6,500 loans being processed under the First Home Loan Deposit Scheme so far

By Polly Fleeting · · 2 min read
Fact Checked
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The Australian Government has released new data that revealed, in less than 2 months, about 6,500 of the 10,000 home loans under the First Home Loan Deposit Scheme are already being processed. 

On the 1 January 2020, the First Home Loan Deposit Scheme sprung into action with 3,000 spots being opened between two of the big four banks: CommBank and NAB. 

The following month on 1 February 2020, 7,000 more slots opened up for first home buyers, with a list of 27 mortgage lenders to choose from. 

Housing Minister, Michael Sukkar told parliament last Thursday that over 1100 first home buyers in New South Wales, 800 in Victoria, over 700 in Queensland, 150 in Western Australia, 150 in South Australia, over 100 in both Tasmania and the ACT had been pre-approved under the scheme. 

“It’s very pleasing that these places have been distributed throughout the country, in cities, regional centres and rural areas,” he said. 

“And also the scheme is reaching the people our Prime Minister wanted to reach, the people on middle incomes.”    

However, of the total 10,000 spaces made available for this financial year, only 3,500 remain open, but it’s not bad news for future first home buyers. For those who aren’t ready to jump into the property market right now, in July of this year, 10,000 more spots will become available.

So if you want to snag one of the last 3,500 remaining spots but don’t know where you can apply, here’s a full list of the 27 lenders participating in the new government initiative. 

RELATED ARTICLE: Why first home buyers are racing into the property market now 

What do we know about First Home Loan Deposit Scheme applicants? 

According to the Government’s latest figures, over half (55%) of applicants for the First Home Loan Deposit Scheme so far have between the ages of 18-29. 

And the average income of the applicants so far is $111,534 for couples and $67,126 for singles, despite the income caps being higher at $200,000 and $125,000 respectively. 

The data also revealed that only a quarter of applicants were buying apartments, with 70% intending to buy houses as their first property, potentially suggesting that many Aussies are looking to settle down and start a family. 

RELATED ARTICLE: First Home Buyers have FOMO when it comes to the property market, says ME 

Ready to start looking for your first home loan? Check out the table below or jump over to our first home loan comparison tool.

Last updated 30 June 2025 Important disclosures and comparison rate warning*
What are your home loan needs?
Loan purpose
Buying or Refinancing
  • Promoted

    Variable Offset Home Loan

    • Owner occupier
    • Principal & Interest
    • 10% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.53 % p.a.
    Variable
    Comparison rate
    5.74 % p.a.
    Initial monthly repayment
    $4,102
    Go to site
    • $0 application fee to pay
    • Apply in as little as 15 minutes
  • Promoted

    Fixed Rate Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 5% min deposit
    Interest rate
    5.49 % p.a.
    Fixed 2 years
    Comparison rate
    5.77 % p.a.
    Initial monthly repayment
    $4,084
    Go to site
    • No ongoing annual fees
    • Make up to $25,000 extra repayments during a fixed period, fee free (T&Cs apply)
    • Lock in for up to 5 years.

  • Fixed Offset Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 10% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.29 % p.a.
    Fixed 2 years
    Comparison rate
    5.69 % p.a.
    Initial monthly repayment
    $3,994
    Go to site
    • $0 application fee to pay
    • Additional repayments up to $20,000/year
    • Apply in as little as 15 minutes

  • Fixed Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 5% min deposit
    • Redraw available
    • Cashback
    Interest rate
    5.29 % p.a.
    Fixed 2 years
    Comparison rate
    5.72 % p.a.
    Initial monthly repayment
    $3,994
    Go to site
    • Get up to $4,000 cashback (T&Cs apply)
    • Up to 12 months repayments in advance without penalties
    • Split loan available

  • Fixed Rate Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 5% min deposit
    Interest rate
    5.49 % p.a.
    Fixed 2 years
    Comparison rate
    5.77 % p.a.
    Initial monthly repayment
    $4,084
    Go to site
    • No ongoing annual fees
    • Make up to $25,000 extra repayments during a fixed period, fee free (T&Cs apply)
    • Lock in for up to 5 years.

  • Variable Offset Home Loan

    • Owner occupier
    • Principal & Interest
    • 10% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.53 % p.a.
    Variable
    Comparison rate
    5.74 % p.a.
    Initial monthly repayment
    $4,102
    Go to site
    • $0 application fee to pay
    • Apply in as little as 15 minutes

  • Variable Home Loan 90

    • Owner occupier
    • Principal & Interest
    • 10% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.54 % p.a.
    Variable
    Comparison rate
    5.58 % p.a.
    Initial monthly repayment
    $4,106
    Go to site
    • No monthly or ongoing fees
    • Option to add an offset for 0.10% p.a.

  • OMG Home Loan

    • Owner occupier
    • Principal & Interest
    • 5-20% deposit
    • Redraw available
    Interest rate
    5.79 % p.a.
    Variable
    Comparison rate
    5.82 % p.a.
    Initial monthly repayment
    $4,220
    Go to site
    • Easy online application
    • Choose Principal and Interest or Interest Only options for your bcu OMG loan
    • With redraw facility available and easy pre-approval valid for 3 months, we will make it happen. Apply online now

  • Offset Home Loan

    • Owner occupier
    • Principal & Interest
    • 5-20% deposit
    • Offset available
    • Redraw available
    Interest rate
    5.89 % p.a.
    Variable
    Comparison rate
    5.92 % p.a.
    Initial monthly repayment
    $4,266
    Go to site
    • No ongoing monthly loan maintenance fees to pay.
    • Pre-approval valid for 3 months

  • Basic Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 10-20% deposit
    • Redraw available
    Interest rate
    6.39 % p.a.
    Variable
    Comparison rate
    6.42 % p.a.
    Initial monthly repayment
    $4,499
    Go to site
    • No ongoing monthly loan maintenance fees
    • Weekly, fortnightly, or monthly repayment options

  • Offset Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 10-20% deposit
    • Offset available
    • Redraw available
    Interest rate
    7.24 % p.a.
    Variable
    Comparison rate
    7.27 % p.a.
    Initial monthly repayment
    $4,907
    Go to site
    • No ongoing monthly loan maintenance fees
    • Weekly, fortnightly, or monthly repayment options
Showing 9 results from 415 home loans. Use the filters to see more

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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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