First Home Loan Deposit Scheme
The First Home Loan Deposit Scheme is an Australian Government initiative to support first home buyers purchase their first home sooner. Usually, if you have less than a 20% deposit you need to pay lenders mortgage insurance. Under this Scheme, part of an eligible first home buyer’s home loan from a Participating Lender will be guaranteed by NHFIC. This will enable you to purchase your first home sooner with as little as a 5% deposit.