BSB 806 015

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BSB 806 015


Minimum 5% deposit

Get into your first home sooner


Pay no LMI

Save thousands in Lenders Mortgage Insurance costs 

Access to our best products

All members get access to the same loan benefits

What is it?

The First Home Loan Deposit Scheme New Home Guarantee is an 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:

  • All applicants must be first home buyers
  • All applicants must be Australian citizens who are at least 18 years of age. Permanent residents are not eligible
  • Individuals must have earned less than $125,000 and couples less than $200,000 in the last financial year. Couples must be married or de-facto
  • There are property price caps which vary depending on the location in which you buy. Perth has a property price cap of $550,000, while WA regional areas are capped at $400,000

Eligibility tool

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.

Individual                 Couple

Property eligibility and price tool

Elible property types:

  • Newly constructed dwellings
  • Off-the-plan dwellings
  • House and land packages, or
  • Land and a separate contract to build a new home

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.

Property cap search

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?

Get in touch with us

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.

Talk to your Broker

Simply mention this Scheme to your broker and they will be able to submit an application on your behalf.

Enquire nowBook appointmentCall 13 25 77


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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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