Gateway Bank is one of the select lenders able to offer access to the First Home Loan Deposit Scheme (New Homes).

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.

Our most competitive home loan with great features allowing you to pay off your mortgage sooner.

  • Loan redraw facility available
  • No annual fees
  • Unlimited extra repayments
  • Up to 80% LVR (>$500K) 2.51%p.a. Interest rate
  • 2.54%p.a.
    Comparison rate

A Construction Loan gives you access to money as you need it for building or structural renovations. Giving you the ability to change your home as you progress through life's different stages. For building or structural renovations Gateway's Construction Loan has been specially designed for residential building projects, with progressive drawdowns and interest-only terms to suit.

  • 5 free progressive drawdowns
  • Loan Redraw facility available
  • 100% Offset Account available (during construction period)
  • 3.23%p.a. Interest rate
  • 3.29%p.a.
    Comparison rate

A multi-award winning home loan with flexible features and a competitive rate.

  • No establishment fee
  • 100% offset account available
  • Unlimited extra repayments
  • Up to 80% LVR (>$500K) 2.34%p.a. Interest rate
  • 2.68%p.a.
    Comparison rate

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.


Eligibility Criteria

  • Do you have your Notice of Assessment, issued by the ATO, for the previous income year (FY20)?
  • Was your taxable income no more than $125,000 as a single, or no more than $200,000 as a couple (spouse or de facto) for the previous financial year?
  • Will you be an Australian citizen at your home loan date?
  • Will you be 18 years or over at your home loan date?
  • Do you satisfy the prior property ownership test? (i.e. have you never directly or indirectly owned real estate).
  • Is the loan for a property located within Australia?
  • Do you have a deposit of between 5% and 20% of the value of the property you would like to purchase?
  • Is the loan for:
    • the purchase of a newly constructed dwelling located in Australia, or
    • the purchase a house and land package located in Australia
  • Is the property purchase price within the threshold for your property’s suburb and postcode? You can check this using the NHFIC’s property price threshold tool
  1. Check your eligibility.
  2. Then register your interest for a First Home Loan Deposit Scheme (New Homes) place with Gateway and we will verify your eligibility.
  3. Then apply for your home loan with Gateway.
  4. You're all done! A Gateway consultant will be in touch soon.

Download Key First Home Loan Deposit Scheme Guides

As a first home buyer you may also qualify for additional assistance


Everything you need to know about buying your first home


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.