What is the 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. We are proud to continue our support of this initiative.

How does it work?

The Government releases new Scheme Places at the start of each financial year, with the latest financial year release on 1 July 2020. A further 10,000 places were announced in October 2020 as part of the First Home Loan Deposit Scheme (New Homes), aimed at supporting customers looking to buy or build a new home. Established properties are not an acceptable property type for the First Home Loan Deposit Scheme (New Homes).

What is available under the Scheme?

Eligible applicants will receive a limited guarantee from the Australian Government to purchase their first home with a deposit of as little as 5%, without having to pay lender's mortgage insurance.  There are limited Scheme Places available under the First Home Loan Deposit Scheme (New Homes). We are currently not accepting new applications for Scheme Places for established (lived-in) properties until the next Government release.

The application process

  • Step 1 Check your eligibility

    Use the NHFIC website and the section below to check your eligibility.

  • Step 2
    Get in touch

    Enquire online, at your local branch or with your broker and complete your NAB home loan application.

  • Step 3 Submit your application

    Get Conditional Approval from your banker or broker. They’ll then collect the documents required for eligibility and reserve your place in the Scheme.

  • Step 4 Buy your first home

    You’ll have 90 days to purchase your first home after you’re approved in the Scheme, then all you need to do is settle and move in.

Am I 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 and must not have owned or had an interest in residential property (whether as an investment or owner occupied).
  • Individual applicants must have earned less than $125,000 or $200,000 for couples in the last financial year (as evidenced on your ATO Notice of Assessment).
  • Couples must be married or in a de facto relationship. Other persons buying together, including friends, siblings or a parent/child are not eligible.
  • All applicants must be at least 18 years of age and have a valid Medicare card (or Defence ID).
  • All applicants must be Australian citizens with either a valid Australian passport or proof of Australian citizenship. Permanent residents are not eligible.
  • Applicants must have a deposit of between 5% and 20% of the property’s value.
  • Your purchased property must be an acceptable property type and within the property price threshold for the suburb and postcode. You can check the property price cap for your area on NHFIC’s website.

Download the NHFIC Fact Sheet on the FHLDS (PDF, 1MB)

Download the NHFIC FHLDS Information Guide (PDF, 3.3MB)

Download the NHFIC FHLDS (New Homes) Fact Sheet (PDF, 221KB)

Download the NHFIC FHLDS (New Homes) Scheme Information Guide (PDF, 1.03MB)

Ready to get started?

Enquire online now to register your interest.

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