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

Photo by Le Creuset on Unsplash

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 variable-rate 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.

Ad rate
Comp rate*
2.63% 2.65% $1,607 More details
2.78% 2.84% $1,639 More details

Base criteria of: a $400,000 loan amount, variable, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. The product and rate must be clearly published on the Product Provider’s web site. Introductory rate products were not considered for selection. Monthly repayments were calculated based on the selected products’ advertised rates, applied to a $400,000 loan with a 30-year loan term. Rates correct as at 26 March 2020. 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 2019. They are (in descending order): Credit Union Australia, 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 2019) has more than $9 billion in Australian funded loans and advances. These groups are: Resimac, Pepper, Liberty and Firstmac.

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 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.

*The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

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Emma joined Savings.com.au as a Finance Journalist in 2019. She is a journalist with more than five years experience across print, broadcast and digital media, with previous stints at Style Magazines, 4ZZZ radio, and as editor of The Real Estate Conversation. She's most passionate about improving the financial literacy of young women and millennials by writing about complex financial topics in a way that's easy for the average Joe (or Jill) to understand. When she's not writing about finance she's watching Greys Anatomy (again).

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