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Thousands of New Places to Open with First Home Loan Deposit Scheme

Changes to the First Home Loan Deposit Scheme came into effect on January 1 this year and since then, thousands of first home buyers have already taken up the scheme. It’s no wonder, given it makes allows eligible low and middle income earners to purchase a home with a deposit of as little as 5 per cent and without paying lenders mortgage insurance (LMI).

The next round of places will be released on February 1 2020, opening up the 7,000 remaining places for the current financial year. As of the start of the month, potential applicants will be able to choose from a panel of 27 participating lenders.

Major bank lenders (available from January 1 2020)

  • Nab
  • Commonwealth Bank

Non-major lenders (available from February 1 2020)

  • Australian Military Bank
  • Auswide Bank
  • Bank of Australia
  • Bank First
  • Bank of Heritage Isle
  • Bank of Us
  • Bendigo Bank
  • Beyond Bank Australia
  • Border Bank
  • Community First Credit Union
  • CUA
  • Defence Bank
  • Endeavour Mutualbank
  • Firefighters Mutual Bank
  • Gateway Bank
  • G&C Mutual Bank
  • Health Professionals Bank
  • Indigenous Business Australia
  • Mortgage Port
  • My State Bank
  • People’s Choice Credit Union
  • Police Bank
  • P&N Bank
  • Q Bank
  • Queensland Country Credit Union
  • Regional Australia Bank
  • Sydney Mutual Bank
  • Teachers Mutual Bank
  • The Mutual Bank
  • Uni Bank
  • WAW

In total, the NHFIC is releasing 10,000 FHLDS guarantees this financial year, with another 10,000 places available from July 2020. According to NHFIC, the staged release of Scheme places provides first home buyers with the opportunity to gather the necessary financial information to support their application and enables a broader choice between the major banks and smaller lenders.

To learn more about the First Home Loan Deposit Scheme, or to find out if you are eligible, visit our previous blog for more helpful information.