First Home Loan Deposit Scheme

IBA is proud to be participating lender in the Australian Government’s First Home Loan Deposit Scheme (FHLDS).

What is the First Home Loan Deposit Scheme (FHLDS)?

The FHLDS is an Australian Government initiative delivered through the National Housing Finance and Investment Corporation (NHFIC). The FHLDS supports eligible first home buyers to obtain a home loan through a Participating Lender (such as IBA) with a deposit of as little as 5% without having to pay lender’s mortgage insurance.

The scheme enables more eligible first home buyers to make home ownership a reality by providing Participating Lenders with a limited guarantee from the Australian Government of up to 15% of the property purchase price. While lenders mortgage insurance is not applicable to IBA, the benefit to our customers is that you may be able to move your guaranteed loan to another Participating Lender when you are ready to refinance.

Find out more about the First Home Loan Deposit Scheme

Am I eligible for the First Home Loan Deposit Scheme?

To be eligible, you must first meet IBA’s criteria.

In addition, you must meet specific scheme eligibility criteria which includes, but is not limited to:

  • You must be an Australian citizen over 18 years of age. Permanent residents are not eligible
  • All applicants must be a first home buyer
  • The property will be your principal place of residence
  • Couples must be in a married or de facto relationship
  • Individuals must have a taxable income of no more than $125,000 per annum and couples a combined taxable income of no more than $200,000 per annum.

Find more information about the criteria for the scheme

Are there restrictions on the property I can build or buy?

The property must be an acceptable property and maximum purchase prices apply based on the suburb and postcode of the property being purchased.

Find out more information about acceptable property types

Find out more information about maximum purchase prices here

How do I apply?

You can only apply for the Scheme through Participating Lenders. IBA will assess your eligibility through our home loan process and alert you if you’re likely eligible for a NHFIC Scheme-Backed Loan