Helping first home buyers realise their dream sooner
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.
- Check your eligibility using the online tools below.
- Chat to a CUA Home Loan Specialist about our home loan options and how CUA can reserve your place under the scheme.
- Buy an eligible home within 90 days of scheme approval.
- Move into your home within 6 months of settlement (exceptions apply for new builds).
- 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.