First Home Buyers - The Mutual Bank can help you

Take advantage of our First Home Buyer Package Home Loan and approved access to the Federal Government’s First Home Loan Deposit Scheme (FHLDS) and New Home Guarantee (NHG) to buy your first home. Our specialist Banking Managers are here to help you every step of the way.

  • 1.65%p.a. discount on the Standard Variable Rate Home Loan for the life of the loan
  • Fee-free 100% Loan Offset account
  • Enjoy 1% discount on the purchase rate of our Mutual Visa Credit Card and no annual fee
  • Annual Package fee waived for the first year of your loan
  • Valuation fee waived.

First Home Loan Deposit Scheme

The Mutual Bank is one of a limited number of lenders and the only Hunter-based bank appointed by the National Housing Finance and Investment Corporation (NHFIC) to offer the First Home Loan Deposit Scheme (FHLDS) and its extension the New Home Guarantee (NHG). These Schemes allow first time buyers to pay as little as 5% deposit and avoid paying for Lenders Mortgage Insurance (LMI). We are proud to be helping first home buyers achieve the 'Great Australian Dream' of home ownership.

On 1 July 2021, the Federal Government released 20,000 new places evenly distributed across both schemes. Eligible first home buyers can now apply for a spot in the scheme with The Mutual Bank. Applications are open until 30 June 2022 or places are exhausted.

We can help you through the application process:

Step 1: Check your eligibility

Scheme Eligibility

To apply for the scheme, you'll be subject to the following eligibility criteria. You need to be able to provide documentation of your eligibility to secure your position. Eligibility criteria includes:

  • All applicants must be first home buyers
  • Individuals must have a taxable income less than $125,000 and couples less than $200,000 in the last financial year. Couples must be married or de-facto
  • All applicants must be at least 18 years of age, Australian citizens and have a Medicare card
  • There are property price caps which vary depending on the location in which you buy. You can work out your property price cap using NHFIC's online tool

Download an Eligibility Guide on the Scheme (PDF)

To make things easier, the government have created an online tool to help you to understand whether you are eligible for these Schemes. Simply choose whether you wish to apply as an individual or as a couple.

Step 2: Secure your spot - Talk to one of The Mutual Bank's Banking Managers on 1300 688 825 or enquire online above.

Step 3: Buy your home - Purchase an eligible property that meets the conditions of your Scheme approval.

Step 4: Move in - You must move into your new home in accordance with the Scheme conditions applicable to your eligible property.

First Home Buyer Assistance Scheme

Eligible first home buyers may also be able to take advantage of the Federal Government’s First Home Super Saver Scheme and HomeBuilder. First home buyers may also be eligible for other NSW Government grants and concessions.

Talk to us...

Important Information

A First Home Buyer Package Home Loan should be considered carefully in terms of your financial situation and is not available for business or commercial purposes. Application for First Home Buyer Package Home Loan finance is subject to credit approval with First Home Buyer Package Home Loan Terms and Conditions available on application and included in any loan offer. Eligibility criteria, conditions, fees, and charges apply to all loans. Eligibility criteria, terms, and conditions apply to the First Home Loan Deposit Scheme and First Home Buyer Schemes. Issued by Maitland Mutual Limited trading as The Mutual Bank. AFSL/Australian credit licence 238139.