As part of the 2020-21 Federal Budget, the Australian Government has committed an additional 10,000 First Home Loan Deposit Scheme (FHLDS) places for the 2020-21 financial year, specifically for eligible first home buyers purchasing new homes. For more information please visit our dedicated page on the FHLDS (New Homes) scheme.
As an approved lender for the Australian Government’s, First Home Loan Deposit Scheme we can help eligible first home buyers to purchase a home with a deposit of as little as 5%, and the added bonus of not having to save for Lenders' Mortgage Insurance (LMI). If you’re a first home buyer interested in applying for the FHLDS, we’re currently accepting requests to join our waitlist. Please speak with our Home Lending Specialists to discuss the options available to you.

To be eligible, you need to check off the following criteria:

  • You're purchasing a home to live in yourself or with your spouse or de facto partner
  • You're aged over 18
  • You're a first home buyer. You have never owned a freehold interest in real property in Australia, an interest in a lease of land in Australia with a term of 50 years (or more), or a company title interest in land in Australia
  • You're an Australian citizen

  • You earned less than $125,000 in the previous tax year as an individual, or less than $200,000 as a couple

  • You have saved a 5% deposit plus standard fees and charges (e.g. stamp duty)

Depending on what home you wish to buy, there are a few other requirements

  • The property is a 'residential property'
  • Limits apply to the maximum property purchase price for each state and region the property is located in. For example, if you live in regional South Australia, the price cap is $250,000

  • You must be the sole registered owner/s of the property when it is the settlement date of your home loan
  • The property must be an established dwelling or a new-build dwelling that is purchased under a house and land package
  • If the home is not a new build under a house and land package, you must have a separate contract to build the home
  • You can only receive the First Home Loan Deposit Scheme Guarantee once
  • There is a limited allocation of guarantees available under this scheme, which once taken up, the guarantee will not be available until a new allocation is released
  • Applications are subject to credit approval. Terms, conditions, fees, charges and lending criteria apply and are available upon application. Home loans are issued by People’s Choice Credit Union, a trading name of Australian Central Credit Union Ltd ABN 11 087 651 125 AFSL/Australian Credit Licence 244310. Contact us on 13 11 82 with any questions or visit your nearest branch to talk to a consultant.

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People’s Choice Credit Union is collecting the above information so that we may respond to your enquiry and provide information in relation to products and services we provide. We will only use this information, unless you are already a member or subsequently decide to obtain a service or product from us,  to respond to your enquiry and to contact you from time to time to provide you with information about services and products which may be of interest to you (including products and services of third parties). We may not be able to contact you if you do not provide to us this information. You can opt out of receiving direct marketing from us at any time. We disclose your personal information to relevant members of our staff. We may also disclose your personal information to agents, contractors, government agencies and bodies  who assist us in our dealings with you. Our Privacy Policy (which you can obtain at this link, in branch or by contacting us on 13 11 82 and asking for a copy) contains more information on how you can access and correct your personal information, how we use your personal information (including how to opt out of marketing), how to complain if you believe we’ve breached our privacy obligations, and how we deal with complaints. It also provides more detail on how we manage and protect your personal information if you are interested. People's Choice address is 50 Flinders St, Adelaide, 5000.

Most popular questions

  • 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 per cent (lender's criteria apply).
  • When is the First Home Loan Deposit Scheme available?

    People's Choice will be launching the First Home Loan deposit Scheme in February 2020.
  • Is there a property price limit under the scheme?

    To ensure the Scheme is only available for the purchase of a modest home, or the purchase of land and construction of a modest home, the following link details property price thresholds (maximum property purchase price under the Scheme) that will apply in capital cities, large regional centres and regional areas: https://www.nhfic.gov.au/what-we-do/fhlds/property-price-thresholds/
  • Who is eligible for the First Home Loan Deposit Scheme?

    You can check your potential eligibility on the NHFIC website ( https://www.nhfic.gov.au/what-we-do/fhlds/eligibility/).
  • How do I apply?

    The scheme will open in February, and scheme places can be reserved from that time. To speak to one of our Home Loan Advisors, complete the enquiry form above.

More FAQs

  • 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 per cent and the additional benefit of not having to save for lenders mortgage insurance (LMI). Pair this with a People's choice exclusive Fixed 3 Year First Home Buyer rate, giving an even greater savings benefit to members.
  • Do I have to pay LMI in the First Home Loan Deposit Scheme?

    No. The First Home Loan Deposit Scheme allows first home buyers with deposits as low as 5% to get a home loan without paying Lenders Mortgage Insurance (LMI) fees.
  • You’ve successfully gained an FHLDS Scheme Place Reservation? What documentations do you need to provide People’s Choice to complete your application to obtain finance pre-approval?

    • Completed and Signed Application Form – including signed Privacy Declaration; • Needs Analysis; • Verification of income and expenses – payslips etc.; • Evidence of 5% genuine savings; • Evidence of funds to complete the transaction – savings plan/gift from family; • Signed First Home Buyer Declaration (Statutory Declaration) – Peoples Choice Credit Union will provide this to you.
  • What types of properties can you buy?

    NHFIC has also developed a tool to help first home buyers find out the property price threshold for the suburb in which they are looking to purchase a property. The relevant dates and requirements for the different property types are set out here.(https://www.nhfic.gov.au/what-we-do/fhlds/eligibility/ ).
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