Loans Home Loans First Home Loan Deposit Scheme

First Home Loan Deposit Scheme 

The First Home Loan Deposit Scheme (FHLDS) is an Australian Government Initiative established to assist eligible first home buyers to enter the property market sooner. Under this scheme, eligible first home buyers may be able to enter the property market with as little as a five per cent deposit (also subject to BankWAW lending terms and conditions). 


How it works

The Australian Government provides a guarantee to the lender on part of an eligible first home buyer’s home loan. The guaranteed amount is the difference between a first home buyer’s deposit (of at least five per cent) and 20 per cent of the value of the eligible property. 

Who is eligible

The schemes administrator, National Housing Finance & Investment Corporation (NHFIC) has developed a tool that can assist first home buyers to understand if they meet eligibility criteria for the First Home Loan Deposit scheme here.    

Eligible properties

For a property to be eligible for the First Home Loan Deposit Scheme it must: 

  • be a ‘residential property’ – this term has a particular meaning under the Scheme, and you should ask your lender if there is any doubt 

  • have a purchase price under the price cap for its location 

  • be purchased by an eligible first home buyer under the Scheme 

  • list you as the sole registered owner/s of the property at the settlement date for your home loan 

  • be a property which is (1) an established dwelling, or (2) a new-build dwelling that is purchased under a house and land package, a land and separate contract to build a home or an ‘off-the-plan’ arrangement that is financed under an Eligible Loan from a participating lender. 

For further details, please visit the link below: 

First Home Loan Deposit Scheme - NHFIC 

You can also download the information guide here. 

How to apply

BankWAW is a participating lender and is proudly supporting the Government's First Home Loan Deposit Scheme. 

To learn more or to register your interest, please call us on 1300 368 555, or visit your closest Service Centre and discuss your interest with a local loans officer. 


BankWAW is also participating in the Family Home Guarantee Scheme. To discuss the Family Home Guarantee Scheme, please give us a call to chat with a lending specialist.   

Or if you're interested in building you dream first home, you can chat to our team about the New Home Guarantee Scheme. 



Things you should know

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