First Home Loan Deposit Scheme reissues 1,800 spots: Are you eligible?
The Australian Government recently announced it will be reissuing 1,800 unused spots from the first round of the First Home Loan Deposit Scheme, meaning any buyers who missed out last year will have another chance to access a spot.
The program, which is administered by the National Housing Finance and Investment Corporation (NHFIC), aims to help first home buyers get on the property ladder sooner by guaranteeing up to 15 percent of a property’s value.
The quick uptake of the scheme prompted the Government to add an extra 10,000 spots in October last year, however these are restricted to buyers who plan to build or purchase new builds. Of this batch, just over 4,200 spots have been secured so far.
Home buyers taking advantage of the 1,800 reissued spots will be able to purchase existing homes, with price caps varying depending on the location of the property.
“Helping Australians get into a home of their own and supporting tradies’ jobs are both key priorities for the Morrison government as we build our comeback from the COVID-19 recession,” said housing minister Michael Sukkar.
Am I eligible?
Spots are limited and likely to be snapped up fairly quickly. To be eligible, applicants will need to meet the following criteria:
- You are an Australian citizen and at least 18 years of age.
- You are a genuine first home buyer, meaning you haven’t previously owned or held a freehold interest in a residential property, either separately or jointly.
- For individuals, your taxable income for the previous financial year does not exceed $125,000. For couples, your combined taxable income does not exceed $200,000.
- The price of the property you intend to buy does not exceed the NFIC’s region-specific thresholds.
- You have a deposit of between 5% and 20% of the property’s value.
- You intend to take out an owner occupied loan and make principal and interest repayments.
Assuming you tick all those boxes, you’ll also be subject to a credit and lending check by your chosen lender. To improve your chances, make sure you don't have any lingering debts and avoid applying for any new credit products.
You’ll also need to show proof of genuine savings. While lenders might differ in what they consider ‘genuine,’ large sums of money received via gift, inheritance, or the sale of assets are generally not included.
How to apply
To apply for a spot in the FHLDS, you’ll need to get in contact with one of the 27 participating lenders (a full list is available on the NHFIC website). Keep in mind the NHFIC doesn’t issue loans, so it won’t be accepting any applications.
You should have a few documents handy, including identification and last income year’s Notice of Assessment from the Australian Taxation Office. Your lender may request more depending on their processes.
Applications can be sent to more than one participating lender, but you’ll only be offered one place in the scheme if successful. If you’re granted a spot and decide to change lenders, the NHFIC may be able to transfer the reservation, but you’ll have to be mindful of the 90-day deadline for entering a contract of sale.
For more information, read our comprehensive guide to the First Home Loan Deposit Scheme. And for a look at where interest rates currently sit, head over to our home loan comparison page or browse the selection below.
Home loan comparisons on Mozo - last updated February 27, 2021
Smart Booster Home Loan
1 Year Discounted Variable Rate, Owner Occupier, Principal & Interest, <80% LVR
interest rate
comparison rate
Initial monthly repayment
1.99% p.a.variable for 12 months and then 2.48% p.a. variable2.47% p.a.CompareCompareSmart Booster Home Loan
A super low introductory rate home loan with no monthly or ongoing fees. Unlimited free redraws and unlimited additional repayments to help you build your equity and own your home sooner. Multiple loan splits available. (Rates revert after introductory period ends). 20% minimum deposit required.
- interest rate
- 1.99% p.a.variable for 12 months and then 2.48% p.a. variable
- comparison rate
- 2.47% p.a.
- Upfront fees
- $520
- Ongoing fees
- $0.00
- Discharge Fee
- $0.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- Optional - with 0.10% additional interest
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $50,000
- maximum borrowing amount
- $1,000,000
- 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 Smart Booster Home Loan
Basic Home Loan
Fixed, Owner Occupier, Principal & Interest, LVR 70-80%
interest rate
comparison rate
Initial monthly repayment
2.09% p.a.
fixed 2 years2.56% p.a.CompareCompareBasic Home Loan
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
- 2.09% p.a.
fixed 2 years
- comparison rate
- 2.56% p.a.
- Upfront fees
- $0
- Ongoing fees
- $0.00
- Discharge Fee
- $400.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $150,000
- maximum borrowing amount
- $750,000
- type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the Basic Home Loan
UHomeLoan - Discount Offer
Owner Occupier, Principal & Interest
interest rate
comparison rate
Initial monthly repayment
2.34% p.a. variable2.34% p.a.CompareCompareUHomeLoan - Discount Offer
Enjoy a super low rate, $0 fees and easy application with the Mozo Experts Choice Home Lender Bank of the Year.^ Free redraw with flexible repayments. Min 20% deposit.
- interest rate
- 2.34% p.a. variable
- comparison rate
- 2.34% p.a.
- Upfront fees
- $0
- Ongoing fees
- $0.00
- Discharge Fee
- $0.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $100,000
- 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 UHomeLoan - Discount Offer
Celebrate Variable Home Loan
<60% LVR, Owner Occupier, Principal & Interest
interest rate
comparison rate
Initial monthly repayment
2.19% p.a. variable2.19% p.a.CompareCompareCelebrate Variable Home Loan
Fast online application with no fees. Free extra repayments and redraw facility. Min 40% deposit. Crowned Best New Home Loan for 2020 by the Mozo Experts.^
- interest rate
- 2.19% p.a. variable
- comparison rate
- 2.19% p.a.
- Upfront fees
- $0
- Ongoing fees
- $0.00
- Discharge Fee
- $0.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 60.00%
- minimum borrowing amount
- $100,000
- 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 Celebrate Variable Home Loan
Special Fixed Rate Home Loan
Owner Occupier, Principal & Interest
interest rate
comparison rate
Initial monthly repayment
1.99% p.a.
fixed 4 years3.45% p.a.CompareCompareSpecial Fixed Rate Home Loan
Ability to split your loan between fixed and variable. $2,000 cashback offer for investor & owner occupied home loans over $250k with LVR ≤80% when refinancing to Newcastle Permanent. Limited time offer extended, T&Cs apply
- interest rate
- 1.99% p.a.
fixed 4 years
- comparison rate
- 3.45% p.a.
- Upfront fees
- $0
- Ongoing fees
- $395.00 yearly
- Discharge Fee
- $0.00
- Extra repayments
- yes - free up to $25,000 p.a.
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $5,000
- maximum borrowing amount
- -
- type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- $2,000 cashback when you refinance your home loan from another financial institution when you apply by 31 March 2021 and are funded by 31 May 2021, min $250k, LVR
Read our Mozo Review to learn more about the Special Fixed Rate Home Loan
^See information about the Mozo Experts Choice Home Loans Awards
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