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 eligible customers with their first home purchase through this initiative.

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?

New Scheme places are released at the start of each financial year, with the latest release on 1 July 2020. NAB will support up to 5,000 customers to purchase their first home through the Scheme.

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.

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 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 price must be within the property price threshold for the suburb and postcode. You can check the property price cap for your area using NHFIC’s online tool.

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

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

Ready to get started?

Enquire online now to register your interest.

Enquire now

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