First Home
First Home Loan Deposit Scheme
NHFIC encourages first home buyers (and those advising a first home buyer) to consult with a Participating Lender, as well as seek their own independent financial and legal advice on how to structure their loan arrangements in a way that suits their own personal circumstances.
Where can I apply?
All applications for the First Home Loan Deposit Scheme need to be made directly with one of the Scheme’s Participating Lenders (or their authorised representatives, i.e. a mortgage broker).
NHFIC does not accept, assess, approve or maintain waitlists for any Scheme place applications.
Can I apply without a Notice of Assessment?
Once your tax return has been processed, the Australian Taxation Office (ATO) sends a statement called the Notice of Assessment to your myGov Inbox.
For Scheme reservations made from 1 July 2021 to 30 June 2022, the relevant Notice of Assessment is the 2020-2021 financial year.
Participating Lenders have been allowed to process applications up to the pre-approval stage without a Notice of Assessment until 31 August 2021.
We encourage you to speak to your Participating Lender to understand the risk of signing a Contract of Sale prior to obtaining the latest Notice of Assessment.
For more information about Tax Time 2021, please contact the Australian Taxation Office.
Participating Lenders for the First Home Loan Deposit Scheme
- Australian Military Bank
- Auswide Bank
- Bank Australia
- Bank First
- Bank of Heritage Isle
- Bank of Us
- bcu
- Bendigo Bank
- Beyond Bank Australia
- Border Bank
- Commonwealth Bank
- Community First Credit Union
- Defence Bank
- Endeavour Mutual Bank
- Firefighters Mutual Bank
- G&C Mutual Bank
- Gateway Bank
- Great Southern Bank
- Health Professionals Bank
- Indigenous Business Australia
- Mortgageport
- MyStateBank
- NAB
- P&N Bank
- People's Choice
- Police Bank
- QBANK | First Home Buyers
- Queensland Country Bank
- Regional Australia Bank
- Sydney Mutual Bank
- Teachers Mutual Bank
- The Mutual Bank
- UniBank
- WAW
Should I apply for this Scheme?
If you aren’t sure which Scheme could apply to you, answer a few questions and we’ll point you in the right direction.
For a successful application, key criteria include:
- applying as an individual or couple (married / de facto)
- being Australian citizen(s) at the time you enter the loan
- being at least 18 years of age
- earning up to $125,000 for individuals or $200,000 for couples
- you must intend to be owner-occupiers of the purchased property
- you must be first home buyers who have not previously owned, or had an interest in, a property in Australia
Contact a Participating Lender for a full list of criteria, or if you have any questions about your home loan application.
NHFIC cannot provide personal financial advice and we encourage applicants to seek their own independent financial and legal advice for their own personal circumstances.
How much do I need to save?
You need to have between 5% and 20% of the value of an eligible property saved as a deposit. View the relevant property price caps for your location.
While the minimum deposit required by this Scheme is 5%, Participating Lenders may require a higher percentage deposit based on your financial circumstances. Speak with your lender to find out whether the deposit you have is made up of genuine savings for the purposes of their lending criteria and this Scheme.
You should also confirm with your lender whether any cash grants under other Australian Government, State or Territory schemes or programs you may receive can be considered as part of your genuine savings.
Contact a Participating Lender to check your personal circumstances.
Download a fact sheet
Learn more about this Scheme
Apply now
Contact a Participating Lender
Frequently Asked Questions
Find answers to common questions