First Home Loan Deposit Scheme – a simple guide

First home loan deposit scheme couple

Helping first home buyers move in sooner

At CUA, we’re proud to be helping more first home buyers step onto the property ladder with our participation in the Australian Government’s First Home Loan Deposit Scheme. Enquire now

What is the First Home Loan Deposit Scheme?

Under the scheme, the National Housing Finance and Investment Corporation (NHFIC) provides eligible first home buyers with a guarantee to purchase a home with a minimum 5% deposit. It means that borrowers can apply for a CUA home loan with a smaller deposit, without the additional cost of lenders’ mortgage insurance. CUA is proud to have been approved to issue loans under the scheme. There are only a limited number of places available.

How do I know if I’m eligible?

You’ll need to supply documentation to show that you meet the scheme eligibility criteria, including:

  • All applicants must be first home buyers, aged 18 years and over, be Australian citizens and have a Medicare card.
  • Applicants must hold a deposit of between 5% and 20%, comprised of genuine savings.
  • In the last financial year, individuals must have earned less than $125,000 and couples less than $200,000.
  • To be eligible from 1 July 2020, you will need to have your 2019-20 tax returns completed and have received notice of assessment from the ATO.
  • Couples must be married or de-facto.
  • The property you are purchasing must be below the price cap for your location. You can view the price caps here.

CUA’s normal lending criteria will also apply.
The government has created a handy online tool to help you check your eligibility for the scheme.

Eligibility for individuals

Eligibility for couples

Application Steps

  1. Check your eligibility using the online tools above.
  2. Chat to a CUA Home Loan Specialist about our home loan options and how CUA can reserve your place under the scheme.
  3. Buy an eligible home within 90 days of scheme approval.
  4. Move into your home within 6 months of settlement (exceptions apply for new builds).

Register your interest

Simply complete and submit the form and we’ll be in touch.

Enquire now

Like to know more?

Ask us in branch, on 133 282 or via our iM CUA app. Alternatively, download the FHLDS Fact Sheet.
First Home Loan Deposit Scheme Fact Sheet

More articles for first home buyers

Important information: Loans are issued by Credit Union Australia Ltd (CUA) ABN 44 087 650 959 AFSL and Australian Credit License 238317 to approved applicants only. CUA’s lending criteria, terms, conditions, fees and charges apply. The National Housing Finance and Investment Corporation releases 10,000 Scheme places per financial year. Ask us for details. More information about the First Home Loan Deposit Scheme and the NHFIC is available at

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