First Home Loan Deposit Scheme
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What is the First Home Loan Deposit Scheme?
Looking to buy your first home with just a 5% deposit? You may be eligible for the federal government’s First Home Loan Deposit Scheme (FHLDS), which helps qualified first home buyers avoid paying Lender’s Mortgage Insurance (LMI) — potentially saving you up to $10,000.
The scheme allows eligible buyers to purchase a property with only a 5% deposit, with the government acting as a guarantor for the remaining portion of the 20% threshold usually required to avoid LMI. For the current financial year, only 10,000 spots are available nationwide, so acting quickly is key.
What Is the First Home Loan Deposit Scheme?
The First Home Loan Deposit Scheme is an Australian Government initiative designed to help eligible first home buyers enter the property market sooner. Ordinarily, if you have less than a 20% deposit, lenders require you to pay for LMI — often costing thousands.
Under the scheme, the government guarantees up to 15% of the loan amount, enabling you to buy your first home with just a 5% deposit — without paying LMI. The guarantee is provided directly to the lender, and the remainder of the deposit is funded through your home loan.
At Point Cook Mortgage Brokers, we specialise in helping first home buyers in Point Cook navigate the application process, understand the eligibility criteria, and secure their place in the scheme before slots run out.
Contact us today to find out if you qualify and to learn how we can help you secure your first home — sooner and smarter.
Thinking of purchasing your home soon and want to apply for this scheme? Contact us today.
How do I apply in the First Home Loan Deposit Scheme?
You can’t apply for the First Home Loan Deposit Scheme (FHLDS) directly with the Australian Government — instead, applications must be submitted through one of the 27 participating lenders.
When applying, you’ll need to decide whether you’re applying as a single applicant or as a couple, as each has different eligibility criteria. If you wish to change your application type after it’s submitted, you’ll need to withdraw the original application and resubmit — which could risk losing your spot due to limited availability.
At Point Cook Mortgage Brokers, we’ll guide you through the entire first home buyer loan process, help assess your eligibility, and apply with the right lender on your behalf — giving you the best chance of securing your place in the scheme.
Speak with us today to get started and secure your first home with confidence.
What's the eligibility criteria?
There are many different criteria points that will impact upon your eligibility for the First Home Loan Deposit Scheme.
Income test
minimum age test
deposit requirement
PRIOR PROPERTY OWNERSHIP TEST
owner-occupier requirement
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