First Home Loan Deposit Scheme

Helping you buy your first home sooner

Purchase your first home with a 5% deposit

We understand that saving for your first home deposit can be a challenge. That’s why we’re proud to be one of the official providers of the First Home Loan Deposit Scheme, an Australian Government initiative helping eligible buyers to purchase their first home sooner.


What is it?

The First Home Loan Deposit Scheme is an Australian Government initiative that will support up to 10,000 low-deposit home loans for eligible buyers, each financial year.


What do I need to know?

Eligible buyers can purchase their first home with a minimum deposit of 5% of the property’s value, without paying additional fees such as Lenders Mortgage Insurance. 


Am I eligible?

Eligibility is assessed on a range of criteria including your income and property purchase price. You can check your eligibility with this online tool.

Home First portal

First Home Buyers, we’re here to help.

Home First is our free portal that guides you through your home buying journey. We can help you to calculate what you can afford and search for available homes to suit your needs.

Learn more

How do I apply?


Step 1: Check your eligibility

To speed up the application process, we recommend using the eligibility tool before getting in touch with us.


Step 2: Contact us

Get in touch via our Contact Us page.


Step 3: Purchase your home

Once your application is confirmed, you have 90 days to purchase a property that meets the Scheme conditions.

Frequently Asked Questions

  • Latest update

    Demand for the First Home Loan Deposit Scheme has been high and Bank First’s current allocation has been exhausted. Please check back again at a later date to see whether more spaces have become available or get in touch via the Contact Us page to discuss what other options may be available to you.

  • How many places are available in the Scheme?
    Bank First’s current allocation has been exhausted, we will advise when further scheme places are to be released. In the meantime we encourage applicants to get in touch to discuss what options are available to you.
  • What is NHFIC?
    The National Housing Finance and Investment Corporation (NHFIC) was established by the Australian Government as a corporate Commonwealth entity dedicated to improving housing outcomes, with a particular focus on affordable housing. You can find out more here.
  • How much can I borrow under the Scheme?
    The amount you can borrow depends on the suburb you are purchasing a property in. NHFIC has developed a tool for first home buyers to find out the relevant property price threshold if you enter the postcode or suburb of the property you are looking to purchase. Access the tool here.
  • What types of homes are eligible?

    Eligible properties include:

    • Existing house, town house or apartment
    • House and land package
    • Land together with a separate contract to build a home
    • Off the plan apartment or townhouse 
  • Can the Scheme be used in conjunction with other Government initiatives?
    You can apply for a place under the Scheme as well as other Commonwealth, State and Territory Government programs including the First Home Super Saver Scheme or first home owner grants and concessions. These other programs apply their own criteria and conditions. You should make your own enquiries on the terms of these other programs.
  • What is Lenders Mortgage Insurance?
    Lenders Mortgage Insurance (LMI) is a one-off payment that is generally required when the loan is in excess of 80% of the property value that you are purchasing. It protects the lender in the event that the borrower defaults on the loan and there is still money owing after the property is sold. Depending on the value of the property and the loan to value ratio, Lenders Mortgage Insurance may be several thousand dollars. Under the Scheme, eligible buyers can avoid paying LMI.
  • What do I need to prepare for my application?

    We recommend using the First Home Loan Deposit Scheme eligibility tool before speaking with us.

    From 1 July 2020, all applicants are required to provide their final 2019-20 ATO Notice of Assessment. We’ll also need to understand your income, expenses, details of any other loans, and your living situation.

    From there, we can talk you through the application process and if you are eligible, we can submit an application to the Scheme on your behalf.

  • Where can I find out more information?
    For more information on the Scheme including eligibility criteria, property price thresholds and the application process, visit National Housing Finance and Investment Corporation (NHFIC) or download the First Home Loan Deposit Scheme fact sheet.

We’re here to help

Buying your first home is a big, exciting decision, but the experience can be overwhelming. Whether you need to speak with someone for home buying advice or delve into the ultimate home buyers guide we’re here to help.