5% deposit home loans for first home buyers building new homes

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Date of effect1 July 2021 to 30 June 2022

Under The First Home Loan Deposit Scheme, first home buyers can build or purchase a new home, including newly-constructed dwellings, off-the-plan dwellings, house and land packages, land and a separate contract to build a new home, and can be used in conjunction with other schemes and concessions for first home buyers. Conditions and timeframes apply.

The First Home Loan Deposit Scheme will be extended by another 10,000 places from 1 July 2021 to 30 June 2022. The first home buyers can build a new home with a deposit of as little as 5% (lenders criteria apply).

The Government guarantees a participating lender up to 15% of the value of the property purchased that is financed by an eligible first home buyer’s home loan. Twenty seven participating lenders offer places under the scheme.