The First Home Loan Deposit Scheme is an Australian Government initiative to support
eligible first home buyers purchase a home sooner with as little as 5 per cent.
Not to be confused with the State Government’s First Home Builders Grant, the Federal
Governments Scheme will support up to 10,000 loans each financial year, starting from 1
The Scheme is a guarantee of up to 15% of the purchase price of your home by the Federal
Government to participating lenders. Potentially saving you thousands of dollars in fees and
Like all government grants and schemes there are set criteria that must be met in order to
access the scheme. Nationally applicants have an income test which states that single
applicants cannot earn more than $125,000 in a financial year and couples cannot earn more
than $200,000 combined.
The Scheme is open for Australian citizens and permanent resident over 18 years of age who
have never owned a property before. For couples, this means that neither person can have
owned a property previously.
Applicants must also have 5% deposit and meet all of the lenders normal application criteria.
This Scheme is not pre-approved finance and does not consider all application criteria that a
lender may have.
You can download a fact sheet about the Scheme at https://www.nhfic.gov.au/what-wedo/
Property values under the Scheme are capped for various regions around the country. Capital
Cities and Regional Centres in QLD have a price cap set to $475,000 with a location tool
available on the NHFIC website. If the suburb or postcode you wish to search does not
appear, or if you have a query regarding the results, you can email your question to
The property must be for owner occupied purposes and not investment purposes. Eligible
applicants must be living in the property with joint applicants in a de-facto or married
First home owners who are buying land with the intention of then building your first home
are also eligible for this Scheme which is not to be confused with the State Government’s
First Home Buyers – Building Grant.
How to Apply
Please note applications for the Scheme are not yet open. This is still a moving target with information about the finer details about the Scheme yet to be released. However you can be assured that we here at SB Lending will keep you informed as more information comes to light.
What we do know is the Scheme is set to commence from 1 January 2020 with up to 10,000 successful applications to be approved by 30 June 2020.
Once the Scheme commences, applications will be lodged through participating lenders and their brokers.
NHFIC will not accept applications directly and is not able to provide personal financial advice. First home buyers are encouraged to talk to their SB Lending broker about the process.