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
If more people move their banking and home loans to banks that don’t fund harmful industries such as the fossil fuel industry, we’ll be able to create a safe and sustainable climate future for our local communities, Australia and the rest of the world.
You can help make a positive difference
By moving your banking to Bank Australia, you are ensuring your money isn’t supporting the fossil fuel industry or industries that harm people and the planet.