First home loan deposit scheme reissues 1800 places

Good news for first home buyers! The federal government has reissued 1,800 unused spots from the first round of the first home loan deposit scheme (FHLDS).

The FHLDS helps eligible first home buyers break into the property market faster as the government guarantees up to 15% of mortgage. This means you can secure a home loan with a deposit of as little as 5% without having to pay lender’s mortgage insurance (LMI).

LMI is a one-off charge added to your home loan. It protects the lender should you subsequently default on your mortgage.

The first round of the scheme was highly popular when it launched in January 2021, with 3,000 of the 10,000 places snapped up within the first two weeks alone. A further 10,000 spots were made available from 1 July 2021. However, these were restricted to first home buyers who wanted to build or buy a brand new property.

So, if you’ve got your eye on an established property – the time to act is now.

Are you eligible?

To be eligible, you need to meet the following criteria:

  • Australian citizen at least 18 years of age
  • First home buyer who has not owned or had an interest in residential property before
  • Earn up to $125,000 (single) or up to $200,000 (couple)
  • Have a deposit of between 5% and 20% of the property’s value
  • Take out an owner-occupier loan with principal-and-interest repayments

Property price caps also apply:

  • Sydney and regional centres in NSW – $700,000
  • Rest of NSW – $450,000
  • Melbourne and regional centres in VIC – $600,000
  • Rest of VIC – $375,000
  • Brisbane and regional centres in QLD – $475,000
  • Rest of QLD – $400,000

Tick all these boxes? Speak with 1st Street to discuss your options and get the ball rolling today. Call 1300 17 87 87, email or fill in this online form.

Are you a first homebuyer looking for


We can help get you into your new home.

We’ve worked with clients across Australia to access the different first home owner grants (FHOG) as well as the various stamp duty and other concessions that may be available depending on which state you are in. We can talk you through your various options as well as helping you compare things like buying vacant land vs. an established home.

Enquire today!

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A word from our satisfied customers

Maxine Zhong
Maxine Zhong
19 October 2023
Amanda has been such an incredible support throughout our very first time going through the home loan process. Her thoughtfulness to regularly check in to make sure all our questions were answered and that all our documents were in place helped to make the whole daunting process feel seamless and easy. I could not recommend her enough - she made sure to keep us informed every step of the way and made sure all necessary documents/processes were completed well ahead of time so we never had to worry about missing any steps. She went well above and beyond her role, and I know we will definitely be coming back to her in the future, as well as recommending her to all of our networks! Thank you again, Amanda!
Mark Nesbitt
Mark Nesbitt
11 October 2023
Greg and the team provide an outstanding service. Highly recommended
Christine Tran
Christine Tran
23 September 2023
Yuval handled my first ever home loan, he did such an amazing job I asked to him to refinance for me 2 years later. Yuval made everything very easy for me, and will give his best recommendation as if it was his own. Would always recommend Yuval :)
David Petrini
David Petrini
25 August 2023
Yuval Bloomfield was an absolute delight to work with. He made it extremely easy for my clients to discuss about their financial situation. With Yuval's strong connections he was able to get the loan my clients wanted in very quick time. Will definitely refer Yuval again.
Sophie Linehan
Sophie Linehan
24 August 2023
Greg and the team at 1st Street were fantastic all the way through the process of getting our financing sorted and buying a new home. They not only secured us the most competitive mortgage in the market but they also gave advice on a number of mortgage-adjacent questions that came up along the way. Their responsive and thoughtful guidance helped make the nail-biting process clear and calm. We would definitely recommend their services.
Gabrielle Scott-Jones
Gabrielle Scott-Jones
18 August 2023
Greg and his team gave me exceptional advice and support. They were timely and detailed in their responses and dealt patiently with me as a first home buyer and all of my questions. The lender at the bank commented on how well I was being looked after compared with other brokers in the market. I’d highly recommend 1st Street to anyone, including friends and family.
Eli Simic
Eli Simic
15 August 2023
Great communication and fast service
Richard Kuipers
Richard Kuipers
11 August 2023
Jeremy and his team are superb. Negotiated the best deal for us and were an absolure pleasure to work with. Highly recommended, you can't do any better in my opinion.
Jordan Rivkin
Jordan Rivkin
1 August 2023
The team at 1st Street truly are professionals. I can't recommend Jeremy highly enough, he is extremely competent and just a great guy. You're in safe hands with 1st Street!
Yossi Bengida
Yossi Bengida
23 July 2023
Another amazing job by David and Bree. Always available for our questions, helpful and just 10/10 Seriously good work !! See you on the next one :) Yossi and liz