Media release

First Home Loan Deposit Scheme offered through 25 new lenders

Twenty-five smaller lenders around the country will today start offering the Australian Government’s new First Home Loan Deposit Scheme, giving eligible first home buyers wider consumer choice.

The Scheme, which is overseen by the National Housing Finance and Investment Corporation (NHFIC), commenced on 1 January with two major banks – the National Australia Bank (NAB) and the Commonwealth Bank of Australia (CBA) – offering guaranteed loans.

NHFIC CEO Nathan Dal Bon said first home buyers are now able to apply for the Scheme’s guarantees through 27 lenders.

The composition of the lending panel achieves the Australian Government’s objective of promoting competition between the big and small lenders, and also ensuring that the Scheme has broad geographic reach, including in regional and remote communities.

Mr Dal Bon said the additional 25 lenders were drawn from around the country and provided first home buyers with a range of choices.

“More places are now available to help first home buyers purchase a modest home sooner,” Mr Dal Bon said.

The Scheme allows eligible first home buyers on low and middle incomes to purchase a home with a deposit of as little as 5 per cent, recognising that saving a deposit can be challenging.

Most Scheme lenders have dedicated First Home Loan Deposit Scheme web pages providing further information on how to apply, while first home buyers are also able to apply through mortgage brokers.

Consistent with NHFIC’s Investment Mandate, the non-major lenders will receive no less than 50 per cent of the 10,000 guarantees allocated each financial year.

All participating lenders are supporting the Scheme by committing to not charging eligible customers higher interest rates than equivalent customers outside of the Scheme.

A further 10,000 Scheme places will be released from July.


The full list of initial Scheme lenders is:


Major bank lenders:

  • National Australia Bank
  • Commonwealth Bank of Australia


Non-major lenders:

  • Australian Military Bank
  • Auswide Bank
  • Bank Australia
  • Bank First
  • Bank of us
  • Bendigo Bank
  • Beyond Bank Australia
  • Community First Credit Union
  • CUA
  • Defence Bank
  • Gateway Bank
  • G&C Mutual Bank
  • Indigenous Business Australia
  • Mortgageport
  • MyState Bank
  • People’s Choice Credit Union
  • Police Bank (including the Border Bank and Bank of Heritage Isle)
  • P&N Bank
  • Queensland Country Credit Union
  • Regional Australia Bank
  • Sydney Mutual Bank and Endeavour Mutual Bank (divisions of Australian Mutual Bank Ltd)
  • Teachers Mutual Bank Limited (including Firefighters Mutual Bank, Health Professionals Bank, Teachers Mutual Bank and UniBank)
  • The Mutual Bank
  • WAW Credit Union


Information about the Scheme is available on NHFIC’s website ( including online tools to assist prospective first home buyers determine their potential eligibility and identify the relevant property price threshold that will apply to any potential purchases.

Media contacts

Turi Condon | | 0409 304 607

Benjamin Haslem | Wells Haslem Mayhew (for NHFIC) | 0408 887 742