First Home Loan Deposit Scheme

You could buy your first home sooner

Saving a deposit for your first home can be challenging. That’s why we're proud to work alongside the Australian government on the First Home Loan Deposit Scheme to help more first home buyers realise their home ownership goals.

We’re really excited to participate. Along with our flexible home loans, competitive interest rates and award-winning Property app, it's another way that we can help first home buyers get into their first home.

What is the First Home Loan Deposit Scheme?

The First Home Loan Deposit Scheme is a new initiative from the Australian Government designed to support eligible first home buyers purchase a home sooner.

The National Housing Finance and Investment Corporation (NHFIC) will provide a guarantee for eligible first home buyers on low and middle incomes so that they can purchase a home with a deposit of as little as 5%.

The Scheme will support up to 10,000 home loans each financial year, starting from 1 January 2020, through a panel of participating lenders including the Commonwealth Bank.

Why this is great news for you

If you want to buy a property today you typically need to save at least 20% of the property’s value in order to secure a home loan and avoid paying Lenders Mortgage Insurance or Low Deposit Premium or to avoid relying on a guarantor.

Under the First Home Loan Deposit Scheme, you’ll be required to contribute a minimum of 5% of the property’s value towards the deposit. The NHFIC will then provide a guarantee covering up to 15% of the property’s value.

Are you eligible for the First Home Loan Deposit Scheme?

You can check your potential eligibility on the NHFIC website. As well as income thresholds and property prices, the following conditions will generally also apply:

Australian citizens who are at least 18 years of age. Permanent residents are not eligible
Applicants must not have previously owned or had an interest in a residential property, either separately or jointly with someone else (this includes residential strata and company title properties, regardless of whether it was an investment or owner-occupied property and whether it was ever lived in)
Only singles with a taxable income of up to $125,000 per annum and couples with a combined taxable income of up to $200,000 per annum may be eligible
Couples are only eligible for the scheme if they are married or in a de facto relationship. Other persons buying together, including siblings, parent/child or friends, are not eligible
The Scheme will only apply to Owner Occupied home loans paid on a principal and interest basis (property investment and Interest Only loans are excluded). If the loan relates both to the purchase of vacant land to the construction of a house on the land, the loan may still be an eligible loan even if the terms of the loan agreement permit Interest Only payments for a specified period
Applicants must have a deposit of between 5% and 20% of the property’s value
Your maximum property purchase price is subject to the suburb and postcode of your new property. You can check the property price threshold for your property’s suburb and postcode using NHFIC’s property price threshold tool

You can only receive the Government Guarantee once.

How do you apply?

All CommBank First Home Loan Deposit Scheme places for this financial year are currently reserved. First home buyers interested in applying for the Scheme should speak to a CommBank Home Lending Specialist as places may become available over the coming months if existing applicants do not purchase a property.

The National Housing Finance and Investment Corporation (NHFIC) will make another 10,000 Scheme places to participating lenders available from 1 July 2020. Contact a CommBank Home Lending Specialist, who will guide you through the registration process. Simply book an appointment online, over the phone, or visit a lender in branch.

1. Check your eligibility

Check your eligibility on the NHFIC website.

2. Make an appointment

Book a time with one of our Home Lending Specialists online, over the phone or at your nearest branch.

Your Home Lending Specialist will submit a request to reserve a place for the scheme on your behalf, however please note that numbers are limited.

3. Submit your application

Our Home Lending Specialists will help you with the documents required, lodge them on your behalf and keep you up to date on the progress of your application.

You will need to purchase your home within 90 days of approval on the scheme.

4. Move in

Move in and enjoy your new home.

Book a time with a Home Lending Specialist, instantly

Book now

Other first home buying assistance grants & concessions

First Home Owners Grant

The First Home Owner Grant is a government scheme that was introduced in 2000 to offset the effect of Goods and Services Tax (GST) on buying or building a home. It’s a one-off payment for eligible first home buyers who purchase or build a residential property to live in. Eligibility isn’t based on financial considerations such as your income.

To find out how it works, visit the First Home Owners Grant website.

Stamp duty concessions

Stamp duty is a tax levied by state or territory governments on certain purchases, including buying a home, land, or investment property. Depending on your state or territory, you may be eligible for concessions as a first home buyer.

The First Home Super Saver Scheme

The First Home Super Saver Scheme allows you to save money for your first home using your superannuation fund. This scheme, run by the Australian Taxation Office (ATO), helps first home buyers save faster by allowing them to withdraw voluntary super contributions they’ve made to their super.

For more information, visit the ATO website.

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Things you should know

Applications are subject to credit approval. Full terms and conditions will be set out in our loan offer, if an offer is made. Fees and charges are payable. Once our allocation of loans under the scheme has been exhausted, standard lending approval criteria, including the need for LMI and LDP where appropriate, will apply.

To find out more about the First Home Loan Deposit Scheme, download the Australian Government's FHLDS Scheme Information Guide. You can also download the First Home Buyer Declaration.