1 January 2020

Helping more Australians enter the property market sooner

From today, eligible first home buyers will be able to apply for a guaranteed loan as part of the Morrison Coalition Government’s First Home Loan Deposit Scheme.

The Scheme provides a guarantee that will allow eligible first home buyers to purchase a modest home with a deposit of as little as five per cent.

Delivering on an election commitment to help make home ownership a reality for more Australians sooner, the Scheme will support up to 10,000 guaranteed loans each financial year.

Eligible first home buyers can apply for a guaranteed loan directly from one of the 27 participating lenders.

The Scheme has been warmly welcomed by major industry peak bodies, and the composition of the initial panel of participating lenders reflects the industry’s confidence in the Morrison Coalition Government’s plan to assist first home buyers.

Importantly, all participating lenders have committed not to charge eligible customers higher interest rates than equivalent customers outside of the Scheme.

The Scheme has also been deliberately designed to ensure strong representation of smaller lenders. This will promote competition between the major and non-major lenders, and ensure the Scheme has broad geographic reach, including in regional and remote communities.

Further information about the Scheme is available on the National Housing Finance and Investment Corporation’s website, including online tools to assist prospective first home buyers determine their potential eligibility and identify the relevant property price threshold that will apply to any potential purchases.

The full list of initial participating lenders is:

Major bank lenders

National Australia Bank

Commonwealth Bank of Australia


Non-major lenders

Australian Military Bank

Auswide Bank

Bank Australia 

Bank First

Bank of us

Bendigo Bank

Beyond Bank Australia

Community First Credit Union


Defence Bank

Gateway Bank

G&C Mutual Bank

Indigenous Business Australia


MyState Bank

People's Choice Credit Union

Police Bank (including the Border Bank and Bank of Heritage Isle)

P&N Bank


Queensland Country Credit Union

Regional Australia Bank

Sydney Mutual Bank and Endeavour Mutual Bank (divisions of Australian Mutual Bank Ltd)

Teachers Mutual Bank Limited (including Firefighters Mutual Bank, Health Professionals Bank, Teachers Mutual Bank and UniBank)

The Mutual Bank

WAW Credit Union