Home Loan

If you've been thinking of buying your first home, here's some good news. We've been appointed as a participating lender in the Australian Government's First Home Loan Deposit Scheme. Under the scheme, eligible first home buyers could buy their first home with just 5% deposit and no lenders mortgage insurance.*

What is the First Home Loan Deposit Scheme?

The Australian Government has introduced the First Home Loan Deposit Scheme (FHLDS) to support first home buyers to purchase a home sooner. It does this by providing a guarantee that will allow eligible first home buyers to purchase a 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, you can view the fact sheets below and visit the official website here.

FHLDS Fact Sheet  |  FHLDS FAQs 

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.

Borrower eligibility checklist - singles  |  Borrower eligibility checklist - couples

 

What properties are eligible?

Properties must be residential properties and include:

  • An existing house, townhouse or apartment
  • A house and land package
  • Land together with a separtate contract to build a home
  • An off-the-plan apartment or townhouse

Specific dates and requirements apply for the different property types.

Property price caps

The value of the residential property must not exceed the relevant price cap for the area in which it is located. For example, in NSW the property price cap is $700,000 for capital city and regional centres and $450,000 for the rest of the state.

The capital city price thresholds apply to regional centres with a population over 250,000 (Newcastle and Lake Macquarie, Illawarra (Wollongong), Geelong, Gold Coast and Sunshine Coast.

For more information on what properties are eligible under the Scheme, visit the official website here.

Home loan choices

We understand that buying your first home can be a big deal. Our mortgage specialists are here to make the process easy for you. When we talk to you, we'll find out what your needs are and help you decide which of our loan products may be right for you.

Our current owner occupier, principle and interest home loan products and rates are available to you as a first home buyer so you can rest assured knowing you have a number of home loan choices.

Browse our home loan range

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) will be able to submit applications for the scheme from 1 February 2020. You can register your interest now so we can talk to you about your eligibility and start an application.

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.

How to apply
Register your interest now
What is the First Home Loan Deposit Scheme?

The Australian Government has introduced the First Home Loan Deposit Scheme (FHLDS) to support first home buyers to purchase a home sooner. It does this by providing a guarantee that will allow eligible first home buyers to purchase a 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, you can view the fact sheets below and visit the official website here.

FHLDS Fact Sheet  |  FHLDS FAQs 

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.

Borrower eligibility checklist - singles  |  Borrower eligibility checklist - couples

 

What properties are eligible?

Properties must be residential properties and include:

  • An existing house, townhouse or apartment
  • A house and land package
  • Land together with a separtate contract to build a home
  • An off-the-plan apartment or townhouse

Specific dates and requirements apply for the different property types.

Property price caps

The value of the residential property must not exceed the relevant price cap for the area in which it is located. For example, in NSW the property price cap is $700,000 for capital city and regional centres and $450,000 for the rest of the state.

The capital city price thresholds apply to regional centres with a population over 250,000 (Newcastle and Lake Macquarie, Illawarra (Wollongong), Geelong, Gold Coast and Sunshine Coast.

For more information on what properties are eligible under the Scheme, visit the official website here.

Home loan choices

We understand that buying your first home can be a big deal. Our mortgage specialists are here to make the process easy for you. When we talk to you, we'll find out what your needs are and help you decide which of our loan products may be right for you.

Our current owner occupier, principle and interest home loan products and rates are available to you as a first home buyer so you can rest assured knowing you have a number of home loan choices.

Browse our home loan range

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) will be able to submit applications for the scheme from 1 February 2020. You can register your interest now so we can talk to you about your eligibility and start an application.

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.

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