The first home loan deposit scheme is an Australian Government initiative to support eligible first home buyers purchase their first home sooner. As first home buyers usually have a deposit of less than 20%, lenders' mortgage insurance needs to be paid. Under the Scheme, eligible first home buyers can purchase a modest home with a deposit of as little as 5 percent (lenders criteria 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.


How many spots are available in this scheme?

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


Who is eligible?

  • Australian citizens who are at least 18 years of age. Permanent residents are not eligible.
  • Single applicants with a taxable income of up to $125,000 per annum for the previous financial year and couples with a taxable income of up to $200,000 per annum for the previous financial year. For all Scheme applications made from 1 July 2021 to 30 June 2022, the relevant financial year assessed will be 2020-21.
  • Couples are only eligible for the Scheme if they are married or in a de-facto relationship with each other. Other persons buying together, including siblings, parent/child, or friends, are not eligible for the Scheme.
  • The Scheme assists eligible applicants who have at least 5 percent of the value of an eligible property saved as a deposit. If 20 percent or more is saved, then the home loan will not be covered by the Scheme.
  • Applicants must intend to be owner-occupiers of the purchased property.
  • Applicants must be first home buyers.


What type of property can I buy?

  • The property must be a ‘residential property’
  • An existing house, townhouse or apartment.
  • A house and land package
  • Land and a separate contract to build a home
  • And off-the-plan apartment or townhouse


Are there property price thresholds to be eligible?

Yes. The property price must not exceed the relevant price caps for the area in which it is location. For more info visit NHFIC.


How do I apply?

Please get in contact with our MyChoice Home Loan team for more information. 

Download First home Loan Deposit Scheme Fact Sheet