As of 1 January 2020, the First Home Loan Deposit Scheme is live and kicking! As of the 1 February, smaller lenders will be joining Commonwealth Bank and NAB as participating lenders. The FHLDS was first an election promise by Scott Morrison and then announced as government policy when his government was re-elected. Many lenders require a 20 per cent deposit from first homebuyers to secure a mortgage. If you don’t have a 20 per cent deposit usually has to pay lender’s mortgage insurance (LMI) to cover the increased risk to the lender. How does the FHLDS work? The government acts as a guarantor for up to 75 per cent of the 20 per cent deposit required by most lenders. This means that Aussie first–timers can find a mortgage sooner and avoid the thousands of dollars they’d otherwise spend on LMI. The National Housing Finance and Investment Corporation (NHFIC) is responsible for the $500 million scheme and will partner with selected lenders. The scheme will be available to 10,000 Australians annually. The National Housing Finance and Investment Corporation (NHFIC) is running the scheme, which has $500 million in funding. It’s partnered with selected lenders, including NAB and CommBank, as well as several smaller lenders like Bendigo and Defence Bank. The FHLDS will be available to 10,000 Aussies each year. Am I eligible for the First Home Loan Deposit Scheme? You could be eligible for the scheme if you’re: You’re a single first–time buyer with a taxable income of up to $125,000. A couple with a taxable joint income of up to $200,000. An Australian citizen (permanent residents aren’t eligible), and. Over 18 years of age. You must be first–time buyers who haven’t previously owned all or part of a residential property and you must be a married or unmarried couple. The scheme isn’t open to friends or relatives buying together and you must be using the property as your primary residence. How to apply for the FHLDS To apply for the FHLDS, you don’t apply directly to the NHFIC, you apply through one of the partnered lenders. So, the first step might be to compare their loans and choose a great participating lender. FULL list of First Home Loan Deposit Scheme Lenders The best first home loans have low rates, fees and plenty of features like offset and redraw. You can apply for a First Home Loan Deposit Scheme home loan through any one of the lenders listed below. Scroll down to see the full list of FHLDS lenders. Click through to see the current home loans rates as listed on InfoChoice from all of the FHLDS home loan lenders. FHLDS lenders from 1 January 2020: Commonwealth Bank’s current home loan rates National Australia Bank’s current home loan rates FHLDS lenders from 1 February 2020: Australian Military Bank current home loan rates Auswide Bank current home loan rates Bank Australia current home loan rates Bank First current home loan rates Bank of Heritage Isle Bank of Us current home loan rates Beyond Bank current home loan rates Bendigo Bank current home loan rates Border Bank Community First CU current home loan rates CUA current home loan rates Defence Bank current home loan rates Endeavour Mutual Bank current home loan rates Firefighters Mutual Bank Gateway Bank current home loan rates G&C Mutual Bank current home loan rates Health Professionals Bank Indigenous Business Australia MortgagePort MyState Bank current home loan rates People’s Choice Credit Union Police Bank current home loan rates P&N Bank current home loan rates QBank current home loan rates Queensland Country CU Regional Australia Bank Sydney Mutual Bank Teachers Mutual Bank The Mutual Bank UniBank current home loan rates WAW Click here to find out the property price thresholds for the FHLDS in your area. Compare 1800 home loans at InfoChoice. * The products compared in this article are chosen from a range of offers available to us and are not representative of all the products available in the market and influenced by a range of factors including interest rates, product costs and commercial and sponsorship arrangements InfoChoice compares financial products from 145 banks, credit unions and other financial institutions in Australia. InfoChoice does not compare every product in the market. Some institutions may have a commercial partnership with InfoChoice. Rates are provided by partners and taken from financial institutions websites. We believe all information to be accurate on the date published. InfoChoice strives to update and keep information as accurate as possible. The information contained on this web site is general in nature and does not take into account your personal situation. Do not interpret the listing order as an endorsement or recommendation from us. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser. If you or someone you know is in financial stress, contact the National Debt Helpline on 1800 007 007.