Things you should know about first home loan deposit scheme

First Home Loan Deposit Scheme

The First Home Loan Deposit Scheme (FHLDS) is an Australian Government initiative to support eligible first home buyers to build or purchase a new home sooner. The Scheme is administered by the National Housing Finance and Investment Corporation (NHFIC).

What is the Purpose of the FHLDS

When you apply for a home loan, most lenders require applicants to save up to 20% of the purchase price as a deposit to get the best interest rates. Or else you are subjected to additional costs and conditions such as Lenders Mortgage Insurance, or Loan Guarantors.

This Scheme facilitates first home buyers with less than 20% deposit to be able to apply for assistance. If approved, the NHFIC will guarantee a portion of your loan – enabling you to secure your first home loan with a reduced deposit of as little as 5% of the property purchase price.

What are the Restrictions

  • Only loans through participating lenders are eligible. The FHLDS is not open to everyone. NHFIC maintains a set criteria for applicant eligibility.
  • Property price thresholds ranging from $300,000 to $700,000 apply and it varies based on the location.
  • Some restrictions apply to property types and settlement dates.
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Is there a limit to the number of applicants who can receive the NHFIC guarantee?

Not all applicants who meet the criteria will be successful in receiving the guarantee. There are a limited number of places available, with 10,000 released since July 2019 (all of which are now exhausted) and another 10,000 places were made available in July 2020.

These places are divided between:

  • Major lenders Commonwealth Bank of Australia and National Australia Bank (available from 1 January 2020).
  • Non-major lenders (available from 1 February 2020).

What is the Process to Apply for the FHLDS

In order to apply for a loan under the First Home Loan Deposit Scheme, there are a few steps to follow:

Call our expert mortgage brokers to know more about the scheme and check your eligibility

Why is it a smart choice to contact our mortgage brokers

Your expert guide in home buying journey

It is not an easy task to buy your first home. In fact it sure is one of the biggest financial decisions one makes in a lifetime. There is too much to know as it will be a completely new learning curve and no doubt there will be a lot of anxiety.

Therefore it definitely helps to have someone by your side throughout the home buying journey, making sure you understand the process every step of the way.

More options for all client profiles

Type of employment can have a bearing on what loan option and which bank will be best suited for you. We get cases for a lot of self employed clients who say that it has been difficult for them to get the desired loan. Our brokers specialise in loan applications for all types of employment. Whether you are self employed or on a casual or part time employment or having irregular incomes, our brokers have in-depth knowledge of the bank policies and can suggest a loan solution as per your unique situation.

Access to a wide range of loan products

Our brokers work for your benefit. They are not working for a particular bank, or vendor or any real estate agent. They have just your best interest in mind and therefore can compare a wide range of loan products.

Personalised attention

With Nfinity Financials you will get a personalised attention to your requirements, which you may not find with big corporate style financial institutions or banks. Our clients are our first priority.

Our Client Testimonials

See what our customers have to say about Nfinity Financials products, people and services.

“Parag Dixit, is an amazing well organized person. He keeps attention to all details as well as he is very accurate. Always, he was there to reply all our questions and to explain over and over…”

Amir Mekhaiel
Submitted on Nov 2020

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“My partner and I recently purchased land and building a new home. Parag was so honest and upfront with us at our initial meeting…”

Submitted on 23 Jul 2020

“Professional and really helpful during whole process. Whenever there was a question they were available and provided technical advice…”

Shahrzad Shahveisi
Submitted on Jun 2020

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