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First Home Loan Deposit Scheme (New Homes) 

The First Home Loan Deposit Scheme (New Homes) is an Australian Government Initiative that aims to help eligible First Home Owners enter the property market.  Under this scheme, first home owners may be able to build or a buy a new home, with as little as a 5% deposit (subject to WAW lending terms and conditions).


How it works

The Australian Government provides a guarantee to WAW on an eligible loan. The guaranteed amount is the difference between a first home buyer’s deposit (of at least 5 per cent) and 20 per cent of the value of the eligible property.

Who is eligible

The scheme administrator, National Housing Finance & Investment Corporation (NHFIC) has developed a tool that can assist first home buyers to understand if they meet eligibility criteria.  View the eligibility tool 

Eligible properties

Under the FHLDS (New Homes), first home buyers can build or purchase a new home, including:

  • newly-constructed dwellings

  • off the plan dwellings

  • house and land packages

  • land and a seperate contract to build a new homes.

Specific dates and requirements apply for the different property types. There are particular requirements and timeframes which apply for each type of property.

Property thresholds will apply to this scheme to ensure that homes available to scheme participants are relevant to the location of the property.  With this in mind, regional country areas have different settings to capital or regional city thresholds and it is important first home buyers are aware of these caps. 

To view the entire list, please visit this link:

How to apply

In order to apply for a scheme place, you need to lodge an application through an eligible lender.  From 1 February 2020, WAW has been nominated as a panel lender and can assist first home buyers with understanding how the scheme works.

In order to find out more, please call us on 1300 368 555, email us on or visit a Service Centre and discuss your interest with a local loans officer. 

Find out more about the FHLDS (New Homes) 

Things you should know

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