New places just released in the First Home Loan Deposit Scheme to build or buy a brand new home!
Secure your place today.
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.
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?
Each financial year a limited number of places are made available in the nationwide Scheme. NHFIC has released 10,000 additional places, specifically for eligible first home buyers building or purchasing a ‘new home’.
Eligibility for the Scheme
- You’re a first home buyer and 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
- Your building or purchasing a ‘new home’ below the property price cap of the location you’re buying in
What is a 'new home'?
Eligible properties the bank will consider are:
- 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 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!
-
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
-
Featured Interest Rate - 4 Year Fixed
-
Featured Comparison Rate - 4 Year Fixed
-
100% Offset facility giving you the opportunity to pay off your home loan sooner
-
Ability to split loan
-
No monthly fees
Featured Interest Rate - 4 Year Fixed
Featured Comparison Rate - 4 Year Fixed
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.
Apply Online
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.
*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).
