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.
First Home Loans 2020 - last updated January 23, 2021
Fixed Home Loan
Owner Occupier, Principal & Interest
interest rate
comparison rate
Initial monthly repayment
2.88% p.a.
fixed 3 years2.89% p.a.This home loan is available for purchase or refinance, complete with 1, 2 or 3 year fixed rate options. Minimum 10% deposit required.
CompareCompareFixed Home Loan
This home loan is available for purchase or refinance, complete with 1, 2 or 3 year fixed rate options. Minimum 10% deposit required.
- interest rate
- 2.88% p.a.
fixed 3 years
- comparison rate
- 2.89% p.a.
- upfront fees
- $520
- Ongoing fees
- $0.00
- Discharge Fee
- $0.00
- Extra repayments
- yes - free up to $10,000 p.a.
- Redraw facility
- no
- Offset account
- no
- Maximum loan to value ratio
- 90.00%
- minimum borrowing amount
- $50,000
- maximum borrowing amount
- $1,000,000
- type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the Fixed Home Loan
Back to Basics Special
LVR<90%, Owner Occupier, Principal & Interest
interest rate
comparison rate
Initial monthly repayment
2.69% p.a. variable2.70% p.a.No monthly account keeping fee, no ongoing annual fee and no loan establishment fee on new lending of $150,000 or more. Get a $2,000 cash bonus when you refinance with an eligible Suncorp Bank Home Loan of $250k+. T&Cs & eligibility criteria apply. Minimum 10% deposit.
CompareCompareBack to Basics Special
No monthly account keeping fee, no ongoing annual fee and no loan establishment fee on new lending of $150,000 or more. Get a $2,000 cash bonus when you refinance with an eligible Suncorp Bank Home Loan of $250k+. T&Cs & eligibility criteria apply. Minimum 10% deposit.
- interest rate
- 2.69% p.a. variable
- comparison rate
- 2.70% p.a.
- upfront fees
- $0
- Ongoing fees
- $0.00
- Discharge Fee
- $350.00
- Extra repayments
- Yes - free
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 90.00%
- minimum borrowing amount
- $150,000
- maximum borrowing amount
- -
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the Back to Basics Special
Fixed Rate Home Loan
Owner Occupier, Principal & Interest, Home Loan Package
interest rate
comparison rate
Initial monthly repayment
1.99% p.a.
fixed 3 years3.64% p.a.A People’s Choice 3 year fixed home loan allows you to enjoy a simple, non-complicated home loan with a competitive rate. There are no restrictions to the number of loans you can combine on a package. Lock in a competitive fixed interest rate with People’s Choice.
CompareCompareFixed Rate Home Loan
A People’s Choice 3 year fixed home loan allows you to enjoy a simple, non-complicated home loan with a competitive rate. There are no restrictions to the number of loans you can combine on a package. Lock in a competitive fixed interest rate with People’s Choice.
- interest rate
- 1.99% p.a.
fixed 3 years
- comparison rate
- 3.64% p.a.
- upfront fees
- $0
- Ongoing fees
- $395.00 yearly
- Discharge Fee
- $350.00
- Extra repayments
- yes - free up to $10,000 p.a
- Redraw facility
- no
- Offset account
- no
- Maximum loan to value ratio
- 95.00%
- minimum borrowing amount
- $100,000
- maximum borrowing amount
- -
- type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the Fixed Rate Home Loan
Well Balanced
Owner Occupier, Principal & Interest, LVR <90%
interest rate
comparison rate
Initial monthly repayment
2.52% p.a. variable2.55% p.a.A low rate home loan for variable owner occupied loans, up to 90% LVR and no ongoing fees. Winner of a Mozo Experts Choice Award 2019 for the Best New Home Loan.^
CompareCompareWell Balanced
A low rate home loan for variable owner occupied loans, up to 90% LVR and no ongoing fees. Winner of a Mozo Experts Choice Award 2019 for the Best New Home Loan.^
- interest rate
- 2.52% p.a. variable
- comparison rate
- 2.55% p.a.
- upfront fees
- $785
- Ongoing fees
- $0.00
- Discharge Fee
- $300.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- Optional - $10 per month
- Maximum loan to value ratio
- 90.00%
- minimum borrowing amount
- $200,000
- maximum borrowing amount
- $2,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the Well Balanced
Fixed Home Loan Special Offer
Owner Occupier, Principal & Interest
interest rate
comparison rate
Initial monthly repayment
2.19% p.a.
fixed 3 years3.03% p.a.No monthly account keeping fees & No loan establishment fee. Get up to $3,000 cash bonus when you refinance with an eligible Suncorp Bank Home Loan. T&Cs & eligibility criteria apply.
CompareCompareFixed Home Loan Special Offer
No monthly account keeping fees & No loan establishment fee. Get up to $3,000 cash bonus when you refinance with an eligible Suncorp Bank Home Loan. T&Cs & eligibility criteria apply.
- interest rate
- 2.19% p.a.
fixed 3 years
- comparison rate
- 3.03% p.a.
- upfront fees
- $0
- Ongoing fees
- $375.00 yearly
- Discharge Fee
- $350.00
- Extra repayments
- yes - free up to $500 per month
- Redraw facility
- no
- Offset account
- no
- Maximum loan to value ratio
- 90.00%
- minimum borrowing amount
- $150,000
- maximum borrowing amount
- -
- type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the Fixed Home Loan Special Offer
Well Balanced
Investor, Principal & Interest, LVR <90%
interest rate
comparison rate
Initial monthly repayment
2.87% p.a. variable2.90% p.a.CompareCompareWell Balanced
- interest rate
- 2.87% p.a. variable
- comparison rate
- 2.90% p.a.
- upfront fees
- $785
- Ongoing fees
- $0.00
- Discharge Fee
- $300.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- Optional - $10 per month
- Maximum loan to value ratio
- 90.00%
- minimum borrowing amount
- $200,000
- maximum borrowing amount
- $2,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Investor
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the Well Balanced
^See information about the Mozo Experts Choice Home Loans Awards
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