FIRST HOME LOAN DEPOSIT SCHEME
We’re proudly supporting the Government’s initiative to help Australians purchase their first home sooner.
Variable Rate
Comparison Rate*
There are limited spots available so get in quick!
be First Home Buyers
FIRST HOME LOAN DEPOSIT SCHEME
We’re proudly supporting the Government’s initiative to help Australians purchase their first home sooner.
Variable Rate
2.79%p.a.
2.79%p.a.
Comparison Rate*
2.87%p.a.
2.87%p.a.
There are limited spots available so get in quick!
What is the First Home Loan Deposit Scheme?
The First Home Loan Deposit Scheme is an Australian Government initiative operated through the National Housing Finance and Investment Corporation (NHFIC) which helps eligible first home buyers purchase a home sooner.
How does the Scheme work?
The Scheme provides a guarantee to eligible applicants who are first home buyers and have a deposit as little as 5% without needing to pay for lender’s mortgage insurance premiums (which could cost up to $30,000~).
Why is this great news for you?
To purchase a home, you would normally need to save at least 20% of the property’s value to avoid having to pay for lender’s mortgage insurance premiums or relying on a guarantor. With this Scheme NHFIC acts as the guarantor so you’ll just need a deposit of as little as 5%.
When is the Scheme available?
The Scheme supports up to 10,000 loans each financial year and is available at Bank of Heritage Isle from 1 February 2020 but you can register your interest today. Places will fill fast, so get ready now!
Who can apply for the Scheme?
The Scheme is available for both singles and couples who are married or de-facto (not available for relatives).
All applicants must:
Find out more about about the eligibility requirements using NHFIC’s Scheme eligibility tool.
What type of property can you purchase?
The Scheme is only available for owner occupier home loans on a principal and interest basis.
Your maximum property purchase price depends on the location where you are looking to buy. You can work out your property price threshold of a suburb or postcode using NHFIC’s online tool.
What will you need for an application?
To start preparing, fill out our Loan Application Form and get your documents ready. You will need to provide the following documents for each applicant:
Please note: If an applicant does not have a Notice of Assessment for FY19, a tax return will need to be lodged for the application.
Our Rates for First Home Buyers
If you’re eligible for the First Home Loan Deposit Scheme, you have the choice from these great rates.
Our First Home Loan comes with great features
No Monthly or Annual Fees
Interest Offset Account
Redraw Facility
Application Process
Applications will be available from 1 February 2020
Other useful tools & resources
Use our free Online Property Reports tool to help you find the right home. Backed by CoreLogic and accessible on any device, find the key property information you need wherever you are!
Use our repayments calculator to understand how much you can afford to repay.
Are you looking for a different home loan? Compare the different features of our home loans to find the right one for you.
ADDITIONAL INFORMATION
Terms & Conditions
General Terms & Conditions
Terms and conditions apply and are available on request. Fees, charges and lending criteria apply. A Financial Services Guide (FSG) is available on our website and upon request.
Home Loan Terms & Conditions
The interest rate and comparison rate is current as at and is subject to change. Unless stated, all comparison rates are based on principal and interest repayments. For more information on interest only comparison rates, please contact us. The First Home Loan is only available for applicants that qualify for the First Home Loan Deposit Scheme. Interest Only is only applicable for Construction purposes.
*The comparison rate is based on a loan of $150,000 over a 25 year term. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
Calculations
~Savings of $30,000 calculated using Genworth LMI Estimator Calculator based on $700,000 property value, 5% deposit over a 30 Year Loan Term.
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