The Australian Government has introduced a First Home Loan Deposit Scheme (FHLDS) to support eligible first home buyers on low and middle incomes to 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.

The FHLDS will support up to 10,000 first home loan guarantees each financial year. Eligible borrowers can use the guarantee in conjunction with other government programs like the First Home Loan Super Saver Scheme, state and territory First Home Owner Grants and stamp duty concessions.

The guarantee is not a cash payment. The First Home Loan Deposit Scheme will start on 1 January 2020.

Who is eligible for the Scheme?

  • Australian Citizens who are at least 18 years of age
  • Singles with a taxable income of up to $125,000 per annum and couples with a taxble income of up to $200,000 per annum
  • Couples are only eligible if they are married or in a de-facto relationship
  • Applicants must have a deposit pf between 5 and 20 per cent
  • For full details on who is eligible for the Scheme, please visit www.nhfic.gov.au/what-we-do/fhlds