7,000 more slots to open with the First Home Loan Deposit Scheme
![](http://cdn.mozo.com.au/redactor/pictures/9168/first_home_loan_deposit_scheme__original.jpg)
If you didn’t already know, the Federal Government’s First Home Loan Deposit Scheme has been in operation - partially - for almost a month, but it’s about to be in full swing.
As of this Saturday, 1 February, 25 non-major lenders will join NAB and Commonwealth Bank in taking applications from first home buyers for the new scheme.
The two major banks have registered 3,000 of the total 10,000 guarantees made available, for which they have been taking applications already. While the other lenders - that were announced by the National Housing Finance and Investment Corporation (NHFIC) last year - have been given the remaining 7,000 slots between them, and NAB and CommBank, which open up on the weekend.
So who are the lenders opening their doors to the First Home Loan Deposit Scheme in February 2020? Check out the list below!
- Australian Military Bank
- Auswide Bank
- Bank Australia
- Bank First
- Bank of Us
- Bendigo Bank
- Beyond Bank Australia
- Community First Credit Union
- CUA
- Defence Bank
- Gateway Bank
- G&C Mutual Bank
- Indigenous Business Australia
- Mortgageport
- MyState Bank
- People’s Choice Credit Union
- Police Bank (including the Border Bank and Bank of Heritage Isle)
- P&N Bank
- QBANK
- Queensland Country Credit Union
- Regional Australia Bank
- Sydney Mutual Bank and Endeavour Mutual Bank
- Teachers Mutual Bank Limited (including Firefighters Mutual Bank, Health Professionals Bank, Teachers Mutual Bank and UniBank)
- The Mutual Bank
- WAW Credit Union
According to the NHFIC, another 10,000 slots will be made available in the middle of the year, from July 2020.
RELATED ARTICLE: What does 2020 have in store for the property market: Expert predictions
How does the First Home Loan Deposit Scheme work?
The First Home Loan Deposit scheme was designed by the government to help Aussie first home buyers purchase a property sooner without some of the added costs that come with having a low deposit.
Under the scheme, borrowers with a deposit of at least 5% won’t have to pay Lenders Mortgage Insurance (LMI) as the government will guarantee up to 15% of the loan.
However, the scheme is only available to the first 10,000 approved applications - so it does count to get in before competition for slots grows.
But remember there are also a whole bunch of eligibility requirements - not only for the borrower but for the property as well - so for more information have a read of our in-depth First Home Loan Deposit Guide.
RELATED ARTICLE: Why 2020 is the year for first home buyers and property investors
Want to weigh up your home loan options? Check out our first home loan comparison table or jump over to our first home buyer guides page for more handy information.
Home loan comparisons on Mozo
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Basic Home Loan
- Owner Occupier
- LVR 90-95%
- Principal & Interest
- Interest rate
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7.19
%
p.a.
Variable
- Comparison rate
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7.22
%
p.a.
- Initial monthly repayment
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$4,747
- Interest rate
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7.19
%
p.a.
Variable
- Comparison rate
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7.22
%
p.a.
- Upfront fees
-
$350
- Ongoing fees
-
$0.00
- Discharge fee
-
$400.00
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Offset account
-
no
- Maximum loan to value ratio
- 95.00%
- Minimum borrowing amount
- $150,000
- Maximum borrowing amount
- $10,000,000
- Type of mortgage
- Variable
- Repayment types
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- Owner Occupier
- Repayment options
- Monthly
- Special offers
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OMG Home Loan
- Owner Occupier
- Principal & Interest
- >80% LVR
- Interest rate
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6.29
%
p.a.
Variable
- Comparison rate
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6.32
%
p.a.
- Initial monthly repayment
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$4,328
BCU Bank’s OMG owner occupied home loan offers a variety of great low rates depending on your deposit. Save with no ongoing annual fees. Access your extra payments when you need to through the redraw facility. Pre-approval valid for 3 months.
- Interest rate
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6.29
%
p.a.
Variable
- Comparison rate
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6.32
%
p.a.
- Upfront fees
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$300
- Ongoing fees
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$0.00
- Discharge fee
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$395.00
- Extra repayments
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yes - free
- Redraw facility
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yes - free
- Offset account
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no
- Maximum loan to value ratio
- 95.00%
- Minimum borrowing amount
- $20,000
- Maximum borrowing amount
- $1,500,000
- Type of mortgage
- Variable
- Repayment types
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- Weekly, Fortnightly, Monthly
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Read our Mozo Review to learn more about this BCU Bank OMG Home Loan
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Basic Home Loan
- Fixed
- Owner Occupier
- Principal & Interest
- LVR 80-95%
- Interest rate
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6.75
%
p.a.
