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The First Home Loan Deposit Scheme is becoming a reality

The first home loan deposit scheme, announced earlier this year is well on its way to becoming a reality. 26 lenders were announced as eligible participants in the scheme.

What does this mean for you?

Well, if you’re a first home buyer who’s saved between 5% to 20% of a house deposit, you now know which lenders you can access the federal government’s first home loan deposit scheme through.

A quick recap on the first home loan deposit scheme: It’s to help first home buyers avoid Lenders Mortgage Insurance, a fee that’s placed on a mortgage when you have a low deposit. The government is coming in to guarantee the rest of the deposit, so that first home buyers can borrow up to 95% of a house without the additional costs of Lenders Mortgage Insurance.

The lenders for the scheme had to go through a strict vetting process, and so first home buyers wishing to take advantage of the scheme must use one of these lenders for their mortgage.

The lenders opening applications from January 1 2020:
  • National Australia Bank
  • Commonwealth Bank
The lenders opening applications from February 1 2020:
  • Australian Military Bank
  • Auswide Bank
  • Bank Australia
  • Bank First
  • Bank of us
  • Bendigo Bank
  • Beyond Bank Australia
  • Community First Credit Union
  • CUA
  • Defence Bank
  • Gateway Bank
  • G&C Mutual Bank
  • Indigenous Business Australia
  • Mortgageport
  • MyState Bank
  • People’s Choice Credit Union
  • Police Bank (including the Border Bank and Bank of Heritage Isle)
  • P&N Bank
  • Queensland Country Credit Union
  • Regional Australia Bank
  • Sydney Mutual Bank and Endeavour Mutual Bank (divisions of Australian Mutual Bank Ltd)
  • Teachers Mutual Bank Limited (including Firefighters Mutual Bank, Health Professionals Bank, Teachers Mutual Bank and UniBank)
  • The Mutual Bank
  • WAW Credit Union

The first home loan deposit scheme will assist 10,000 eligible first home buyers nationwide.

Check out if you’re eligible here:

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