FHLDS update: 10/2/21
On Wednesday 3 February, the Australian Government announced around 1800 First Home Loan Deposit Scheme (FHLDS) places from the 2019-20 financial year would be rolled over into this current financial year.
Eligible first home buyers can now apply for one of these First Home Loan Deposit Scheme (FHLDS) places through a participating lender before 30 June 2021.
These Scheme places are part of the First Home Loan Deposit Scheme, not the FHLDS (New Homes) – the key difference being that the FHLDS guarantee can be used for eligible new and existing homes. Standard income and prior property ownership tests, and minimum age, citizenship, owner-occupier and deposit requirements still apply.
On 1 July 2021, another 10,000 FHLDS places will be available for the 2021-22 financial year.
The First Home Loan Deposit Scheme is an Australian Government initiative to support eligible first home buyers purchase their first home sooner.
Usually first home buyers with less than a 20 per cent deposit need to pay lenders mortgage insurance. Under the Scheme, eligible first home buyers can purchase a modest home with a deposit with as little as 5 per cent (lenders criteria also apply). This is because NHFIC guarantees to a participating lender up to 15 percent of the value of the property purchased that is financed by an eligible first home buyer’s home loan.
There are 27 participating lenders across Australia offering places under the First Home Loan Deposit Scheme.
Property price caps apply across capital cities, large regional centres and regional areas. Search the relevant property price cap for the area you plan to buy.Property price thresholds
Use our Eligibility Tool to see if you (and your partner if you're applying as a couple) are eligible to use the First Home Loan Deposit Scheme to purchase a new or existing home.Eligibility