First Home Loan Deposit Scheme

Let QBANK help make your first home dream a reality.

To be eligible for the above offers a salary credit of at least $1,500 per month must be deposited into your QBANK transaction account. Other variable and fixed options are available. 

GREAT NEWS On 6 October, the Federal Government announced an additional 10,000 FHLDS places for 2020-2021 to support the purchase of a new home.

QBANK is looking forward to continuing to help even more of our Members get into the property market for the first time as a panel lender under the Australian Government’s First Home Loan Deposit Scheme (FHLDS). 


What is the First Home Loan Deposit Scheme?

The First Home Loan Deposit Scheme is an Australian Government initiative designed to support eligible first home buyers buy a home sooner. It does this by providing a guarantee that will enable first-time buyers to purchase a home with a deposit of as little as 5% without paying Lenders Mortgage Insurance (LMI).

Who is eligible?

Applicants under the Scheme will be subject to scheme eligibility criteria, including but not limited to criteria in relation to income thresholds and property prices.

The Scheme will apply to owner-occupied loans on a principal and interest basis. You can download First Home Loan Deposit Scheme Information Guide

QBANK standard credit eligibility criteria, terms and conditions, fees and charges will apply to loans under the Scheme.

More information on LMI


More information

If you would like to know more about the Scheme please visit the NHFIC website.

For more information about QBANK Home Loans (including credit eligibility criteria, terms and conditions, fees and charges) please visit our Home Loan page.

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Important Information:

Credit eligibility criteria, terms and conditions, fees and charges apply. 

*WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. The comparison rate displayed is calculated based on a loan amount of $150,000 over a 25 year term.

1. After the expiry of the fixed rate period, the interest rate changes to QBANK’s Classic Variable Home Loan Product Rate, currently 3.84% p.a. for owner occupier

2. Pre-approval service provides a conditional loan approval. Approval by the bank and the lenders mortgage insurer and is valid for 3 months from time of approval. It is subject to valuation of the secured property that must be acceptable to the bank. Other conditions may apply.

3. Valid for home loan applications of $150,000 or more of new lending for owner occupiers approved after 30 October 2020 and is available for a limited time only. Interest only not available. Offer may be withdrawn at any time. Offer not valid for redraw of advance repayments, existing QBANK members switching loans or internal refinances.