First Home Loan Deposit Scheme

Let QBANK help make your first home dream a reality.

QBANK is looking forward to helping even more of our members get into the property market for the first time after being selected as a panel lender under the Australian Government’s new 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.

Who is eligible?

Applicants under the Scheme will be subject to eligibility criteria, including criteria in relation to income thresholds and property prices.

The income thresholds will be up to $125,000 per annum for singles and up to $200,000 per annum combined for couples (assessed in the financial year preceding the financial year in which the loan is entered into).

The Scheme will apply to owner-occupied loans on a principal and interest basis. You can download a fact sheet about the Scheme here: First Home Loan Deposit Scheme - Fact Sheet

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

When does it start?

You’re able to apply for the Scheme with QBANK from 1 February 2020.

More information

If you would like to know more about the Scheme prior to this date, 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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