First Home Loan Deposit Scheme

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. Limited Scheme places are available.

Prior to applying, please read the Scheme Information Guide.

To register your interest, make an appointment now.

MyState Bank is a participating lender in the Australian Government’s first home loan deposit scheme, designed to help everyday Australians like you purchase their first home sooner. This scheme is an Australian Government initiative designed to assist Australians in purchasing their first home by reducing the deposit amount they need without the need for taking out and paying for LMI (Lenders Mortgage Insurance).

The Application Process

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

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.

Frequently Asked Questions

What is the first home loan deposit scheme?

Effectively, the first home loan deposit scheme allows eligible applicants to purchase a new home in Australia with a deposit amount of just 5% of the property’s value rather than 20%.

Under the scheme, part of an eligible first home buyer’s home loan from a participating lender, like MyState Bank, is guaranteed by the NHFIC (National Housing Finance and Investment Corporation). The first home loan deposit scheme is not a loan but instead a legal guarantee exchanged between NHFIC and your home loan lender.

This initiative offers up to 10,000 home loans guaranteed within any financial year. If you have been successful in securing a place through your lender to buy your first home, then a NHFIC guarantee is issued directly to your home loan lender.

If you require any additional information about anything we offer, including your chance to secure a place within the first home loan deposit scheme, please get in contact with us on 138 001. We’ll happily talk through anything you need to know.

How do you apply for a first home deposit scheme?

Places offered within the first home loan deposit scheme are limited to 10,000 each financial year. Individuals cannot apply directly to the NHFIC, instead places are released to participating lenders like MyState. In order to apply for a place within the scheme you will need to apply for a home loan directly through your lender.

To be eligible to apply for a bank home loan with us you will need to be at least 18 years of age and either an Australian citizen or a permanent resident living in Australia. We’ll ask you for two forms of identification (such as your Australian passport, driver’s licence or Medicare card) as well as two recent payslips for applicants who have an employer or your most recent tax assessment for self-employed applicants.

Other eligibility criteria applies. To check whether you are eligible for the first home loan deposit scheme, visit the NHFIC online and complete their quick and easy online eligibility check.

You can book an appointment online with our experts or call to speak to a representative on 138 001.

What property price thresholds apply for first home deposit scheme?

Maximum property price caps do apply in capital cities, large regional centres and regional areas. Check with MyState Bank to see whether your property is eligible, or you can search for property price caps by suburb online at the NHFIC website.

What types of properties are eligible?

To check whether the property you are purchasing is eligible under the first home loan deposit scheme, click here for new homes and here for existing homes. Make sure you also check the property price thresholds.