First Home Loan Deposit Scheme, New Home Guarantee and Family Home Guarantee

How do the Schemes help me?

• Simply put, the First Home Loan Deposit Scheme and New Home Guarantee are designed to assist an eligible first home buyer to purchase a house with as little as a 5% deposit¹. For the Family Home Guarantee, a deposit of just 2% is required. 
• 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 year. The New Home Guarantee is limited to 10,000 for the 2021-22 financial year only³. From 1 July 2021, 10,000 Family Home Guarantees will be made available over four financial years.
• Register your interest with Regional Australia Bank by completing the online form or give us a call.

Register now

• Exclusive for eligible applicants in the First Home Loan Deposit Scheme, New Home Guarantee or Family Home Guarantee
• $0 monthly fees, $0 annual fees
• Unlimited additional repayments
• Support from local dedicated home loan experts

HomeBuilder Grant

On 4 June 2020 the Australian Government announced HomeBuilder to provide eligible owner-occupiers (including first home buyers) with a grant of $25,000 to build a new home, substantially renovate an existing home or buy an off the plan home/new home. The eligible contract must be signed between 4 June 2020 and 31 December 2020 (inclusive).

Visit the HomeBuilder 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.

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.

Want to know more about home loans?

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.

• Call us on 132 067.
• Visit your local branch.
• Make an appointment with a home loan specialist.
• If you’re ready, apply online.