The First Home Loan Deposit Scheme will start on 1 January 2020.
Applications for the Scheme are not yet open and there is no waitlist for people wanting to apply.
Once the Scheme commences, applications will be lodged through participating lenders and their brokers.
NHFIC will not accept applications directly and is not able to provide personal financial advice. First home buyers (and those advising a first home buyer) are encouraged to consult with a participating lender and seek their own independent financial and legal advice on how to structure their loan arrangements in a way that suits their own personal circumstances.
Following a competitive procurement process, NHFIC has appointed the National Australia Bank (NAB) as the first participant on an initial panel of residential mortgage lenders to offer guarantees under the Scheme.
NHFIC has also received a strong response from other lenders to the Request for Proposal (RFP).
NHFIC anticipates announcing the other successful panel participants shortly, subject to the finalisation of contract negotiations.