BSB 805 050

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BSB 805 050

First Home Loan Deposit Scheme

People's Choice Credit Union could help first home buyers into their own homes sooner, with the new First Home Loan Deposit Scheme.

As part of the 2020-21 Federal Budget, the Australian Government has committed an additional 10,000 First Home Loan Deposit Scheme (FHLDS) places for the 2020-21 financial year, specifically for eligible first home buyers purchasing new homes.

For more information please visit our dedicated page on the FHLDS (New Homes).

As an approved lender for the Australian Government’s First Home Loan Deposit Scheme, we can help eligible first home buyers to purchase a home with a deposit of as little as 5%, and the added bonus of not having to save for Lenders' Mortgage Insurance (LMI).

The Australian Government have confirmed the rollover of 1848 unused First Home Loan Deposit Scheme places from FY2019-20. Eligible first home buyers can apply for one of these FHLDS places before 30 June 2021. These 1848 Scheme places form part of the FHLDS, not the FHLDS (New Homes). The existing Scheme rules and timelines apply for these places, including the requirement to provide a FY20 Notice of Assessment.

Please speak with our Home Lending Specialists to discuss the options available to you.

To be eligible, you need to check off the following criteria:

  • You are purchasing a home to live in yourself or with your spouse or de facto partner
  • You’re a first home buyer. You have never owned a freehold interest in real property in Australia, an interest in a lease of land in Australia with a term of 50 years (or more), or a company title interest in land in Australia.
  • You’re aged over 18
  • You’re an Australian citizen
  • You earn less than $125,000 in the previous tax year as an individual or, less than $200,000 as a couple
  • You have saved a 5% deposit plus standard fees and charges (e.g. stamp duty).

 Depending on what home you wish to buy, there are a few other requirements, including:

  • The property is a 'residential property'.
  • Limits apply to the maximum property purchase price for each state and region the property is located in. For example, if you live in regional South Australia, the price cap is $250,000.
  • You are the sole registered owner/s of the property when it is the settlement date of your home loan.
  • The property is an established dwelling or a new-build dwelling that is purchased under a house and land package.
  • If the home is not a new build under a house and land package, you must have a separate contract to build the home.
  • You can only receive the First Home Loan Deposit Scheme Guarantee once.
  • There is a limited allocation of guarantees available under this scheme, which once taken up, the guarantee will not be available until a new allocation is released.
  • Applications are subject to credit approval. Terms, conditions, fees, charges and lending criteria apply and are available upon application. Home loans are issued by People’s Choice Credit Union, a trading name of Australian Central Credit Union Ltd ABN 11 087 651 125 AFSL/Australian Credit Licence 244310. Contact us on 13 11 82 with any questions or visit your nearest branch to talk to a consultant.


Buying a home on your own or with someone else?

Take the test to see if you're eligible for the First Home Loan Deposit Scheme.

To read more about the eligibility requirements, click here.

Check out the fact sheet from the NHFIC (National Housing Finance and Investment Corporation) to read more about the benefits and requirements of the First Home Loan Deposit Scheme.


Register your interest in the First Home Loan Deposit Scheme
* required information


^Privacy Notice:
People’s Choice Credit Union is collecting the above information so that we may respond to your enquiry and provide information in relation to products and services we provide. We will only use this information, unless you are already a member or subsequently decide to obtain a service or product from us,  to respond to your enquiry and to contact you from time to time to provide you with information about services and products which may be of interest to you (including products and services of third parties). We may not be able to contact you if you do not provide to us this information. You can opt out of receiving direct marketing from us at any time. We disclose your personal information to relevant members of our staff. We may also disclose your personal information to agents, contractors, government agencies and bodies  who assist us in our dealings with you. Our Privacy Policy (which you can obtain at this link, in branch or by contacting us on 13 11 82 and asking for a copy) contains more information on how you can access and correct your personal information, how we use your personal information (including how to opt out of marketing), how to complain if you believe we’ve breached our privacy obligations, and how we deal with complaints. It also provides more detail on how we manage and protect your personal information if you are interested. People's Choice address is 50 Flinders St, Adelaide, 5000.

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