Your first home with as little as 5% deposit
Secure your spot in the First Home Loan Deposit Scheme today. Places are limited.
First Home Loan Deposit Scheme
Get into your first home sooner with the First Home Loan Deposit Scheme.
Get into the market sooner
We’re proud to be helping hardworking educators get into the market sooner with as little as 5% deposit* and no Lenders Mortgage Insurance. Don’t miss out on the First Home Loan Deposit Scheme. Limited places are available in the scheme nationwide. Secure your spot today.
What is the First Home Loan Deposit Scheme?
It’s a federal government initiative to help you buy your first home. With as little as 5% deposit* and no Lenders Mortgage Insurance, you can get into the market sooner.
How does it work?
The gap between your deposit (of at least 5%) and 20% of the value of your home is guaranteed by the National Housing Finance and Investment Corporation (NHFIC) through the scheme.
When does it start?
New places are available from 1 July 2020. There will only be 10,000 places available nationwide. Secure your spot today.
Eligibility for the Scheme
- You’re a first home buyer
- You’re 18+ years of age, an Australian citizen and have a Medicare card number
- Singles have earned no more than $125,000 taxable income in the last financial year
- Couples are married or defacto and have combined earnings of no more than $200,000 taxable income in the last financial year
- Your first home purchase price is below the scheme price cap for the location you’re buying in
How to apply
1. Check if you’re eligible
Use the government’s simple online eligibility tool to find out if you can apply.
2. Talk to our home loan specialists
Buying your first home can be overwhelming. We’ll help guide you through the process and help find the best home loan for your needs.
3. Find your first home
This is the fun bit – shopping. Remember, your home will need to meet certain eligibility criteria for the scheme.
Want to find out more? Download the First Home Loan Deposit Scheme Factsheet.
Why choose a home loan with us?
Low rates
We have extremely competitive interest rates.
Personalised expertise
We’ll help you find the home loan that’s right for you.
A bank you can trust
We’ve been awarded one of the World’s Most Ethical Companies®
Lock it in and live the dream!
With interest rates at an all-time low, there’s never been a better time to lock in a fixed rate on your home loan!
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Fixed Rate Home Loan
Lock in a rate for up to 5 years. Plus enjoy knowing exactly how much you will be paying each month.
Learn more
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Featured Interest Rate - 3 Year Fixed
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Featured Comparison Rate - 3 Year Fixed
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100% Offset facility giving you the opportunity to pay off your home loan sooner
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Ability to split loan
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No monthly fees
Featured Interest Rate - 3 Year Fixed
Featured Comparison Rate - 3 Year Fixed
Talk to our home loan experts
Find your local mobile lender
Not sure what you can afford, or how much you need to save? Talk to one of our home loan specialists today to find out everything you need to know to get started. Our home loan specialists can do the hard work for you and help you secure a place in the scheme by submitting a request on your behalf, but places are limited - don’t miss out!
Discover all you need to know when buying your first home, from the loan process and saving for a deposit, to getting the home loan that’s right for you.
*Important information
*Scheme eligibility criteria apply. Eligibility criteria apply to join the Bank. Fees and charges and lending criteria apply. Consumer lending terms and conditions available here.
**Comparison rate warning
Comparison rates quoted are based on $150,000 for a term of 25 years. Rates apply to secured loans only. WARNING: This Comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different Comparison rate.
®“World’s Most Ethical Companies” and “Ethisphere” names and marks are registered trademarks of Ethisphere LLC. The World’s Most Ethical Company assessment is based upon the Ethisphere Institute’s Ethics Quotient (EQ) framework and honours superior achievements in transparency, integrity, ethics and compliance. Teachers Mutual Bank Limited has been named one of the World’s Most Ethical Companies from 2014-2020, and includes subsidiaries Teachers Mutual Bank (2014-2020) UniBank (2016 - 2020), Firefighters Mutual Bank (2018 - 2020) and Health Professionals Bank (2020).
