First Home Loan Deposit Scheme
Get into your first home sooner with the First Home Loan Deposit Scheme.
Helping you get ahead
Are your home ownership dreams feeling a little out of reach? The First Home Loan Deposit Scheme not only gives you the chance to get into the market sooner with a very low minimum deposit, but with no Lenders Mortgage Insurance, you could save thousands!
There are limited places available in the scheme nationwide.
Eligibility for the Scheme
- You intend to be an owner occupier of the property
- 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
- You're building or purchasing a home below the property price cap of the location you’re buying in
- An existing house, townhouse or apartment
- Newly constructed dwellings (e.g. whether a freestanding house, townhouse or apartment)
- House and land packages
- Land and a separate contract to build a new home.
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 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.
Why choose a home loan with us?
We have extremely competitive interest rates.
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!
Get in touch today.
Take the next step in your home loan journey.
Talk to a Lending Specialist
We can visit you at home, call you on the phone, or speak to you on a video call.
Complete an online application to fast track your home loan financing.
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.
*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 2014-2021, and includes subsidiaries Teachers Mutual Bank (2014-2021) UniBank (2016 - 2021), Firefighters Mutual Bank (2018 - 2021) and Health Professionals Bank (2021).