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What is a government deposit guarantee?

What is a government deposit guarantee?

The Australian government guarantee scheme was implemented during the global financial crisis, designed to promote financial stability in Australia. The guarantee assists authorised deposit-taking institutions so they can continue to access funds during times of global financial instability and to make sure they are not disadvantaged compared to their international competitors.

The financial claims scheme offers permanent cap deposit guarantees of $250,000 per person or per institution, which is down from $1 million in February 2012.

Are you considering entering the Australian home owner market? The best buyers are the most prepared, so get started by researching and comparing home loans and working out your mortgage repayments.

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