First Home Loan Deposit Scheme

The federal government’s First Home Loan Deposit Scheme will guarantee mortgages for first home buyers who have only saved a 5% deposit, effectively helping them buy sooner without paying lenders mortgage insurance premiums.

Here’s how it works:

  • If you have saved 5% of the purchase price of your property the government will guarantee the remaining 15% of the deposit.
  • You still need to borrow 95%, but you can avoid LMI.
  • Eligible first home buyers can't be earning more than $125,000 a year ($200,000 combined for couples).
  • Your mortgage needs to be an owner-occupied loan with principal-and-interest repayments.
  • Access to the scheme is limited to the first 10,000 borrowers, nationally (compared to estimated demand 63,000 per year.)
  • The scheme will be limited to properties sold for less than $700,000 in Sydney, $600,000 in Melbourne and less in smaller cities and regional areas.
  • The scheme is anticipated to start on 1st January 2020. Please click here to access Government web page: https://www.nhfic.gov.au/what-we-do/fhlds/

If you do not have 5%, or you miss out; with AffordAssist you may purchase with savings of as little as $10,000  

This calculator compares AffordAssist against other; 5%, 10% and 20% deposit options, showing potential savings and potential future wealth by entering the market sooner.   


AffordAssist is an affordable housing program specifically designed to meet the needs of first-home buyers. It is a corporate solution offered alongside government initiatives with a single purpose to increase first-home ownership in Australia.

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