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So, you’ve learned everything you need to know about the First Home Loan Deposit Scheme from my previous blog article, “First Home Loan Deposit Scheme: A Definitive Guide for Beginners”.

Now, you’re wondering if you’re eligible for it.

How do you qualify? How do you apply? What requirements are necessary?

In this article, I’ll be discussing everything you need to know about the eligibility and application process for the First Home Loan Deposit Scheme.

Your Application

All applications for the First Home Loan Deposit Scheme have to be made directly with one of the Scheme’s participating lenders. Note that the National Housing Finance and Investment Corporation (NHFIC) doesn’t accept applications directly from first home buyers.

first home loan deposit scheme

Before making a reservation, consider whether you’re applying as a single or as part of a couple.

  • If you’re looking to purchase your first home as the only person named as a borrower in the home loan, then you need to apply under the Scheme as a single. This means that you have to satisfy all of the checks by reference to your own situation. Matters for couples (i.e. combined income test) will not apply to you.
  • If you’re looking to purchase your first home with your spouse, where both of you are named as borrowers in the home loan, then both of you need to apply under the Scheme as a couple. This means that you need to satisfy all of the checks by reference to your combined situations and apply together. Matters for singles (i.e. individual income test) will not apply to you.

Note that once a Scheme place has been reserved for you – as a single or as a couple – it can only be changed by withdrawing and submitting a new application. Your ability to secure a Scheme place when doing so will hinge on whether a place is available at that time.

Your Eligibility Checks

To qualify for the First Home Loan Deposit Scheme, there are several eligibility criteria that you must meet.

first home loan deposit scheme

  • You must be an Australian citizen. Permanent residents aren’t eligible.
  • You must be at at least 18 years old.
  • Both singles and couples are eligible. For singles, your taxable income for the previous income year must not exceed $125,000. For couples, your combined taxable income for the previous income year must not exceed $200,000.
  • Couples are only eligible for the First Home Loan Deposit Scheme if they are in a de-facto relationship or are married. Other persons buying together, such as parent/child, siblings, or friends aren’t eligible.
  • You must have at least 5% of the value of an eligible property saved as a deposit. If you have 20% or more saved, then your home loan won’t be covered by the Scheme.
  • You must be a first home buyer who have not previously owned or had an interest in a residential property – either separately or jointly with someone else. This includes company title properties or residential strata, regardless of whether it was an owner-occupied or investment property, and whether it was ever lived in.
  • You must intend to move into and live in the property as your primary place of residence. This means that you must be owner-occupiers.

How to Apply

All applications for the First Home Loan Deposit Scheme have to be made directly with one of the Scheme’s participating lenders. Note that the NHFIC doesn’t accept applications directly from first home buyers.

What You Need to Prepare

Initially, you’ll need to submit the following information to a participating bank or to your mortgage broker for the Scheme Place Reservation process.

first home loan deposit scheme

  • Your full name and date of birth
  • Your Medicare number
  • Notice of Assessment for your taxable income for the previous financial year
  • Other standard home loan documents

The Bottom Line

If you need more information about the eligibility and application process for the First Home Loan Deposit Scheme, don’t hesitate to contact me for assistance.


Will Bell Mortgage Broker is a mortgage and finance broker based in Melbourne specializing in residential home loans.  Will is all about the average Australian understanding just enough of the broader economy to take action on your own personal economy.  He is the host of the My Personal Economy Podcast which you can check out here.

Additionally, you can follow him on Facebook

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First Home Loan Deposit Scheme: Eligibility and Application
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First Home Loan Deposit Scheme: Eligibility and Application
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How do you qualify for the First Home Loan Deposit Scheme? How do you apply? Discover the answers to these questions and more.
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Will Bell Mortgage Broker
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