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First Home Buyers Scheme

The Coalition Government’s First Home Loan Deposit Scheme has seen thousands of Australians engage with lenders to secure a guaranteed loan to help them get into a home sooner. 


From today 1 February 2020, 25 non-major lenders will begin to offer guaranteed loans, along with NAB and CBA, which means more first home buyers can secure a home loan with as little as a five per cent deposit. 


The Scheme has 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. 


Consistent with the National Housing Finance & Investment Commission’s (NHFIC) Investment Mandate, the non-major lenders will receive no less than 50 per cent of the 10,000 guarantees allocated per financial year. The strong initial interest in the Scheme is very welcome, and it is important to remember this is only the beginning.


From 1 July 2020 a further 10,000 guarantees will become available and we look forward to more Australians taking advantage of this Scheme.


Further information about the Scheme and eligibility requirements are available on NHFIC’s website including online tools to find relevant dwelling price thresholds. The full list of 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