Get into your first home sooner
Save thousands in Lenders Mortgage Insurance costs
All members get access to the same loan benefits
What is it?
The First Home Loan Deposit Scheme is a Australian Government initiative to support eligible first home buyers purchase a home sooner. It does this by providing a guarantee that will allow eligible first home buyers to purchase a home with a deposit of as little as 5% without needing to pay for Lenders Mortgage Insurance (LMI).
Are you eligible for the First Home Loan Deposit Scheme?
To apply to the Scheme, you'll be subject to the following eligibility criteria. You need to be able to provide documentation of your eligibility to secure your position.
Eligibility criteria includes:
The government has developed a handy tool to help first home buyers find out whether they meet the Scheme’s eligibility criteria. Simply choose below whether you wish to apply as an individual or as a couple.
Property price tool
The government has also developed a tool to help first home buyers find out the property price cap for the suburb in which they are looking to purchase a property. Simply follow the link and enter the postcode for the area you are looking to buy in to find out the property price cap.
What about the First Home Owners Grant?
Great news! The First Home Owner Grant is indepedent to this Scheme, which means if you're eligible for both this Scheme and the Grant you'll benefit from both.
For more information on the on the First Home Owners Grant follow the link to our page: Everything you need to know about the First Home Owners Grant
Want to get started?
We're here to assist you in the most convenient way possible, whether that's online, over the phone, at your local branch, or visiting you at home or work. Just follow one of the links below to get started.
Simply mention this Scheme to your broker and they will be able to submit an application on your behalf.
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Meeting the eligibility criteria does not mean that you will receive either a guarantee or a loan from a Scheme lender.
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