Your first home with as little as 5% deposit

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. That’s why you deserve to get into the market sooner with as little as 5% deposit* and no Lenders Mortgage Insurance. If you’re a first home buyer, don’t miss out on the First Home Loan Deposit Scheme. 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. Allocation for this financial year has been exhausted.

When further allocations are released to selected lenders by NHFIC, we will update this page.

Eligibility for the Scheme

  • You’re a first home buyer
  • 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 first home purchase price is below the scheme price cap for the location you’re buying in
 
A first time home owner 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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    Lock in a rate for up to 5 years. Plus enjoy knowing exactly how much you will be paying each month.

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    Featured Interest Rate - 3 Year Fixed
    3 .85
    pa** %
    Featured Comparison Rate - 3 Year Fixed
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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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