First home buyer dictionary

Scratching your head when it comes to home buying jargon?  You’re not alone. To ease the pain, we’ve helped define common housing related terms and have listed them from A to Z.

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First Home Loan Deposit Scheme

We can help eligible first home buyers to purchase a home with a deposit of as little as 5%, with the added bonus of not having to save for Lenders' Mortgage Insurance (LMI).

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Most popular questions

  • Who is eligible for the First Home Loan Deposit Scheme?

    You can check your potential eligibility on the NHFIC website.
  • How does the 5% deposit scheme work?

    The Australian Government has introduced the First Home loan Deposit Scheme to assist eligible first home buyers to purchase a home sooner. It does this by providing a guarantee to participating lenders that will allow eligible first home buyers to purchase a home with a deposit of as little as 5%, and the additional benefit of not having to save for Lenders Mortgage Insurance (LMI). 
  • What is the First Home Loan Deposit Scheme?

    The First Home Loan Deposit Scheme is a Australian Government initiative to support eligible first home buyers purchase a home sooner. It does this by providing a guarantee that will allow eligible first home buyers on low and middle incomes to purchase a home with a deposit of as little as 5% (lender's criteria apply).
  • Is there a property price limit under the Scheme?

    To ensure the Scheme is only available for the purchase of a modest home, property price thresholds (maximum property purchase price under the Scheme) apply in capital cities, large regional centres and regional areas. You can find them here
  • When is the First Home Loan Deposit Scheme available?

    People's Choice will be launching the First Home Loan deposit Scheme in February 2020.

More questions

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