First Home Loan Deposit Scheme

Helping first home buyers realise their dream 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.

About the scheme

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 no places available at the moment but a new allocation will be available from July 1.

Application steps

  1. Check your eligibility using the online tools below.
  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).

Scheme eligibility

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.

Check your eligibility

The government has created a handy online tool to help you check your eligibility for the scheme.

Eligibility for individuals

Eligibility for couples

Register your interest

Simply complete and submit the form and we’ll be in touch closer to the scheme launch date.

Privacy notice

Like to know more?

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

FHLDS Fact Sheet
Important information Important information Show content

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 will issue a maximum number of 10,000 guarantees each financial year.. Ask us for details. More information about the First Home Loan Deposit Scheme and the NHFICis available at