First Home Buyers - The Mutual Bank can help you

Take advantage of our First Home Buyer Package Home Loan and approved access to Federal Government support schemes to buy your first home. Our specialist Personal 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% Offset Account
  • Enjoy 1% discount on the purchase rate of our Mutual Visa 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). 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 for the scheme, you'll be subject the 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. Simple 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 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)

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.

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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. Issued by Maitland Mutual Limited trading as The Mutual Bank. AFSL/Australian credit licence 238139. Eligibility criteria, terms and conditions apply to the First Home Loan Deposit Scheme and First Home Buyer Schemes.

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