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First Home Loan Deposit Scheme

The First Home Loan Deposit Scheme (FHLDS) is an Australian Government initiative to support eligible first home buyers to build or purchase a new home sooner. The Scheme is administered by the National Housing Finance and Investment Corporation (NHFIC).

Usually first home buyers with less than a 20 per cent deposit need to pay lenders mortgage insurance. Under the Scheme, eligible first home buyers can purchase or build a new home with a deposit of as little as 5 per cent (lenders criteria apply). This is because NHFIC guarantees to a participating lender up to 15 percent of the value of the property purchased that is financed by an eligible first home buyer’s home loan.

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In the 2020-21 Federal Budget, the Australian Government announced an additional 10,000 FHLDS places for the 2020-21 financial year, specifically for eligible first home buyers building or purchasing new homes. These additional places are known as the First Home Loan Deposit Scheme (New Homes) or FHLDS (New Homes).

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There are currently 27 participating lenders across Australia offering places under the First Home Loan Deposit Scheme.

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To find out more information about the First Home Loan Deposit Scheme and the FHLDS (New Homes), please select an option below:

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New Homes

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Under the FHLDS (New Homes), first home buyers can build or purchase a new home, including:

  • newly-constructed dwellings

  • off-the-plan dwellings

  • house and land packages

  • land and a separate contract to build a new home.

Specific dates and requirements apply for the different property types.

There are particular requirements and timeframes which apply for each type of property.

Existing Homes

 

If you are purchasing an existing dwelling:

  • you must move into the property within 6 months of the settlement of your home loan, and

  • the property must be purchased under a contract of sale dated on or after 1 January 2020.

This category does not include ‘off-the-plan’ purchases, which are
described above.

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