Full List: First Home Loan Deposit Scheme Lenders Revealed

author-avatar By on December 12, 2019
Full List: First Home Loan Deposit Scheme Lenders Revealed

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Commonwealth Bank, NAB and 24 smaller lenders have today been confirmed to take part in the First Home Loan Deposit Scheme.

The scheme, which was first announced in May, will allow eligible first home buyers to enter the market with a deposit as low as 5% under a special government guarantee.

The National Housing Finance and Investment Corporation (NHFIC) has confirmed that Commonwealth Bank and 25 smaller lenders will provide loans to eligible first home buyers through the scheme, which kicks off 1 January 2020. 

Full list of initial participating lenders for the First Home Loan Deposit Scheme

Major bank lenders:

Non-major lenders:

  • Australian Military Bank 
  • Auswide Bank 
  • Bank Australia
  • Bank First
  • Bank of us
  • Bendigo Bank
  • Beyond Bank Australia 
  • Community First Credit Union 
  • CUA
  • Defence Bank
  • Gateway Bank
  • G&C Mutual Bank
  • Indigenous Business Australia
  • Mortgageport
  • MyState Bank
  • People's Choice Credit Union
  • Police Bank (including the Border Bank and Bank of Heritage Isle)
  • P&N Bank
  • Queensland Country Credit Union
  • Regional Australia Bank
  • Sydney Mutual Bank and Endeavour Mutual Bank (divisions of Australian Mutual Bank Ltd)
  • Teachers Mutual Bank Limited (including Firefighters Mutual Bank, Health Professionals Bank, Teachers Mutual Bank and UniBank)
  • The Mutual Bank
  • WAW Credit Union

CBA and NAB to receive 50% of guarantees

Both NAB and CBA will offer guaranteed loans from the scheme’s commencement date of 1 January 2020. The 25 non-major lenders will begin offering guaranteed loans from 1 February 2020. 

The scheme will support 10,000 first home buyers each financial year on a first in, best dressed basis. According to the NHFIC, the non-major lenders will receive no less than 50% of the initial 10,000 guarantees allocated in the current financial year. 

Applications for the scheme are not yet open. Once the scheme commences, applications will only be made through participating lenders. 

The table below displays a selection of home loans on offer, featuring a low-rate pick from each of the following three categories: the big four banks, the top 10 customer-owned banks, and the larger non-banks.

Advertised rate Comparison rate Monthly repayment Rate TypeOffsetRedrawOngoing FeeUpfront FeesLVRLump Sum RepaymentAdditional RepaymentsPre-approval
VariableMore details

Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)

  • Fast turnaround times, can meet 30-day settlement
  • For purchase and refinance, min 20% deposit
  • No ongoing or monthly fees, add offset for 0.10%

Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)

  • Fast turnaround times, can meet 30-day settlement
  • For purchase and refinance, min 20% deposit
  • No ongoing or monthly fees, add offset for 0.10%
VariableMore details

Yard Home Loan (Principal and Interest) (Special) (LVR < 70%)

  • Unlimited additional repayments
  • Unlimited free redraws
  • Optional 100% offset can be added for $120 p.a.^

Yard Home Loan (Principal and Interest) (Special) (LVR < 70%)

  • Unlimited additional repayments
  • Unlimited free redraws
  • Optional 100% offset can be added for $120 p.a.^
FixedMore details

Basic Home Loan Fixed (Principal and Interest) (LVR < 70%) 3 Years


Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to made on variables as selected and input by the user. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. Rates correct as of September 28, 2021. View disclaimer.

Commonwealth Bank Group Executive Angus Sullivan said the bank is excited to help young first home buyers enter the market.

"We understand that saving a deposit for a home can be challenging and we support initiatives like the First Home Loan Deposit Scheme that could potentially save customers thousands and help them enter the property market sooner. We look forward to continuing to work collaboratively with the government and NHFIC on the successful implementation of the scheme," Mr Sullivan said.

CBA says it will not charge eligible first home buyers higher interest rates than equivalent customers outside of the scheme. 

CUA Chief Executive Officer Paul Lewis said the credit union was excited to play a role in helping young Aussies realise their dream of home ownership. 

“In many parts of Australia, particularly major cities like Sydney and Melbourne, increasing property prices have made home ownership an unattainable dream for many people on low and middle incomes," Mr Lewis said.

“The affordability challenge is compounded if first home buyers also need to pay thousands of dollars in lenders’ mortgage insurance. The scheme will offer another pathway to home ownership and help more Australians take steps towards a financially secure future.”

Mr Lewis said CUA hopes to begin offering loans through the scheme from March 2020. 

Last month, Westpac was allegedly axed from being the second major lender to take part in the scheme in the wake of 23 million money-laundering breaches, some of which may have funded child-exploitation in Southeast Asia. 

The scheme, one of Prime Minister Scott Morrison's key pledges at the May 18 election, will allow eligible first home buyers to secure a home loan with a minimum 5% deposit and avoid paying Lenders Mortgage Insurance (LMI). The NHFIC will then guarantee the remaining amount needed to make up the 20% deposit. 

Applicants will be subject to an income threshold of up to $125,000 for singles and a combined income of up to $200,000 for couples provided both are first home buyers.

The NHFIC has launched an interactive online tool to help first home buyers assess their eligibility for the scheme. 

Property price caps will apply under the scheme to reflect the differing median house prices in each of the states and territories.

First home buyers will be able to register their interest in the scheme with NAB from Tuesday 17 December.


The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered which includes retail products from at least the big four banks, the top 10 customer-owned institutions and Australia’s larger non-banks:

  • The big four banks are: ANZ, CBA, NAB and Westpac
  • The top 10 customer-owned Institutions are the ten largest mutual banks, credit unions and building societies in Australia, ranked by assets under management in November 2020. They are (in descending order): Great Southern Bank, Newcastle Permanent, Heritage Bank, Peoples’ Choice Credit Union, Teachers Mutual Bank, Greater Bank, IMB Bank, Beyond Bank, Bank Australia and P&N Bank.
  • The larger non-bank lenders are those who (in 2020) has more than $9 billion in Australian funded loans and advances. These groups are: Resimac, Pepper, Liberty and Firstmac.
  • If you click on a product link and you are referred to a Product or Service Provider’s web page, it is highly likely that a commercial relationship exists between that Product or Service Provider and Savings.com.au

Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site.

In the interests of full disclosure, Savings.com.au, Performance Drive and Loans.com.au are part of the Firstmac Group. To read about how Savings.com.au manages potential conflicts of interest, along with how we get paid, please click through onto the web site links.

*Comparison rate is based on a loan of $150,000 over a term of 25 years. Please note the comparison rate only applies to the examples given. Different loan amounts and terms will result in different comparison rates. Costs such as redraw fees and costs savings, such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

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Emma Duffy is Assistant Editor at Your Mortgage and  Your Investment Property Mag, which are part of the Savings Media Group. In this role, she manages a team of journalists and expert contributors committed to keeping readers informed about the latest home loan and finance news and trends, as well as providing in-depth property guides. She is also a finance journalist at Savings.com.au which she joined shortly after its launch in early 2019. Emma has a Bachelor in Journalism and has been published in several other publications and been featured on radio.

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