including the Australian Government 5% Deposit Scheme, is general in nature and should not be relied on as personal advice.