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February 28,2020

First Home Loan Deposit Scheme

If you’re a first time property buyer then the national First Home Loan Deposit scheme may be of some assistance as it permits a mere 5% deposit on a first home, subject to the buyer meeting certain conditions.


What is the First Home Loan Deposit scheme?

The Australian Government has introduced the First Home Loan Deposit scheme to support first home buyers to 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.


Can it be used in conjunction with other government programs?

Yes. The guarantee can be used in conjunction with government programs like the First Home Super Saver Scheme or state first home buyer grants and stamp duty concessions.


How does it work?

Eligible first home buyers are able to obtain an eligible loan to purchase an eligible property through a participating lender with up to 15% of the value of the property guaranteed by NHFIC.


Can a house and land package be bought under the scheme?

Yes. A house and land package is an eligible residential property that can be purchased under the scheme.

View our house and land packages here.


Do property price thresholds apply?

Yes. As the objective of the Scheme is to assist in the purchase or construction of a modest home then there is a price cap and as such, the value of the residential property must not exceed $600,000.


Who is eligible and how to apply?

To find out if you are eligible for the Scheme and for information on how to apply, please visit www.nhfic.gov.au.