Home Loan

We know it can be hard to save for a deposit, especially if you're currently paying rent or are relying on a single income. That's why we not only put up our hand to get involved with the Australian Government's latest home buying support initiatives, we've also come up with a few initiatives of our own.

 

First Home Loan Deposit Scheme

The First Home Loan Deposit Scheme (FHLDS) is an Australian Government initiative to support eligible first home buyers purchase their first home sooner. 10,000 First Home Loan Deposit Scheme places will be available for the 2021-22 financial year from 1 July 2021.

Usually, first home buyers with less than a 20% deposit need to pay lenders' mortgage insurance. Under this Scheme, eligible first home buyers may be able to buy a home with as little as 5% deposit without the need to pay Lenders' Mortgage Insurance.

Eligibility criteria applies. You can view the FHLDS Fact Sheet along with more information about the Scheme here.

On 19 June 2021, the Australian Government announced new property price caps for the First Home Loan Deposit Scheme. Overview of the property price caps.

If your home loan is covered by this Scheme, you can also access other government programs – like the Australian Government’s First Home Super Saver Scheme, Home Builder Grant or First Home Owner Grant and concessions that may be offered by State and Territory governments. These other programs apply their own criteria and conditions, and you should make your own enquiries on their terms.

 

 

 

 

New Home Guarantee

In the 2021-2022 Federal Budget, the Australian Government extended the New Home Guarantee with 10,000 available from 1 July until 30 June 2022. The New Home Guarantee supports eligible first home buyers to build or purchase a new home. 

Usually, first home buyers with less than a 20% deposit need to pay lenders mortgage insurance. Just like the First Home Loan Deposit Scheme that gives first home buyers the opportunity to buy an existing home with just 5% deposit without the need to pay Lenders Mortgage Insurance (LMI), the New Home Guarantee enables first home buyers to buy a new home with 5% deposit and no LMI.

Eligibility criteria applies. You can view the New Home Guarantee Fact Sheet along with more information about the Scheme here.

On 19 June 2021, the Australian Government announced new property price caps for the New Home Guarantee. You can see an overview of the property price caps by clicking here.

If your home loan is covered by this Scheme, you can also access other government programs – like the Australian Government’s First Home Super Saver Scheme, Home Builder Grant or First Home Owner Grant and concessions that may be offered by State and Territory governments. These other programs apply their own criteria and conditions, and you should make your own enquiries on their terms.

 

Family Home Guarantee

The Family Home Guarantee aims to support eligible single parents with at least one dependent child in purchasing a family home, regardless of whether that single parent is a first home buyer or a previous home owner. 10,000 Family Home Guarantees will be made available over four financial years from 1 July 2021 to 30 June 2025.

Usually buyers with less than 20% deposit need to pay lenders mortgage insurance. Under this Scheme, up to 18% of the loan is guaranteed by NHFIC, enabling you to purchase a home sooner with as little as 2% deposit and no lenders mortgage insurance. It is not a cash payment.

Eligibility criteria applies. You can view the New Home Guarantee Fact Sheet along with more information about the Scheme here.

If your home loan is covered by this Scheme, you may also be able to access other government programs – like the Australian Government’s First Home Super Saver Scheme, Home Builder Grant or First Home Owner Grant and concessions that may be offered by State and Territory governments. These other programs apply their own criteria and conditions, and you should make your own enquiries on their terms.

 

Other ways we can help

Not eligible? You can still buy with 5% deposit

If you're not eligible for one of the above Schemes, there are a number of other ways Community First may be able to assist. Many of our home loans enable you to borrow with as little as 5% deposit with Lenders Mortgage Insurance applicable. Here are some other ways we can help:

Community Professional Feature

To recognise some of our key community professions that work hard to serve others, we're making it easier to buy a home, by giving them the ability to borrow up to 90% of the property value, without the need to pay Lenders' Mortgage Insurance. Eligible professions include nurses, teachers, fire fighters, doctors and more.

Find out more

Family Guarantee

At Community First, first home buyers can avoid paying lenders mortgage insurance altogether when someone like a parent or in-law guarantees 20% of the value of their first home. It could save your kids thousands of dollars, and get them into a place of their own sooner.

With your support as a guarantor, your son or daughter may be able to borrow the full cost of the home, instead of needing at least 5% deposit. They will however have to save for any applicable stamp duty, registration costs or solicitor/conveyancing fees.  

Request a call back using the button on this page to find out more.


 

How to apply

How to apply for Australian Government Schemes

You must apply for the Australian Government Schemes 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.

You should refer to the official website for more information on eligibility criteria.

Take the next step today

We know that navigating your way through all the options available can be daunting, but we've been helping people with buying a home for over 60 years.

Our Mortgage Specialists can help guide you through the process as well as help you understand what costs you'll need, how much you could afford to borrow and how to apply for the various initiatives on offer.

 

Featured home loan

If you're looking to buy a home to live in and have less than 20% deposit, you may be able to take advantage of our latest home loan special.

What's on offer

  • A discounted variable interest rate for the first 2 years on our Accelerator Package Home Loan.
  • After the 2 year introductory period, you'll receive a life of loan discount off the standard variable home loan rate.
  • It also comes with a 100% offset account with Visa debit card and a range of discounts off other products and services.

