Buy your first home with a deposit as little as 5%.
At Great Southern Bank, we’re proud to keep helping more first home buyers step onto the property ladder with our continued involvement in the Australian Government’s Home Guarantee Schemes, as follows:
- New Home Guarantee (NHG) and
- First Home Loan Deposit Scheme (FHLDS)
With the support of the Australian Government, the NHG and FHLDS provide eligible first home buyers the opportunity to purchase their first home with a deposit as little as 5% and without having to pay Lenders’ Mortgage Insurance (LMI).
New Home Guarantee places
For eligible first home buyers looking to build or purchase a newly constructed home, 10,000 Scheme places are available from 1 July 2021 to 30 June 2022 through the NHG Scheme.
If you would like to register your interest in the 2021-22 release of the NHG, please complete and submit the form below and a Great Southern Bank Home Loan Specialist will be in touch soon.
First Home Loan Deposit Scheme places
Due to a limited number of places on the 2021-22 First Home Loan Deposit Scheme, and an overwhelming response, we are no longer able to accept applications.
Register your interest
Simply complete and submit the form and a Home Loan Specialist will be in touch soon.
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. Ask us for details. More information about the First Home Loan Deposit Scheme and the NHFIC is available at www.nhfic.gov.au.