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 $350,000
- 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, a new-build dwelling that is purchased under a house and land package, land and a separate contract to build, or an off-the-plan apartment or townhouse
- 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.
Guides and tips
Tools and calculators
Most popular questions
- 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).
- 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.
- You can check your potential eligibility on the NHFIC website.
- 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).
- 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.
I’ve successfully gained an FHLDS place reservation. What documentations do I need to provide People’s Choice to complete my 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 Home Buyer Declaration (Statutory Declaration) – Peoples Choice will provide this to you.
- NHFIC has 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.