Mathias Cormann (WA, Liberal Party, Vice-President of the Executive Council) Share this | Hansard source

I've just provided that information to Senator Gallacher. The First Home Loan Deposit Scheme is administered through the National Housing Finance and Investment Corporation, which of course has gone through a market-sounding process, and it's very clear from that process that there are product offers available under the scheme that do not charge first home buyers more, which is what we want to see. I would also make the point that the government made a commitment to this scheme in the lead-up to the election and which we are now delivering. The scheme is to be administered, as I've indicated, through the National Housing Finance and Investment Corporation, which will partner with lenders to deliver the scheme. The NHFIC has commenced the procurement process to establish an initial panel of lenders. The panel will have no more than two of the four major banks and is designed to meet the government's expectations that smaller lenders will play a significant role in the scheme to facilitate competition.