First Home Loan Deposit Scheme

The First Home Loan Deposit Scheme is an Australian Government initiative to support eligible first home buyers purchase their first home sooner.

10,000 First Home Loan Deposit Scheme places will be available to eligible first home buyers from 1 July 2021 to 30 June 2022.

Usually, first home buyers with less than a 20% deposit need to pay lenders mortgage insurance.

Under this Scheme, part of an eligible first home buyer’s home loan from a Participating Lender will be guaranteed by NHFIC. This is aimed at enabling you to purchase your first home sooner with as little as a 5% deposit.

Any guarantee of your home loan is for up to a maximum amount of 15% of the value of your property (as assessed by your lender). This guarantee is not a cash payment or a deposit for your home loan.

View the First Home Loan Deposit Scheme fact sheet to learn more.

If your home loan is covered by this Scheme, you can also access other government programs – like the Australian Government’s First Home Super Saver Scheme, Home Builder Grant or First Home Owner Grant and concessions that may be offered by State and Territory governments. These other programs apply their own criteria and conditions, and you should make your own enquiries on their terms.

What type of home can I buy?

For a property to be eligible it must be a 'residential property' - this term has a particular meaning under this Scheme. Eligible residential properties include:

an existing house, townhouse or apartment
a house and land package
land and a separate contract to build a home
an off-the-plan apartment or townhouse

Specific dates and requirements apply for the different property types.

Use the postcode search tool to look up the property price caps for your location.

Contact a Participating Lender for the full list of property criteria and Scheme requirements, or if you are unsure what type of property you are buying.

What are the important timeframes?

Different timeframes can apply to your Scheme place, depending on the type of home you buy.

To be eligible for this Scheme, the contract of sale and (if applicable) eligible building contract may have particular dates when they can be signed by you. There are no exceptions from these required dates.

For more information, visit our Documents Library.

SEARCH OUR FREQUENTLY ASKED QUESTIONS DATABASE FOR GENERAL INFORMATION ABOUT ANY OF THE SCHEMES.

How to apply

First Home