First Home Loan Deposit Scheme

First Home Loan Deposit Scheme

The First Home Loan Deposit Scheme is a Government-backed initiative to help Australians get into their first home sooner.  

What is it?

The First Home Loan Deposit Scheme is designed to get eligible buyers into their first home sooner without having to pay lender's mortgage insurance.

How does it work?

Eligible applicants will receive a limited guarantee from the Australian Government to purchase their first home with a deposit of as little as 5%.

When's it available?

The Scheme will support up to 10,000 loans each financial year, starting from 1 January 2020


Which lenders are offering the Scheme.

 NHFIC has appointed 27 lenders on the panel of residential mortgage lenders to offer guarantees under the Scheme.

Both National Australia Bank and Commonwealth Bank of Australia offered guaranteed loans from 1 January 2020.

The 25 non-major lenders will begin offering guaranteed loans from 1 February.


Scheme Eligibility

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
  • 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
  • All applicants must be at least 18 years of age, Australian citizens and have a Medicare card
  • There are property price caps which vary depending on the location in which you buy. You can work out your property price cap using NHFIC’s online tool

Download a fact sheet about the scheme (PDF, 1MB)

What type of property can be bought under the scheme?

  • An existing house, townhouse or apartment
  • A house and land package•Land together with a separate contract to build a home
  • An off-the-plan apartment or townhouse


Property Price Thresholds.

To ensure the Scheme is only available for the purchase of a modest home, or the purchase of land and construction of a modest home, property price thresholds (maximum property purchase price under the Scheme) will apply in capital cities, large regional centres and regional areas

View the full table of thresholds.


Am I eligible for the First Home Loan Deposit Scheme?

NHFIC has developed a tool to help first home buyers find out whether they meet the Scheme’s eligibility criteria.

Please note that this tool is provided as a guide only and does not mean that you will receive either a guarantee or a loan from a participating lender.

>> First Home Buyer Eligibility Tool.

For more details information on the First Home Loan Deposit Scheme visit the NHFIC's website.