7,000 more slots to open with the First Home Loan Deposit Scheme

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.

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Last updated 15 February 2025 Important disclosures and comparison rate warning*
What are your home loan needs?

Your loan-to-value ratio (LVR): 90%

Loan amount and LVR will affect interest rates.

  • Promoted

    Variable Home Loan 90

    • Principal and Interest
    • LVR <90%
    Interest rate
    6.04 % p.a.
    Variable
    Comparison rate
    6.08 % p.a.
    Initial monthly repayment
    $4,335
    Go to site

    Affordable home loan rate for buyers or refinancers. No monthly or ongoing fees. Option to add an offset for 0.10%. Access to savings with unlimited redraws available. Minimum 10% deposit required.

  • Fixed Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <95%
    Interest rate
    5.69 % p.a.
    Fixed 2 years
    Comparison rate
    6.20 % p.a.
    Initial monthly repayment
    $4,174
    Go to site

    Get the security of a competitive fixed rate home loan for 2 years with IMB. Get up to $4,000 cashback (T&Cs apply). Up to 12 months repayments in advance without penalties. Free Internet and Mobile Banking redraws (T&Cs apply). Up to a 30 year loan term. Split loan available. No offset account.

  • Fixed Rate Home Loan

    • Owner Occupier
    • Principal & Interest
    Interest rate
    5.74 % p.a.
    Fixed 2 years
    Comparison rate
    6.16 % p.a.
    Initial monthly repayment
    $4,197
    Go to site

    Secure a low rate and enjoy the certainty of repayments, with the BCU Fixed Rate Home Loan. Save with no ongoing annual fees. Pay up to $25,000 extra during a fixed period (T&Cs apply). Lock in for up to 5 years.

  • Variable Home Loan 90

    • Principal and Interest
    • LVR <90%
    Interest rate
    6.04 % p.a.
    Variable
    Comparison rate
    6.08 % p.a.
    Initial monthly repayment
    $4,335
    Go to site

    Affordable home loan rate for buyers or refinancers. No monthly or ongoing fees. Option to add an offset for 0.10%. Access to savings with unlimited redraws available. Minimum 10% deposit required.

  • OMG Home Loan

    • Owner Occupier
    • Principal & Interest
    • >80% LVR
    Interest rate
    6.29 % p.a.
    Variable
    Comparison rate
    6.32 % p.a.
    Initial monthly repayment
    $4,452
    Go to site

    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.

  • Offset Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR 80-95%
    Interest rate
    6.39 % p.a.
    Variable
    Comparison rate
    6.42 % p.a.
    Initial monthly repayment
    $4,499
    Go to site

    100% offset account so you can save on interest and reduce the amount you pay on your home loan. Free redraw. 100% offset account. Only 5% deposit required. No ongoing monthly loan maintenance fees to pay. Tiered interest rates so you can benefit from a lower rate when you borrow less.

  • Basic Variable Home Loan

    • Owner Occupier
    • LVR 80-90%
    Interest rate
    6.89 % p.a.
    Variable
    Comparison rate
    6.92 % p.a.
    Initial monthly repayment
    $4,737
    Go to site

    Competitive interest rate. No ongoing monthly loan maintenance fees. You can redraw your repayments if you’re ahead. Choose to repay weekly, fortnightly, or monthly. Make extra payments without penalty, to pay off your home loan even faster.

  • Offset Variable Home Loan

    • Principal & Interest
    • LVR 80-90%
    Interest rate
    7.74 % p.a.
    Variable
    Comparison rate
    7.77 % p.a.
    Initial monthly repayment
    $5,153
    Go to site

    Competitive interest rate. 100% offset account so your savings can reduce the amount of interest you pay on your home loan. No ongoing monthly fees. You can redraw your repayments if you’re ahead. Choose to repay weekly, fortnightly, or monthly. Make extra payments without penalty, to pay off your home loan even faster.

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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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