Bank Orange becomes a participating lender in the Australian Government 5% Deposit Scheme
Helping locals achieve the dream of home ownership.
Bank Orange is pleased to announce its participation in the Australian Government 5% Deposit Scheme, which enables eligible home buyers to purchase a home with as little as a 5% deposit without paying Lenders Mortgage Insurance (LMI).
The Scheme is administered by Housing Australia on behalf of the Australian Government and is designed to help more Australians overcome one of the biggest barriers to home ownership: saving a large deposit.
By joining the Scheme, Bank Orange will provide eligible first home buyers and/or single parents with greater access to home ownership while reducing the upfront costs often associated with buying a home.
Supporting Local Home Buyers
For many Australians, particularly those entering the property market for the first time, saving a 20% deposit can take years. The 5% Deposit Scheme helps bridge this gap by allowing eligible buyers to secure a home with a deposit of just 5%. The Australian Government provides a guarantee to participating lenders, allowing eligible buyers to purchase a home with a smaller deposit and without paying Lenders Mortgage Insurance.
This means eligible borrowers can purchase a home sooner while avoiding the additional cost of Lenders Mortgage Insurance, potentially saving thousands of dollars. As a participating lender, Bank Orange can assess eligibility and assist eligible borrowers to apply for the Scheme as part of their home loan application.
A Stronger Path to Home Ownership
As a customer-owned bank that has supported the Orange and Central West community for more than 60 years, Bank Orange is committed to helping members achieve their financial goals and build long-term financial security.
Chief Executive Officer, Lewis von Stieglitz, said participation in the Scheme reflects the bank's commitment to making home ownership more accessible for local families and individuals.
"We know that saving for a home deposit can be one of the biggest challenges facing aspiring homeowners. By participating in the 5% Deposit Scheme, we're able to provide eligible customers with another pathway into home ownership and help them achieve their goals sooner."
"As a customer-owned bank, supporting our community is at the heart of everything we do. We're proud to offer solutions that make a real difference to people looking to buy their first home."
Expanding Opportunities for Australians
The Australian Government 5% Deposit Scheme has already helped thousands of Australians purchase a home sooner than they otherwise may have been able to, providing practical support for first home buyers, regional Australians, and eligible single parents.
Bank Orange's participation provides customers with even more choice when selecting a lender that understands their needs and is committed to supporting local communities.
Learn More
Customers interested in finding out whether they are eligible for the Australian Government 5% Deposit Scheme or other programs are encouraged to speak with a Bank Orange lending specialist.
For more information, visit our Bank Orange branch, contact our lending team at loans@bankorange.com.au, or visit the Housing Australia website.
Your first home may be closer than you think. With a 5% deposit and the right support, Bank Orange is here to help you take the next step.
