MyState Bank has been chosen by the National Housing Finance and Investment Corporation (NHFIC) as a Participating Lender for the Australian Government’s new First Home Loan Deposit Scheme (FHLDS).
The First Home Loan Deposit Scheme is an Australian Government initiative to support eligible first home buyers purchase a home sooner without having to pay lender's mortgage insurance.
It does this by providing a guarantee that will allow eligible first home buyers on low and middle incomes to purchase a home with a deposit of as little as 5% without the requirement to pay Lenders Mortgage Insurance.
MyState Bank will be offering loans under the Scheme from 1 February 2020 and accepting applications for pre-approval from January 20th. Scheme approval is subject to availability and eligibility criteria.
Check your eligibility
Check your eligibility with the online tools provided on the NHFIC website
Make an appointment
Register your interest by filling out the online form here and making an appointment with us. We will contact to you and help you complete your home loan and scheme application.
Buy your home
If approved, you need to purchase your new home within 90 days.
Move in and enjoy your new home.
MyState Bank will accept applications under the federal government’s scheme from 20 January 2020. To register your interest or if you would like to find out more, please contact us by filling in this Appointment Form.
Make an appointment
If you can tick off all of these requirements, then you’re most likely eligible to receive the offer:
Find out more about the eligibility requirements on the official NHFIC website and by downloading the FHLDS Fact Sheet along with the FHLDS Frequently Asked Questions Sheet.
The Scheme includes an income test for:
Property Price Thresholds
There is a maximum property purchase price under the Scheme which applies in capital cities, large regional centres and regional areas. You can find a list of the property price thresholds as well as a tool to search by postcode on the NHFIC website.