The First Home Loan Deposit Scheme is a Australian Government initiative to support eligible first home buyers purchase a home sooner.
It does this by providing a guarantee that will allow eligible first home buyers on low and middle incomes to purchase a home with a deposit of as little as 5 per cent (lender's criteria apply).
Since starting on 1 January, the banks have registered 3,000 potential first home buyers under the First Home Loan Deposit Scheme.
The remaining 7,000 Scheme places for the current financial year will be available from 1 February 2020 when potential applicants will have a panel of 27 lenders to choose from.
NHFIC is releasing 10,000 First Home Loan Deposit Scheme guarantees this financial year. Another 10,000 places will be available from July 2020.
The staged release of Scheme places provides first home buyers with the opportunity to gather the necessary financial information to support their application and enables a broader choice between the major banks and smaller lenders. Twenty-five smaller lenders join the Scheme’s lending panel on 1 February.
NHFIC has developed a tool to help first home buyers find out whether they meet the Scheme’s eligibility criteria. Click here to view the tool.
NHFIC has also 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. Click here to view the tool.
The relevant dates and requirements for the different property types are set out here.
To view a list of participating lenders in the First Home Loan Deposit Scheme, click here.
Click here for a fact sheet on the First Home Loan Deposit Scheme.
Click here to view the frequently asked questions.