FAQ

First Home Loan Deposit Scheme (FHLDS)

Most popular questions...

• Do I have to pay LMI in the First Home Loan Deposit Scheme?

  No. The First Home Loan Deposit Scheme allows first home buyers with deposits as low as 5% to get a home loan without paying Lenders' Mortgage Insurance (LMI) fees.

• When is the First Home Loan Deposit Scheme available?

  People's Choice Credit Union launched the First Home Loan Deposit Scheme in February 2020.

• Is there a property price limit under the First Home Loan Deposit Scheme?

  Yes. The First Home Loan Deposit Scheme applies property purchase price thresholds, which are based on where the property is located. You can check the property price threshold for your property’s suburb and postcode using NHFIC’s property price threshold tool.

• Who is eligible for the First Home Loan Deposit Scheme?

  You can check your potential eligibility on the NHFIC website

• How do I apply for the First Home Loan Deposit Scheme?

  People’s Choice will offer the Scheme from 1 February. To speak to one of our Home Loan Advisors, complete the enquiry form here. 

More questions...

• What is the First Home Loan Deposit Scheme?

  The First Home Loan Deposit Scheme is an Australian Government initiative to support eligible first home buyers purchase a home sooner.

  It does this by providing a guarantee that will allow eligible first home buyers to purchase a home with a deposit of as little as 5 per cent (lender's criteria apply). More information can be found in NHFIC Fact sheet

• How does the First Home Loan Deposit Scheme work?

  The Australian Government has introduced the First Home Loan Deposit Scheme to assist eligible first home buyers to purchase a home sooner. It does this by providing a guarantee to participating lenders that will allow eligible first home buyers to purchase a home with a deposit of as little as 5 per cent and the additional benefit of not having to save for lenders mortgage insurance (LMI).