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First home loan deposit scheme

Enquire now to find out if you're eligible. 

Great news for first home buyers

Buying your first home is a big step. It's as exciting as it is challenging, which is why it's good to know what options are out there and what support is available to help make the process as smooth as possible. 

We're proud to be a participating lender in the Australian Government's new First Home Loan Deposit Scheme initiative. Designed to help first home buyers purchase a property faster, the Scheme acts by lowering the deposit needed to take out a home loan. 

The Australian Government, through the National Housing and Finance Investment Corporation (NHFIC) will guarantee the difference between your deposit (of at least 5 percent) and 20 percent of the value of your home. This means first home buyers can enter the market sooner and be exempt from paying Lenders Mortgage Insurance (LMI), which can potentially save them thousands. 

Illustration of a young couple standing on a street in front of their new home with SOLD sign.

Am I eligible?

  • You need to be an Australian citizen, at least 18 years old, with a Medicare card, and a first home buyer looking to buy a property that you will live in.
  • You need to be able to demonstrate your ability to save over time, with a minimum 5% deposit saved for the property you wish to buy.
  • You must meet the income eligibility requirements, which are single buyers earning up to $125,000, or a couple earning up to $200,000 per year. 
  • There are property price thresholds that will apply in capital cities, large regional centres and regional areas. Use NHFIC's property price threshold tool to work out the maximum property purchase price in the area you're interested in under the Scheme.

The application process

Check your eligibility

Check your eligibility for the Scheme using NHFIC's online tool for singles and couples

Make an appointment

Enquire online and a Bendigo team member will be in contact shortly to assist you with your application

Buy your home

Purchase a property that meets the conditions of your Scheme Approval within 90 days.

Move in

Move into your new home! Check out our tips to assist you with your move. 

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Terms and conditions, fees, charges, eligibility and lending criteria apply. Full details available on application. All information is correct as at 22 January 2020 and is subject to change without notice. 

Bendigo and Adelaide Bank Limited, ABN 11 068 049 178 AFSL / Australian Credit Licence 237879. Any advice provided on this website is of a general nature only and does not take into account your personal needs, objectives and financial circumstances. You should consider whether it is appropriate for your situation. Please read the applicable Disclosure Documents before acquiring any product described on this website. Please also review our Financial Services Guide (FSG) before accessing information on this website. Information on this page can change without notice to you.

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