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First Home Buyer

First Home Buyers - The Mutual Bank can help you

Our specialist lending team are here to help, with the introduction of our First Home Buyer Package Home Loan and the addition of government support Schemes we will assist you every step of the way, from the initial loan application meeting to collecting the keys of your first home with professional, personalised and seamless service.

First Home Buyer Package

Our First Home Buyer Package Home Loan includes great benefits to help first home buyers such as;

 
   

Discounted Interest Rate

A 1.65%p.a. discount on the Standard Variable Rate Home Loan for the life of the loan.

       
   

Offset Accounts

No monthly fee on the 100% Offset Account.

 
   

Credit Card

Receive a 1% discount on the purchase interest rate on our Credit Card and no annual fee.

       
   

First Home Loan Deposit Scheme

The Mutual Bank is one of a limited number of lenders appointed by the National Housing Finance and Investment Corporation (NHFIC) to offer the First Home Loan Deposit Scheme (FHLDS), from 1 February 2020. The Scheme allows first time buyers to pay as little as 5% deposit while avoiding Lenders Mortgage Insurance (LMI). Click Here for more information on this Scheme.

       
   

First Home Buyer Assistance Scheme

First home buyers may also be eligible for the NSW Government First Home Buyers Assistance Scheme. Click Here for more information on this Scheme.
       
   

Insurance

Receive discounts on the following CGU General Insurance for the life of the policy.

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First Home Loan Deposit Scheme

The Mutual Bank is one of a limited number of lenders appointed by the National Housing Finance and Investment Corporation (NHFIC) to offer the First Home Loan Deposit Scheme (FHLDS), from 1 February 2020. The Scheme allows first time buyers to pay as little as 5% deposit while avoiding Lenders Mortgage Insurance (LMI). We are proud to be helping first home buyers achieve the 'Great Australian Dream' of home ownership.

We can help you through the application process:

  • Step 1: Check your eligibility

  Scheme Eligibility

To apply to 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 earned 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 the Scheme. Simply choose below 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 lending specialists on 1300 688 825 or enquire online
  • 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

Download the Scheme Information Guide (PDF)

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Questions?

If you have any questions, please contact us enquire now

A Package Home Loan should be considered carefully in terms of your financial situation and objectives and requires an initial loan amount of $150,000 and transaction savings account with us and annual package fee of $395 applies. Other Fees and Charges including Government charges may apply. Package Home Loan including discounts is available to eligible members and not available for business or commercial purposes. Applications for Package Home Loan finance are subject to credit approval with Package Home Loan Terms and Conditions available on application and included in any loan offer.