First Home Loan Deposit Scheme update:
Unfortunately, we’ve filled all of our spots for the First Home Loan Deposit Scheme (FHLDS) allocation. This applies to all banks participating in the FHLDS, including Bank Australia. If you would like further information about this you can speak to one of our lending consultants by calling 132 888 and selecting option 3.
Bank Australia is helping first home buyers as an approved lender for the Federal Government’s First Home Loan Deposit Scheme.
You could be a home owner before you know it.
We know how hard it is to save for a deposit when you’re renting, working and studying. That’s why we’ve signed on as an approved lender to the Government’s new first home buyer initiative, the ‘First Home Loan Deposit Scheme’.
The First Home Loan Deposit Scheme allows eligible first home buyers on low and middle incomes to purchase a home with a deposit of as little as 5%. The scheme removes the (often significant) cost of Lender’s Mortgage Insurance (LMI) which is something you would usually pay if you have a deposit of less than 20%.
You can check your eligibility below or head to the Government’s website quiz to answer a series of questions.
If you have any questions, call us on 132 888.
To be eligible, you need to tick a few boxes. Here’s the requirements we need about you:
- You are purchasing a home to live in yourself or with your spouse or de factor partner
- You’re a first home buyer
- You’re aged over 18
- You’re an Australian citizen
- You earn less than $125k in a tax year or, as a couple, $200K
There’s also a few other requirements, depending on what you want to buy. These include:
- The property you want to purchase is a residential property
- If you’re building, the loan also includes construction costs to build a residential property on the land you want to buy
- You stay under the price caps for each state and region. For example, if you live in metropolitan Melbourne, the price cap is $600k.
- You must apply for a Principal and Interest loan (no Interest-Only loans)
By taking out a home loan with us you'll be part of a customer-owned bank that delivers better value for customers and the positive projects they believe in.
Our profits are returned to customers through better rates and fees, and our investments are used to create positive social and environmental change – such as through our Impact Fund, where we donate 4% of our after-tax profits. Learn more about us.
What does your bank invest in?
If the answer includes fossil fuels, weapons, tobacco or gambling, it's likely that the interest you are paying on your home loan is supporting these industries.
Divestment makes a difference
Joining a bank that doesn't fund harmful industries, such as fossil fuels, is a tangible step towards a more sustainable future.
You can help make a positive impact
By moving your money to Bank Australia, you’re ensuring your money is part of funding a future aligned to your values: renewable energy, not for profits, sustainable and affordable housing and much more.