Home Loan
2 year owner occupier variable rate - principal & interest, max LVR 95%
2.29%p.a.1
Comparison rate
3.90%p.a.*

If you’re thinking of buying or building your first home, you may be able to buy your first home with as little as 5% deposit and pay no Lenders’ Mortgage Insurance thanks to the Australian Government's First Home Loan Deposit Scheme. Property price caps apply for eligible properties under the New Home Guarantee.

About the Scheme

The Australian Government has introduced the First Home Loan Deposit Scheme (FHLDS) New Home Guarantee to support first home buyers to purchase or build a new home sooner. It does this by providing a guarantee that will allow eligible first home buyers to purchase a new home with a deposit as little as 5% without needing to pay for lenders mortgage insurance.

Eligible borrowers can use the guarantee in conjunction with other government programs like the First Home Super Saver Scheme or state and territory first home owner grants and stamp duty concessions.

The guarantee is not a cash payment or a deposit for your home loan.

For more information on the Scheme visit the official website here.

Am I eligible?

To be eligible, you must be an Australian citizen and at least 18 years of age. Permanent residents are not eligible. Additional eligibility criteria includes but is not limited to:

  • An income test for singles and couples
  • You are a first home buyer
  • You intend to live in the property (it cannot be for an investment)
  • If you are a couple, you are married or in a de-facto relationship
  • You have 5% deposit saved

You should refer to the official website for more information on eligibility criteria - nhfic.gov.au/what-we-do/fhlds/eligibility

What properties are eligible?

Eligible New Home Guarantee properties include:

  • newly constructed dwellings (e.g. whether a freestanding house, townhouse or apartment)
  • Off-the-plan dwellings (e.g. whether a freestanding house, townhouse or apartment)
  • House and land packages
  • Land and a separate contract to build a new home
  • The borrower purchasing the newly built dwelling must be a first home buyer
  • The value of the residential property must not exceed the relevant price cap for the area in which it is located – View property price thresholds here

How do I apply?

You must apply for the Scheme through a participating lender. There is a limit to the number of guaranteed loans that can be offered per financial year and Community First is on the panel of approved lenders.

Non-major lenders (that's us) can submit applications for the Scheme until places are exhausted.  

Even if you aren't eligible for the Scheme, you may still be able to buy your first home with just 5% deposit with Community First. Lenders mortgage insurance will apply. Alternatively, you can ask us about our parental guarantee option.

Featured home loan

Eligible applicants who secure a place in the Scheme can enjoy a discounted variable interest rate for the first 2 years on our Accelerator Package Home Loan. See the 'rates' tab for more information.

The Accelerator Package comes with a life of loan discount off our standard variable rate, plus a 100% offset account with Visa debit card and a range of discounts off other products and services.

After the 2 year introductory period, you'll receive a life of loan discount of 0.90% p.a. off the standard variable home loan rate.

For more information on the Accelerator Home Loan, including package benefits and to view a Home Loan Key Fact Sheet, click here.

 

Rates

Picture of First Home Loan Deposit Scheme - New Home Guarantee

First Home Loan Deposit Scheme - New Home Guarantee

2 year owner occupier variable rate with Accelerator Package - available for eligible applicants who secure a place in the First Home Loan Deposit Scheme
2 year owner occupier variable rate - principal & interest, max LVR 95%
2.29%p.a.1
Comparison rate
3.90%p.a.*
How to apply
Register your interest now
About the Scheme

The Australian Government has introduced the First Home Loan Deposit Scheme (FHLDS) New Home Guarantee to support first home buyers to purchase or build a new home sooner. It does this by providing a guarantee that will allow eligible first home buyers to purchase a new home with a deposit as little as 5% without needing to pay for lenders mortgage insurance.

Eligible borrowers can use the guarantee in conjunction with other government programs like the First Home Super Saver Scheme or state and territory first home owner grants and stamp duty concessions.

The guarantee is not a cash payment or a deposit for your home loan.

For more information on the Scheme visit the official website here.

Am I eligible?

To be eligible, you must be an Australian citizen and at least 18 years of age. Permanent residents are not eligible. Additional eligibility criteria includes but is not limited to:

  • An income test for singles and couples
  • You are a first home buyer
  • You intend to live in the property (it cannot be for an investment)
  • If you are a couple, you are married or in a de-facto relationship
  • You have 5% deposit saved

You should refer to the official website for more information on eligibility criteria - nhfic.gov.au/what-we-do/fhlds/eligibility

What properties are eligible?

Eligible New Home Guarantee properties include:

  • newly constructed dwellings (e.g. whether a freestanding house, townhouse or apartment)
  • Off-the-plan dwellings (e.g. whether a freestanding house, townhouse or apartment)
  • House and land packages
  • Land and a separate contract to build a new home
  • The borrower purchasing the newly built dwelling must be a first home buyer
  • The value of the residential property must not exceed the relevant price cap for the area in which it is located – View property price thresholds here
How do I apply?

You must apply for the Scheme through a participating lender. There is a limit to the number of guaranteed loans that can be offered per financial year and Community First is on the panel of approved lenders.

Non-major lenders (that's us) can submit applications for the Scheme until places are exhausted.  

Even if you aren't eligible for the Scheme, you may still be able to buy your first home with just 5% deposit with Community First. Lenders mortgage insurance will apply. Alternatively, you can ask us about our parental guarantee option.

Featured home loan

Eligible applicants who secure a place in the Scheme can enjoy a discounted variable interest rate for the first 2 years on our Accelerator Package Home Loan. See the 'rates' tab for more information.

The Accelerator Package comes with a life of loan discount off our standard variable rate, plus a 100% offset account with Visa debit card and a range of discounts off other products and services.

After the 2 year introductory period, you'll receive a life of loan discount of 0.90% p.a. off the standard variable home loan rate.

For more information on the Accelerator Home Loan, including package benefits and to view a Home Loan Key Fact Sheet, click here.

 

Rates
Picture of First Home Loan Deposit Scheme - New Home Guarantee

First Home Loan Deposit Scheme - New Home Guarantee

2 year owner occupier variable rate with Accelerator Package - available for eligible applicants who secure a place in the First Home Loan Deposit Scheme
2 year owner occupier variable rate - principal & interest, max LVR 95%
2.29%p.a.1
Comparison rate
3.90%p.a.*
1 Offer terms and conditions: Home Loan Special is available for eligible applications who secure a place in the First Home Loan Deposit Scheme (FHLDS). Applications must be submitted by 30/09/2021 and funded by 31/12/2021 - offer can be withdrawn at anytime and available places in the Scheme may expire at any time. Offer is available on Accelerator Package home loans for owner occupiers with principal and interest repayments and a maximum LVR of 95%. Available only for new loans with a minimum balance of $100,000. Legal fee waiver applies to applications with one security property, additional securities will be charged at cost and could incur additional legal fees. Valuation fees may apply. Additional upfront fees apply for construction loans. Your interest rate and repayments may increase at the end of the 2 year term as a lower discount applies for the remaining term. 

*Credit eligibility criteria, terms & conditions, fees & charges apply.