Help for first home buyers

The Mutual Bank is one of a limited number of participating lenders appointed by the National Housing Finance and Investment Corporation (NHFIC) to offer the Australian Government’s First Home Guarantee (FHBG).

The First Home Guarantee (FHBG) is part of the Home Guarantee Scheme, an Australian Government initiative to support eligible first home buyers purchase a home sooner.

The First Home Guarantee was previously known as First Home Loan Deposit Scheme.

You can find more information about the FHBG and eligibility criteria in the NHFIC Family Home Guarantee Information Guide and on the NHFIC website.

Eligible First Home Loan Deposit Scheme residential properties include:

  • an existing house, townhouse, or apartment
  • a house and land package
  • land and a separate contract to build a home
  • an off-the-plan apartment or townhouse


Our specialist banking team are the experts in helping local first home buyers achieve home ownership. Talk to us today to apply for a place in the First Home Guarantee.

We are here to help you through the application process. There is no question too big or too small – talk to us today on 1300 688 825.

Our Borrowing Power Calculator enables you to calculate how much you can expect to borrow based on your current salary and existing financial commitments. If you haven’t purchased a home before there might be some costs you are not yet aware of such as Stamp Duty (if applicable), legal or conveyancing fees and loan establishment fees.

Our Budget Planner and Savings Planner calculators are great tools to help build your deposit.

Lenders Mortgage Insurance (LMI) is a one-off premium added to your home loan if you do not have a 20% deposit. It is an insurance policy which covers the lender against the losses they may suffer if the borrower can no longer pay loan repayments. If a borrower defaults on their mortgage, LMI means the lender can recover what is owed to them by repossessing the property the home loan is tied to. If the property’s value has fallen, the lender can suffer a loss. This is the risk LMI covers.

Important Information

Eligibility criteria, terms and conditions apply to the First Home Guarantee.  Eligibility criteria, terms, conditions, fees, and charges apply to all loans and are available on application.