First Home Loan Deposit Scheme

We’re here to support you.

MyChoice Home Loans has exclusive access to the First Home Loan Deposit Scheme through Mortgageport who were one of the first lenders appointed by the National Housing Finance and Investment Corporation (NHFIC) to provide these loans.

Our specialist team is determined to help first homeowners turn their home building dreams into a reality, through providing great rates to support the numerous government grants available.

Exclusive for eligible MJH group customers

Fixed Rate

1.99% pa+

12 months during construction

Comparison rate


+Finance to approved applicants only. Interest rates are correct as at the 1 Feb 2020 and are subject to change.

*Comparison rate calculated on a loan of $150,000 over 25 years.

The comparison rate applies only to the example given. Different amounts and terms will result in different comparison costs. Costs such as redraw fees, early repayment fees and costs savings such as fee waivers are not included in comparison rate but may influence the cost of the loan. Credit advice is provided by MyChoice Home Loans Pty Limited who is Authorised Credit Representative No 485 273 of Mortgageport Management Pty Limited (Australian Credit Licence Number 386360)

Understanding the First Home Loan Deposit Scheme

The First Home Loan Deposit Scheme is a new initiative of the Australian Government to help first home buyers purchase a home sooner.

It does this by providing a guarantee that will allow eligible first home buyers to purchase a home with a deposit of as little as 5 per cent.

The Scheme will support up to 10,000 loans each financial year, and commenced on 1 January 2020.

How does the First Home Owner Deposit Scheme Work?

The scheme is designed to reduce the cost of financing your first home by removing the need to save a 20% deposit or pay for lender’s mortgage insurance. Instead the Australian Government supports first home owners by providing a limited guarantee of up to 15% of the property’s value. Click below to download a fact sheet about this scheme.

MyChoice Home Loans can lodge your application to the First Home Loan Deposit Scheme from 1 February 2020.

Who is Eligible for the First Home Loan Deposit Scheme?

To discover whether you are eligible for the scheme you can check this on the NHFIC website.

The main Eligibility requirements are:

  • You must be an Australian citizen and so must your spouse/partner.
  • It’s only available to first home buyers
  • Your taxable income in the last financial year, must be no more than $125,000 or no more than $200,000 if you are applying with a spouse/partner
  • You must live in the property after you’ve purchased it
  • The maximum property purchase price must be below the threshold limit set by the NHFIC
  • Plus don’t forget, you are only eligible to receive the Government Guarantee once
Property price thresholds

As this scheme is designed to help people get started, the threshold is in place to allow you to purchase land and build a comfortable home, choose a House and Land package or an established property, within defined property price thresholds (maximum property purchase price under the Scheme).

This threshold will apply in capital cities, large regional centres along with regional areas, and as this amount varies, we recommend using the NHFICs property price threshold search tool to learn more about your preferred locations price threshold.

The First Home Loan Deposit Scheme will help people buy or build their first home sooner. Get started today!

First Home Loan Deposit Scheme

Interest Rates

  • 2.99% p.a variable rate
  • 1.99% p.a. 1 year fixed rate
  • 2.99% p.a 2 year fixed rate
  • 3.19% p.a 3 year fixed rate
  • 3.29% p.a 4 year fixed rate
  • 3.39% p.a 5 year fixed rate

Loan Fees

  • Application Fee $330.00 (includes the cost of one property valuation)
  • Lender’s Legal Fee $330.00
  • Loan Settlement Fee $100.00
  • Discharge Fee $495.00
  • Construction fees – $100 per progress payment plus $220 valuers fees to cover 2 standard progress inspections.
  • Ongoing Account Fees – Nil

Loan Features

  • Loan term of up to 30 years
  • Principal and Interest repayments (interest only available for up to 12 months during the construction of a new home)
  • Available for owner occupied purposes only
  • Weekly, fortnightly or monthly repayments
  • Re-draw available if you are ahead of your scheduled repayments
  • Unlimited additional repayments during a variable rate and up to $20,000 per annum while on a fixed interest rate
  • Split loans available (additional fees apply)
  • Minimum loan size is $50,000
  • Maximum loan size depends on property location, but no more than $665,000

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