New places just released in the First Home Loan Deposit Scheme to build or buy a brand new home!

Secure your place today.

First Home Loan Deposit Scheme

Get into your first home sooner with the First Home Loan Deposit Scheme.

Get into the market sooner

It can be hard to save for your first home. Through the First Home Loan Deposit Scheme, you can have a head start with as little as 5% deposit*, plus no Lenders Mortgage Insurance. Don’t miss out. Limited places are available in the scheme nationwide.

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What is the First Home Loan Deposit Scheme?

It’s a federal government initiative to help you buy your first home. With as little as 5% deposit* and no Lenders Mortgage Insurance, you can get into the market sooner.

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How does it work?

The gap between your deposit (of at least 5%) and 20% of the value of your home is guaranteed by the National Housing Finance and Investment Corporation (NHFIC) through the scheme.

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When does it start?

Each financial year a limited number of places are made available in the nationwide Scheme. NHFIC has released 10,000 additional places, specifically for eligible first home buyers building or purchasing a ‘new home’.

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Eligibility for the Scheme

  • You’re a first home buyer and intend to be an owner occupier of the property
  • You’re 18+ years of age, an Australian citizen and have a Medicare card number
  • Singles have earned no more than $125,000 taxable income in the last financial year 
  • Couples are married or defacto and have combined earnings of no more than $200,000 taxable income in the last financial year
  • Your building or purchasing a ‘new home’ below the property price cap of the location you’re buying in

What is a 'new home'?

Eligible properties the bank will consider are:

  • Newly constructed dwellings (e.g. whether a freestanding house, townhouse or apartment)
  • House and land packages
  • Land and a separate contract to build a new home.
Two first time home owners applying for the First Home Loan Deposit Scheme using a laptop.

How to apply

1. Check if you’re eligible
Use the government’s simple online eligibility tool to find out if you can apply.

2. Talk to our home loan specialists
Buying your first home can be overwhelming. We’ll help guide you through the process and help find the best home loan for your needs.

3. Find your first home
This is the fun bit – shopping. Remember, your home will need to meet certain eligibility criteria for the scheme.

Want to find out more? Download the First Home Loan Deposit Scheme Factsheet.

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Why choose a home loan with us?

Low rates

We have extremely competitive interest rates.

Personalised expertise

We’ll help you find the home loan that’s right for you.

A bank you can trust

We’ve been awarded one of the World’s Most Ethical Companies®

Lock it in and live the dream!

With interest rates at an all-time low, there’s never been a better time to lock in a fixed rate on your home loan!

  • Fixed Rate Home Loan

    Lock in a rate for up to 5 years. Plus enjoy knowing exactly how much you will be paying each month.

    Learn more

    • 2 .05
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      Featured Interest Rate - 3 Year Fixed
    • 3 .81
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      Featured Comparison Rate - 3 Year Fixed
    • 100% Offset facility giving you the opportunity to pay off your home loan sooner
    • Ability to split loan
    • No monthly fees
    2 .05
    pa %
    Featured Interest Rate - 3 Year Fixed
    3 .81
    pa** %
    Featured Comparison Rate - 3 Year Fixed

Talk to our home loan experts

Find your local mobile lender

Not sure what you can afford, or how much you need to save? Talk to one of our home loan specialists today to find out everything you need to know to get started. Our home loan specialists can do the hard work for you and help you secure a place in the scheme by submitting a request on your behalf, but places are limited - don’t miss out!

Discover all you need to know when buying your first home, from the loan process and saving for a deposit, to getting the home loan that’s right for you.

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