First Home Loan Deposit Scheme Extended For New Homes

On 6 October 2020, the Federal Government released an additional 10,000 First Home Loan Deposit Scheme (FHLDS) places to support the purchase of a new home or a newly built home.

Under the existing FHLDS, eligible first home buyers can purchase a home with a deposit of as little as 5 per cent while avoiding Lenders Mortgage Insurance.

The new release, known as FHLDS New Home Guarantee, applies to new homes and newly built homes only, with property price thresholds increased to $950,000 in Newcastle and Lake Macquarie, and $600,000 in Maitland and the wider Hunter Valley.

The Mutual Bank is one of a limited number of lenders, and the only Hunter-based member-owned bank, appointed by the National Housing Finance and Investment Corporation (NHFIC) to offer the FHLDS New Home Guarantee.

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 NSW Government grants and concessions.

To find out how we can help you into your first home sooner, and for more information on our competitive First Home Buyer Package Home Loan, contact our friendly Member Services Team on 1300 688 825 or