ABOUT THE SCHEME:
The First Home Loan Deposit Scheme is a Government-backed initiative to help Australians get into their first home sooner. We are proud to be supporting the initiative, a first for first home buyers, and supporting eligible customers with their home purchase.
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 with NAB and CBA offering up to 5,000 loans each financial year. From 1 February 2020 we will have other lenders offering the service. for more details visit NHFIC’s website.
THE APPLICATION PROCESS:
Check your eligibility
Check your eligibility for the Scheme using the online tools and calculators below
Secure your spot
Enquire online and we will be in contact with you to assist
Buy your home
Purchase a property that meets the conditions of your scheme approval within 90 days
Move in
You must move into your new home within 90 days of settlement
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