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 offering up to 5,000 loans each financial year

The application process

  • Step 1 Check your eligibility

    Check your eligibility for the Scheme using the online tools and calculators below

  • Step 2 Secure your spot

    Enquire online and a NAB banker will be in contact with you to assist

  • Step 3 Buy your home

    Purchase a property that meets the conditions of your scheme approval within 90 days

  • Step 4 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

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

NHFIC’s Scheme eligibility tool

To make things easier, the government have created an online tool to help you to understand whether you are eligible for the scheme. Simply choose below whether you wish to apply as an individual or as a couple.

Single Applicant Couple

Understand how much you could borrow

NHFIC has developed a tool to help first home buyers find out the property price threshold for the suburb in which they are looking to purchase a property. Simply enter the postcode or suburb of the property into the tool to display the relevant property price threshold.

Search

Ready to get started?

Enquire online now to register your interest

Enquire now

Other ways we're helping first home buyers

Home Loan Offers

Check out our current home loan offers and special discounts.

Buying your first home

Excited to buy your first home? We've put together some tips and practical advice on where to get started.

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