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First Home Loan Deposit Scheme

First Home Loan Deposit Scheme

First Home Loan Deposit Scheme

The First Home Loan Deposit Scheme 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 enter the property market, with as little as a 5 per cent deposit (subject to WAW lending terms and conditions).

How it works

The Australian Government guarantees part of an eligible first home-buyers home loan from WAW, which is a participating scheme lender. 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.  Please click here to access the tool.

Eligible properties

Property price thresholds will apply to this scheme. Regional country areas have different settings to capital or regional city thresholds and it is important first home buyers are aware of these price caps. To view the entire list or to look up your intended suburb, please visit this link.

How To Apply

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

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