Buying a first home can be daunting. From saving for a house deposit to searching for the perfect property, it can be a significant life event.
To support first home buyers with their home purchase, the Australian Government has introduced the First Home Loan Deposit Scheme. Issued by the National Housing Finance and Investment Corporation (NHFIC), this initiative is aimed at giving some first home buyers a leg up onto the property ladder by removing the struggle of saving for the typical 20% deposit.
Applications are now open for the First Home Loan Deposit Scheme. Fill out the form below to have a Home Loan Specialist contact you to discuss the application process.
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To help you get started, we've introduced a special home loan package which can only be used as part of the First Home Loan Deposit Scheme.
To apply for the First Home Loan Deposit Scheme, you'll be subject to NHFIC's eligibility criteria. You should consider whether your personal circumstances satisfy the following;
Download the NHFIC fact sheet (PDF, 1MB)
Download the NHFIC Scheme Information Guide (PDF, 3MB)
Check whether you meet the First Home Loan Deposit Scheme’s eligibility criteria set by the NHFIC. Single applicants and those applying as a couple can check their eligibility by using the NHFIC’s Scheme eligibility tool.
If you think you're eligible, contact Regional Australia Bank, as an approved NHFIC lender, to take out a loan.
We'll step through the application process with you and if approved, will organise the loan, and the government will act as your guarantor.
Get packing to move in to your new home within 90 days of settlement.
The First Home Loan Deposit Scheme could make owning your first home more achievable, however it’s important to consider how a smaller initial house deposit may impact your repayments in the long run. The good news is that there are also alternatives to the First Home Loan Deposit Scheme, which could still pave the way for home ownership.
Visit the HomeBuilder website to find out more.
Most State and Territory governments provide stamp duty concessions to first home buyers and sometimes waive the need to pay stamp duty altogether. Whether you’re purchasing an investment property or a principal place of residence are all taken into account. Since stamp duty can add another 3-5% to the purchase price, this is a real help. Depending on your state or territory, you may be eligible for concessions as a first home buyer.
Calculate your stamp duty using our helpful calculator.
If you’re a first home buyer, you may be eligible to withdraw voluntary super contributions you’ve made to put toward a home deposit. Under the First Home Super Saver Scheme, first home buyers, who make voluntary super contributions of up to $15,000 per financial year into their super, can withdraw these amounts (in addition to associated earnings / less tax) from their super fund to help with a deposit on their first home.
Visit the ATO website for more information.
If you’re a first home buyer and you’re buying or building a new home, you may qualify for a $10,000 grant under the First Home Owner Grant (New Homes) scheme if you purchase date was on or after 1 January 2016. This is a one-off payment for eligible first home buyers who purchase or build a residential property to live in.
Visit the First Home Owners Grant website to find out more.
We know the home loan process can be confusing at times, but at Regional Australia Bank we like to make the complex, simple.
We've simplified and compiled a list of questions we frequently get asked about, such as "How much deposit do I need?" or "What's the difference between a variable and fixed rate?"
Be sure to check out our Frequently Asked Questions to learn more.
We know that the home loan process can be daunting. When the time comes, don’t feel like you have to do it on your own.
Speak to us and discover how we make purchasing your first home easy.
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We've been helping Australians achieve their lifestyle goals for over 50 years. We'll help you achieve yours.
We recognise everyone's circumstances differ, so we provide personalised financial solutions to save time, money and effort.
1 Subject to NHFIC Eligibility Criteria and approval under the First Home Loan Deposit Scheme (FHLDS).
2 Regional Australia Bank Terms, conditions, fees, charges and lending criteria apply. Please refer to the Product Details when considering if this product is right for you.
3 Once Regional Australia Banks allocation of loans under the scheme has been exhausted normal lending criteria relating to deposit requirements & lenders mortgage Insurance will apply