The new interactive questionnaire will indicate whether potential applicants are eligible to apply by asking questions relating to citizenship, whether or not they have ever owned or had an interest in residential property in Australia, and what their taxable income is.

To be eligible for the scheme, you must be a first home buyer on an income of up to $125,000 for singles, or a combined income of up to $200,000 for couples (both must be first home buyers).

“The tool is provided as a guide only and does not mean that people using it will receive either a guarantee or a loan from a participating lender,” the NHFIC said in a statement.

“It is your responsibility to find out whether or not your particular circumstances make you eligible for the First Home Loan Deposit Scheme. If in doubt, it is your responsibility to get the advice you need from a participating lender or otherwise to be sure of your position.”

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.

Rates
Features
Fees
Other
Lender
VariableMore details
4.6 Star Customer RatingsIncludes Nov RBA Rate Increase
4.6 Star Customer RatingsIncludes Nov RBA Rate Increase

loans.com.au – Variable Home Loan (LVR < 90%)

    More details
    VariableMore details
    Unlimited Redraws
    • No annual fees – None!
    • Get fast pre-approval
    • Unlimited additional repayments free of charge
    • Redraw freely – Access your additional payments when you need them
    • Home loan specialists available today
    Unlimited Redraws

    ubank – Neat Variable Home Loan (Principal and Interest) (LVR < 60%)

    • No annual fees – None!
    • Get fast pre-approval
    • Unlimited additional repayments free of charge
    • Redraw freely – Access your additional payments when you need them
    • Home loan specialists available today
    More details
    VariableMore details

    ANZ – Standard Variable Home Loan (Principal and Interest) (LVR < 80%)

      More details
      • Immediate cashback upon settlement
      • $2000 for loans up to $700,000
      • $4000 for loans over $700,000

      More details
      Important Information and Comparison Rate Warning

      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 be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. 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. *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. Rates correct as of December 10, 2023. View disclaimer.

      The eligibility tool will complement the existing property price lookup tool that has been developed to assist first home buyers to determine the property price threshold that applies under the scheme.

      The scheme will be targeted to ‘entry-level’ properties, with a maximum eligible loan size determined on a regional basis to reflect the median house prices and stamp duty concessions in each of the states and territories.

      First Home Loan Deposit Scheme property price caps:

      Region Price Cap ($AUD)
      NSW – capital city $700,000
      NSW – regional centre (Newcastle and Lake Macquarie) $700,000
      NSW – regional centre (Illawarra) $700,000
      NSW – other $450,000
      VIC – capital city $600,000
      VIC – regional centre (Geelong) $600,000
      VIC – other $375,000
      QLD – capital city $475,000
      QLD – regional centre (Gold Coast) $475,000
      QLD – regional centre (Sunshine Coast) $475,000
      QLD – other $400,000
      WA – capital city $400,000
      WA – other $300,000
      SA – capital city $400,000
      SA – other $250,000
      TAS – capital city $400,000
      TAS – other $300,000
      ACT $500,000
      Northern Territory $375,000
      Jervis Bay Territory & Norfolk Island $450,000
      Christmas Island & Cocos (Keeling) Island $300,000

      Applications for the scheme open on 1 January 2020 and will be lodged directly through participating lenders and their brokers.

      “NHFIC has received strong interest from both potential first home buyers and lenders in the scheme, having responded to more than 1,300 enquiries about the scheme to date,” the NHFIC said.

      Last week, NAB was announced as the first lender to be appointed to the panel with the remainder of the panel to be announced in the coming weeks.

      Westpac was allegedly axed as the second major lender for the scheme after being accused of 23 million money-laundering breaches by watchdog AUSTRAC, some of which may have funded child exploitation in Southeast Asia.



      Ready, Set, Buy!


      Learn everything you need to know about buying property – from choosing the right property and home loan, to the purchasing process, tips to save money and more!

      With bonus Q&A sheet and Crossword!

      By subscribing you agree to our privacy policy