First Home Loan Deposit Scheme

Get into your first home sooner!

All available Scheme places for this financial year have now been reserved.

You can still make an appointment to discuss your options.

MyState Bank is a proud Participating Lender for the Australian Government’s First Home Loan Deposit Scheme (FHLDS).

Scheme places are capped each financial year. Please note that Scheme places for this financial year are fully reserved.

Prior to applying, please read the Scheme Information Guide.

To register your interest, make an appointment now.

What is it?

The First Home Loan Deposit Scheme is an Australian Government initiative to support eligible first home buyers purchase a home sooner without having to pay lender's mortgage insurance.

How does it work?

If you meet all eligibility criteria for the Scheme, you may be able to receive a guarantee of up to 15% of your property value to assist with your purchase. This means you could borrow up to 95% without the need to pay Lenders Mortgage Insurance. Other costs apply.

When is it available?

MyState Bank will be offering Scheme-backed loans and we are now accepting applications. Applications are limited and allocated on a 'first in' basis.

The Application Process

Check your eligibility

Check your eligibility with the online tools provided on the NHFIC website.

Register your interest

Register your interest by filling out the online form here and making an appointment with us. We will contact to you and help you complete your home loan and scheme application.

Buy your home

If approved, you need to purchase your new home within 90 days.

Make an appointment with a MyState Bank lender to start your application

Make an appointment

Are you eligible?

If you can tick off all of these requirements, then you’re most likely eligible to receive the offer:

You are single or joint borrowers. If joint borrowers you are in a married or de facto relationship
You’re at least 18 years of age
You pass an income test
You have at least a 5% deposit saved
You and any other applicant are first home buyer’s
You are going to live in the property (not an investment)
You and any other applicant are Australian Citizens
The property you are looking to purchase falls within the Property Price Thresholds

Find out more about the eligibility requirements on the official NHFIC website and by downloading the FHLDS Fact Sheet along with the FHLDS Frequently Asked Questions Sheet.

For more detailed information, please view the Scheme Information Guide.

Income test

The Scheme includes an income test for:

Singles – your taxable income for the previous financial year must not be more than $125,000
Couples – your combined taxable income for the previous income year must not be more than $200,000

For applications received from 1 July each financial year, it is a requirement that you have your ATO Notice of Assessment from the previous financial year completed.

Property Price Thresholds

There is a maximum property purchase price under the Scheme which applies in capital cities, large regional centres and regional areas. You can find a list of the property price thresholds as well as a tool to search by postcode on the NHFIC website.