The First Home Loan Deposit Scheme is now available to eligible first home buyers.  What is the scheme and who is it available to?

What is it?

The scheme will provide a guarantee to eligible first home buyers with a deposit of as little as 5%.

Depending on your circumstances and the lenders and policies you have access to you can potentially do this now without the scheme, however you would more than likely be paying lenders mortgage insurance (LMI) and that is the key difference.

Who is it available to?

The scheme will be available to the first 10,000 applicants who meet the following criteria:

  • Singles taxable income up to $125,000
  • Couples taxable income up to $200,000
  • Couples are only eligible if they are married or in a de-facto relationship
  • Owner-occupied properties only (not investment properties)
  • Principal and interest loan repayments (not interest only repayments)
  • Australian citizens who are at least 18 years of age (permanent residence are not eligible)

Which lenders are participating in the scheme?

The government has announced that 27 lenders will be participating in the scheme, 2 of which are major lenders and 25 are non-major lenders.  The major lenders are the National Australia Bank (NAB) and the Commonwealth Bank (CBA).  The balance of lenders participating in the scheme can be viewed here at – participating lenders.


  • Not all lenders are taking place so if you don’t meet the serviceability criteria policy of those lenders involved you may not have access to the scheme.
  • There are property price thresholds so if you are wanting to purchase a property at a higher price point you will not have access to the scheme.
  • As with all home loan applications, it will be subject to lender review and approval.

If you are a first home buyer and want to find out more about the first home loan deposit scheme call me and I will assist you through the process.