Get into your own home sooner
Welcome news for first home buyers
With as little as 5% deposit, eligible first home buyers have the opportunity to purchase a property through the First Home Loan Deposit Scheme. Designed to help you buy your first home faster, the Scheme acts by lowering the deposit you need to take out a home loan.
Here’s how it works
The Australian Government, through the National Housing and Finance Investment Corporation (NHFIC), will guarantee us, as the lender, the difference between your deposit (of at least 5% ), and 20% of the value of your first home. This means you can buy your first home sooner, and be exempt from paying Lenders Mortgage Insurance (LMI), which can potentially save you thousands.
With the latest round of applications for the Scheme now open, we are once again proud to be a participating lender in this great initiative.
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.
We're here to help you with your application
If you meet the eligibility criteria the next step is to reach out to our team who can assist with your application. Complete our simple online enquiry form and a team member will be in contact with you shortly.
The application process
Things you should know
* Roy Morgan Single Source Australia, March 2022
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.