So, you’ve learned everything you need to know about the First Home Loan Deposit Scheme from my previous blog articles, ‘First Home Loan Deposit Scheme: A Definitive Guide for Beginners’ [1] and ‘First Home Loan Deposit Scheme: Eligibility and Application’[2].

Now, it’s time for you to learn how to secure your spot when applying for the First Home Loan Deposit Scheme.

To ensure you get a spot under the new scheme, you can follow the guide I’ve outlined below.

1.  Review the eligibility criteria carefully.

Spots in the First Home Loan Deposit Scheme are limited – there are only 10,000 places available per round. To be eligible, you’ll need to tick a few boxes:

  • You must be an Australian citizen.
  • You must be no less than 18 years old.
  • You must have at least 5% of the value of an eligible property saved as a deposit.
  • You must be a first home buyer who have not previously owned or had an interest in a residential property.
  • For single applicants, 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.

You can learn more about the eligibility criteria for the First Home Loan Deposit Scheme in my previous blog article, “First Home Loan Deposit Scheme: Eligibility and Application”[2].

Tip for first home loan deposit scheme

2.  Prepare the necessary documents.

To ensure that the application process goes off without a hitch, you should prepare all the necessary documents when you contact your lender. This includes identification documents (i.e. a valid Australian passport, Medicare card, etc.) along with standard home loan documents (i.e. recent payslips, bank account statements, etc.).

3.  Find a participating lender.

To secure your spot, you’ll have to speak directly with a participating lender. Or, you can also talk to an authorized representative like a mortgage broker. You find a full list of banks and lenders involved in the First Home Loan Deposit Scheme here: Note that while you can send applications to multiple banks and lenders, you’ll only be given one spot under the Scheme if successful.

4.  Lodge your tax return early.

Recently, the National Housing Finance and Investment Corporation (NHFIC) announced that for all First Home Loan Deposit Scheme applications, first home buyers will have to provide their 2019 – 2020 Notice of Assessment as part of their application. This is to ensure that their taxable income is no more than $125,000 (for singles) and $200,000 (for couples).

Most people don’t usually lodge their tax return early. For most people, the deadline is October 31, 2020, and for those using a tax agent, the deadline varies but can be as late as May 15, 2021. In other words, if you lodge your tax return early, then you can get in before everyone else and secure one of the limited spots in the First Home Loan Deposit Scheme.

tip for availing the first home loan deposit scheme

The Bottom Line

Securing a spot on the First Home Loan Deposit Scheme can be challenging. But, as long as you follow the guidelines I’ve outlined here, you can improve your chances of securing one of those coveted limited spots.

If you’ve got further inquiries, don’t hesitate to contact me! We can talk about your concerns in more detail.


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


Services we offer:

  • First Home Buyer Loans
  • Property Investment Loans
  • Mortgage Consultation
  • Loan Prequalification
  • Debt Consolidation
  • Refinancing
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