BSB 805 050

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BSB 805 050

First Home Loan Deposit Scheme (New Homes)

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

What is the First Home Loans Deposit Scheme (New Homes)?

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.

Known as the FHLDS (New Homes), this is slightly different from the FHLDS, and includes a revised set of property price caps.

If you’re a first home buyer interested in applying for the FHLDS (New Homes), we’re currently accepting applications. You can register your interest below.

What is the eligibility for the First Home Loans Deposit Scheme (New Homes)?

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

  • You’re 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 18 years or over
  • 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 enough to cover standard fees and charges (e.g. stamp duty)

For a property to be eligible, it needs to be one of the following:

  • A newly constructed dwelling (can be a freestanding house, townhouse or apartment),
  • An off-the-plan dwelling (can be a freestanding house, townhouse or apartment),
  • A house and land package or,
  • land and a separate contract to build a new home.

Limits apply to the maximum property purchase price for each state and region the property is located in. These have been revised for the FHLDS (New Homes). 

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.

Register your interest in the First Home Loan Deposit Scheme (New Homes)
* 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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