First Home Loan Deposit Scheme

Get your first home with a deposit as low as 5%. To help some first home buyers get into their home, the Australian Government has introduced the First Home Loan Deposit Scheme. A special government guarantee which may help eligible first home buyers purchase property sooner without the extra costs.

Buy your first home sooner.

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.

How does this help me?

  • Simply put, the First Home Loan Deposit Scheme is designed to assist an eligible first home buyer to purchase a house with as little as a 5% deposit1.
  • If approved, NHFIC may provide a government loan guarantee of up to 15% of the property’s value. This means eligible borrowers could get a loan faster and avoid having to pay for lenders' mortgage insurance (LMI) which is usually required on loans taken out with a deposit below 20% of the properties value.
  • You may still need to borrow up to 95% of the properties value2, but you are able to avoid paying additional LMI.
  • The First Home Loan Deposit Scheme is limited to 10,000 guarantees each financial year3. Register your interest with Regional Australia Bank by completing the online form or give us a call.

Register now

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.


We respect your privacy and are committed to protecting your data in accordance with our privacy policy.

Start your home buying journey now

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.

  • Exclusive for eligible first time buyers
  • $0 monthly fees, $0 annual fees
  • Unlimited additional repayments
  • Support from local dedicated home loan experts

How to check your eligibility

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;

  • It's only available to first home buyers, so you, and your spouse/partner, can’t have owned property in Australia before.
  • You must be at least 18 years of age and be an Australian citizen. Permanent residents are not eligible.
  • Only singles with a taxable income of up to $125,000 per annum and couples with a combined taxable income of up to $200,000 per annum may be eligible.
  • Couples are only eligible for the scheme if they are purchasing the property with their spouse or de facto partner. Other persons buying together, including siblings, parent/child or friends, are not eligible.
  • Your maximum property purchase price is dependent on the suburb and postcode of your new property. Check your property’s suburb and postcode using NHFICs online property price threshold tool to find out your area’s property price threshold.
  • Applicants must have a deposit of between 5% and 20% of the property’s value.
  • You must live in the property after you’ve purchased it – as the First Home Loan Deposit Scheme is only available to owner-occupiers.
  • You can only receive the Government Deposit Guarantee once.

Download the NHFIC fact sheet (PDF, 1MB)
Download the NHFIC Scheme Information Guide (PDF, 3MB)

How to apply for the First Home Loan Deposit Scheme

Check your eligibility

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.

Contact us to secure your spot

If you think you're eligible, contact Regional Australia Bank, as an approved NHFIC lender, to take out a loan.

Buy your home

We'll step through the application process with you and if approved, will organise the loan, and the government will act as your guarantor.

Move in!

Get packing to move in to your new home within 90 days of settlement.

Additional Grants and Concessions for First Home Buyers

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.

First Home Owners Grant

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.

Stamp duty concessions

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.

The First Home Super Saver Scheme

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.

Helpful Calculators

Home Loan Repayments Calculator

Compare Loans Calculator

Borrowing Power Calculator

It's easy to get started

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.

Why buy your home with Regional Australia Bank?

Member owned

Being member owned means we're free to focus on delivering values to members rather than the interests of shareholders.

Banking with a conscience

We pledge 5% of our profits to grassroots initiatives that help regional communities.

Australian roots

We've been helping Australians achieve their lifestyle goals for over 50 years. We'll help you achieve yours.

Personalised solutions

We recognise everyone's circumstances differ, so we provide personalised financial solutions to save time, money and effort.

You may also be interested in:

First Home Buyers

Buying your first home? It can be hard to know where to start. Our first buyer's guide contains all you need to know about making your biggest investment.

How a 25 Year Old Got a Head Start to Buy Her First Home

Goodbye renting, hello home ownership. At 26, Emily is the proud owner of an apartment in Tamworth, NSW. Find out how she did it with the Head Start Family Guarantee Home Loan.

Disclaimer

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