Fixed 3 years
- Comparison rate
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7.09
%
p.a.
- Initial monthly repayment
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$4,540
Get a flexible loan structure with up to six loan accounts with different rate types. Make free extra repayments. Enjoy free redraw facility. No upfront or ongoing fees. Option to earn Qantas points.
- Interest rate
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6.75
%
p.a.
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- Comparison rate
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7.09
%
p.a.
- Upfront fees
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$350
- Ongoing fees
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$0.00
- Discharge fee
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$400.00
- Extra repayments
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yes - up to $10,000 p.a.
- Redraw facility
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yes - free
- Offset account
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no
- Maximum loan to value ratio
- 95.00%
- Minimum borrowing amount
- $150,000
- Maximum borrowing amount
- $10,000,000
- Type of mortgage
- Fixed
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Offset Home Loan
- Fixed
- Owner Occupier
- Principal & Interest
- LVR 80-95%
- Interest rate
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6.75
%
p.a.
Fixed 3 years
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7.30
%
p.a.
- Initial monthly repayment
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$4,540
- Interest rate
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6.75
%
p.a.
Fixed 3 years
- Comparison rate
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7.30
%
p.a.
- Upfront fees
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$350
- Ongoing fees
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$248.00 yearly
- Discharge fee
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$400.00
- Extra repayments
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yes - up to $10,000 p.a.
- Redraw facility
-
yes - free
- Offset account
-
yes
- Maximum loan to value ratio
- 95.00%
- Minimum borrowing amount
- $150,000
- Maximum borrowing amount
- $10,000,000
- Type of mortgage
- Fixed
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- Owner Occupier
- Repayment options
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- Special offers
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Read our Mozo Review to learn more about this Macquarie Offset Home Loan
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Special Real Deal Home Loan
- Owner Occupier
- Principal & Interest
- LVR 80-95%
- Interest rate
-
6.84
%
p.a.
Variable
- Comparison rate
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6.88
%
p.a.
- Initial monthly repayment
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$4,582
Refinancers or first home buyers pay no monthly or annual fees. Up to $3,000 cashback when you complete your home loan application online. $2,000 cashback on loans ≥$250K; or $3,000 cashback on loans ≥$500K. LVR ≤80%. T&Cs and credit criteria apply.
- Interest rate
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6.84
%
p.a.
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- Comparison rate
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6.88
%
p.a.
- Upfront fees
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$595
- Ongoing fees
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$0.00
- Discharge fee
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$250.00
- Extra repayments
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yes - free
- Redraw facility
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yes - fees apply
- Offset account
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no
- Maximum loan to value ratio
- 95.00%
- Minimum borrowing amount
- $150,000
- Maximum borrowing amount
- -
- Type of mortgage
- Variable
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Read our Mozo Review to learn more about this Newcastle Permanent Special Real Deal Home Loan
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- LVR 90-95%
- Principal & Interest
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7.19
%
p.a.
Variable
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7.22
%
p.a.
- Initial monthly repayment
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$4,747
- Interest rate
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7.19
%
p.a.
Variable
- Comparison rate
-
7.22
%
p.a.
- Upfront fees
-
$350
- Ongoing fees
-
$0.00
- Discharge fee
-
$400.00
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Offset account
-
no
- Maximum loan to value ratio
- 95.00%
- Minimum borrowing amount
- $150,000
- Maximum borrowing amount
- $10,000,000
- Type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Monthly
- Special offers
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Read our Mozo Review to learn more about this Macquarie Basic Home Loan
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- LVR 90-95%
- Principal & Interest
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7.19
%
p.a.
Variable
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7.43
%
p.a.
- Initial monthly repayment
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$4,747
- Interest rate
-
7.19
%
p.a.
Variable
- Comparison rate
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7.43
%
p.a.
- Upfront fees
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$350
- Ongoing fees
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$248.00 yearly
- Discharge fee
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$400.00
- Extra repayments
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yes - free
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-
yes - free
- Offset account
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yes
- Maximum loan to value ratio
- 95.00%
- Minimum borrowing amount
- $150,000
- Maximum borrowing amount
- $10,000,000
- Type of mortgage
- Variable
- Repayment types
- Principal & Interest
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- Repayment options
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Read our Mozo Review to learn more about this Macquarie Offset Home Loan
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* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.
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