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High fives for a 5% deposit with the First Home Loan Deposit Scheme
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Minimum 5% deposit

Get into your first home sooner

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Pay no Lenders Mortgage Insurance

Save thousands in LMI costs

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Access to our best products

All members get access to the same loan benefits

What is it?

The First Home Loan Deposit Scheme (FHLDS) is an Australian Government initiative to help you buy or build your first home sooner.

If you’re eligible, you’ll get a limited guarantee from the Australian Government to buy or build your first home with a low deposit of 5% without needing to pay Lenders Mortgage Insurance (LMI).

There are 10,000 FHLDS places available from 1 July 2021 for the 2021-22 financial year.

An additional 10,000 FHLDS places for new homes are available from 1 July 2021 to 30 June 2022 for eligible first home buyers building or buying new homes.

Are you eligible for the First Home Loan Deposit Scheme?

To apply to the Scheme, you'll be subject to the following eligibility criteria. You need to be able to provide documentation of your eligibility to secure your position.

Eligibility criteria includes:

  • All applicants must be first home buyers.
  • All applicants must be Australian citizens who are at least 18 years of age. Permanent residents are not eligible.
  • Individuals must have earned less than $125,000 and couples less than $200,000 in the last financial year. Couples must be married or de-facto.
  • Your purchased property must be an acceptable property type and within the property price threshold for the suburb and postcode. You can check the property price cap for your area on the National Housing Finance and Investment Corporation (NHFIC) website.

Check your eligibility

Do I qualify?

The government has developed a handy questionnaire to help first home buyers find out whether they meet the Scheme’s eligibility criteria. To find out if you qualify, choose below whether you wish to apply as an individual or as a couple.

Meeting the eligibility criteria does not mean that you will receive either a guarantee or a loan from a Scheme lender.


Does the property qualify?

If you're wanting to find out if the area you are looking to buy in meets the property price threshold, simply follow the link and enter the postcode to find out the property price cap.

Property cap search

Frequently asked questions

Under the First Home Loan Deposit Scheme, eligible applicants can get a home loan from participating lenders with a deposit of as little as 5%, without paying Lenders Mortgage Insurance (LMI), enabling you to get into your first home sooner.

Usually, first home buyers with less than a 20% deposit need to pay lenders mortgage insurance. Under the Scheme, the government agrees to guarantee up to a maximum of 15% of the value of the property purchased, supporting first home buyers to buy or build a new residential property with a deposit of as little as 5%.


  • Allows you to enter the property market earlier, as you can get a home loan with a deposit as little as 5%.
  • Don’t need to pay Lenders Mortgage Insurance (LMI).
  • Can be used alongside the First Home Super Saver Scheme.
  • Eligible to receive government support until the loan balance is reduced to below 80% loan to valuation ratio.


  • Buying with a lower deposit means the loan will take longer to pay off, because the amount you owe will be larger.
  • You may end up paying more interest over the life of the loan, as your total loan size will be larger.

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Fact sheets and information guides

    NHFIC First Home Loan Deposit Scheme Fact Sheet

    NHFIC First Home Loan Deposit Scheme Information Guide

    NHFIC First Home Loan Deposit Scheme (New Home Guarantee) Fact Sheet

    NHFIC First Home Loan Deposit Scheme (New Home Guarantee) Information Guide