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

First Home Loan Deposit Scheme

The First Home Loan Deposit Scheme (FHLDS) is an Australian Government initiative to support eligible first home buyers purchase their first home sooner. 10,000 First Home Loan Deposit Scheme places will be available for the 2021-22 financial year from 1 July 2021.

Usually, first home buyers with less than a 20% deposit need to pay lenders' mortgage insurance. Under this Scheme, eligible first home buyers may be able to buy a home with as little as 5% deposit without the need to pay Lenders' Mortgage Insurance.

Eligibility criteria applies. You can view the FHLDS Fact Sheet along with more information about the Scheme here.

On 19 June 2021, the Australian Government announced new property price caps for the First Home Loan Deposit Scheme. Overview of the property price caps.

If your home loan is covered by this Scheme, you can also access other government programs – like the Australian Government’s First Home Super Saver Scheme, Home Builder Grant or First Home Owner Grant and concessions that may be offered by State and Territory governments. These other programs apply their own criteria and conditions, and you should make your own enquiries on their terms.

 

 

 

 

New Home Guarantee

In the 2021-2022 Federal Budget, the Australian Government extended the New Home Guarantee with 10,000 available from 1 July until 30 June 2022. The New Home Guarantee supports eligible first home buyers to build or purchase a new home. 

Usually, first home buyers with less than a 20% deposit need to pay lenders mortgage insurance. Just like the First Home Loan Deposit Scheme that gives first home buyers the opportunity to buy an existing home with just 5% deposit without the need to pay Lenders Mortgage Insurance (LMI), the New Home Guarantee enables first home buyers to buy a new home with 5% deposit and no LMI.

Eligibility criteria applies. You can view the New Home Guarantee Fact Sheet along with more information about the Scheme here.

On 19 June 2021, the Australian Government announced new property price caps for the New Home Guarantee. You can see an overview of the property price caps by clicking here.

If your home loan is covered by this Scheme, you can also access other government programs – like the Australian Government’s First Home Super Saver Scheme, Home Builder Grant or First Home Owner Grant and concessions that may be offered by State and Territory governments. These other programs apply their own criteria and conditions, and you should make your own enquiries on their terms.

 

Family Home Guarantee

The Family Home Guarantee aims to support eligible single parents with at least one dependent child in purchasing a family home, regardless of whether that single parent is a first home buyer or a previous home owner. 10,000 Family Home Guarantees will be made available over four financial years from 1 July 2021 to 30 June 2025.

Usually buyers with less than 20% deposit need to pay lenders mortgage insurance. Under this Scheme, up to 18% of the loan is guaranteed by NHFIC, enabling you to purchase a home sooner with as little as 2% deposit and no lenders mortgage insurance. It is not a cash payment.

Eligibility criteria applies. You can view the New Home Guarantee Fact Sheet along with more information about the Scheme here.

If your home loan is covered by this Scheme, you may also be able to access other government programs – like the Australian Government’s First Home Super Saver Scheme, Home Builder Grant or First Home Owner Grant and concessions that may be offered by State and Territory governments. These other programs apply their own criteria and conditions, and you should make your own enquiries on their terms.

 

Other ways we can help

Not eligible? You can still buy with 5% deposit

If you're not eligible for one of the above Schemes, there are a number of other ways Community First may be able to assist. Many of our home loans enable you to borrow with as little as 5% deposit with Lenders Mortgage Insurance applicable. Here are some other ways we can help:

Community Professional Feature

To recognise some of our key community professions that work hard to serve others, we're making it easier to buy a home, by giving them the ability to borrow up to 90% of the property value, without the need to pay Lenders' Mortgage Insurance. Eligible professions include nurses, teachers, fire fighters, doctors and more.

Find out more

Family Guarantee

At Community First, first home buyers can avoid paying lenders mortgage insurance altogether when someone like a parent or in-law guarantees 20% of the value of their first home. It could save your kids thousands of dollars, and get them into a place of their own sooner.

With your support as a guarantor, your son or daughter may be able to borrow the full cost of the home, instead of needing at least 5% deposit. They will however have to save for any applicable stamp duty, registration costs or solicitor/conveyancing fees.  

Request a call back using the button on this page to find out more.


 

How to apply

How to apply for Australian Government Schemes

You must apply for the Australian Government Schemes 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.

You should refer to the official website for more information on eligibility criteria.

Take the next step today

We know that navigating your way through all the options available can be daunting, but we've been helping people with buying a home for over 60 years.

Our Mortgage Specialists can help guide you through the process as well as help you understand what costs you'll need, how much you could afford to borrow and how to apply for the various initiatives on offer.

 

Featured home loan

If you're looking to buy a home to live in and have less than 20% deposit, you may be able to take advantage of our latest home loan special.

What's on offer

  • A discounted variable interest rate for the first 2 years on our Accelerator Package Home Loan.
  • After the 2 year introductory period, you'll receive a life of loan discount off the standard variable home loan rate.
  • It also comes with a 100% offset account with Visa debit card and a range of discounts off other products and services.

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

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