First Home Loan Deposit Scheme and New Home Guarantee
At Great Southern Bank, we’re thrilled to keep helping more first home-buyers step onto the property ladder with our continued involvement in the Australian Government’s first home-buyer schemes:
- First Home Loan Deposit Scheme (FHLDS) and
- New Home Guarantee (NHG)
From 1 July 2021, 10,000 FHLDS scheme places will be released by the Australian Government for the 2021-22 financial year.
An additional 10,000 scheme places will be released by the Australian Government from 1 July 2021 through the NHG to help eligible first home-buyers build or purchase a new home.
With the support of the Australian Government, the FHLDS and NHG provide eligible first home-buyers the opportunity to purchase their first home with a deposit of as little as 5% without having to pay Lenders Mortgage Insurance (LMI).
If you are interested in the 2021-22 release of FHLDS or NHG, please submit the form below to register your interest and a Great Southern Bank Home Loan Specialist will be in touch. Due to the popularity of the FHLDS we have introduced a waitlist for customers wishing to participate in the Scheme. Please register your interest below and we will be in touch regarding Scheme availability.
Register your interest
Simply complete and submit the form and a Home Loan Specialist will be in touch.
The process
1. Check your eligibility
Using the online tools
2. Register your interest
or chat to a Great Southern Bank Home Loan Specialist
3. Buy an eligible home
within 90 days of scheme approval
4. Move into your home
within six months of settlement (exceptions apply for new builds).
Great Southern Bank’s normal lending criteria will also apply.
Eligibility
There are a number of eligibility requirements you should be aware of. These include:
The government has created handy online tools to help you check your eligibility.
- All applicants must be first home buyers, aged 18 years and over, be Australian citizens, and have a valid Medicare card
- In the last financial year, individuals must have earned less than $125,000 and couples less than $200,000
- You’ll need to have your 2020-21 tax returns completed and have received a notice of assessment from the ATO
- Couples must be married or in a de-facto relationship
- The property you are looking to purchase must be an acceptable property type and within the property price threshold for your suburb and postcode. You can view the property price cap for your suburb on NHFIC’s website
The government has created handy online tools to help you check your eligibility.
Check your eligibility for:
Important Information
Great Southern Bank, a business name of Credit Union Australia Ltd ABN 44 087 650 959, AFSL and Australian Credit Licence 238317. Lending criteria, limits, conditions and fees apply. Applications are subject to credit approval. The National Housing Finance and Investment Corporation releases 10,000 Scheme places per financial year (the 10,000 additional New Home Guarantee places are in addition to this quota). Ask us for details. More information about the First Home Loan Deposit Scheme and the NHFIC is available at www.nhfic.gov.au.