The First Home Loan Deposit Scheme (New Homes) is an initiative from the Federal Government to help first home buyers to build or purchase a new home with as little as a 5% deposit without the need for Lenders Mortgage Insurance, also known as LMI. Gateway Bank is proud to be helping first home buyers get on the property ladder faster, while also saving them the cost of LMI.
Places on the First Home Loan Deposit Scheme (New Homes) are limited. Please register your interest with Gateway Bank to secure your place*.
Please note that these places are in addition to the First Home Loan Deposit Scheme launched on 1 January 2020 with separate eligibility criteria.
In the 2020-21 Federal Budget, the Australian Government announced an additional 10,000 FHLDS places for the 2020-21 financial year, specifically for eligible first home buyers purchasing or building a new home. These additional places are known as the First Home Loan Deposit Scheme (New Homes) or FHLDS (New Homes).
The First Home Loan Deposit Scheme (New Homes) allows eligible first home buyers to build or purchase a new home with a deposit of between 5 to 20% of the property’s value (eligibility criteria applies). The National Housing Finance and Investment Corporation (NHFIC), which oversees the Scheme, will then provide a guarantee to the lender covering up to 15% of the property’s value.
The NHFIC has appointed Gateway Bank to offer loans to be guaranteed under the FHLDS (New Homes), which will support up to 10,000 loans this financial year. Apply now to secure your FHLDS (New Homes) place with Gateway Bank.
Find out if you meet the First Home Loan Deposit Scheme (New Homes)'s eligibility criteria. Please note that this tool is provided as a guide only and does not guarantee that you will receive either a FHLDS (New Homes) place or a loan from Gateway Bank.
Things you should know:
Please note that the number of available First Home Loan Deposit Scheme (New Homes) places are limited, only available this financial year and applying with Gateway Bank does not guarantee a successful application.
Rates advertised apply to principal and interest repayment types only. Comparison rates are calculated based on a loan amount of $150,000 over a 25 year term. WARNING: Comparison rates are 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. Applications for finance are subject our standard credit assessment criteria. Full terms and conditions are included in the loan offer. Fees and charges apply.
* Eligibility criteria applies
1 Variable rate special offers are available for a limited time only and may be varied or withdrawn at any time. The offer is available for new loans and top ups, minimum loan amounts apply.