First home loan deposit scheme

First home loan deposit scheme

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By taking advantage of the First Home Loan Deposit Scheme offered by Sydney Mutual Bank:

  • You won’t need to pay lenders mortgage insurance, saving you up to $30,000* (Savings are estimated based on using an LMI premium calculator for a 95% LVR loan on a property valued at $700,000)
  • You only need as little as 5% deposit
  • You can save thousands in interest by no longer needing to add the cost of mortgage insurance to your loan*

Am I eligible?

The following eligibility criteria apply:

  • A taxable income of up to $125,000 per year for singles or $200,000 combined for couples
  • You must be an owner occupier of the property you are purchasing
  • The property you purchase must be within the Price caps set under the scheme
  • Australian citizens who are at least 18 years of age. Permanent residents are not eligible

For a comprehensive list of scheme rules, visit

How do I apply?

The application process is made simple and easy. Loan applications can be submitted on the Sydney Mutual Bank website and scheme places are strictly limited.

Once received we will assess your loan for suitability and whilst doing so temporarily reserve a scheme place for you for a period of 10 days.

Once we have verified that you meet our lending requirements and the requirements set out by the Scheme, your loan will be approved and we will go about securing you a scheme place for a further 90 days.

Apply Online


We waived the Valuation fee (up to $500) and the Establishment fee ($250) for First Home Buyers Loans. Click to view our range of competitive variable and fixed rate products.

Product Interest Rate Comparison Rate*
First Home Buyers Basic Variable Rate 3.22% pa 3.25% pa
First Home Buyers Standard Variable Rate 3.32% pa 3.35% pa
1 Year Fixed Rate 3.04% pa 3.35% pa
2 Year Fixed Rate 3.04% pa 3.33% pa
3 Year Fixed Rate 2.99% pa 3.29% pa
5 Year Fixed Rate 3.54% pa 3.47% pa


*Comparison rates are calculated on a loan amount of $150,000 over a term of 25 years. WARNING: Comparison rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Once you find the property of your dreams, we’ll look after the rest.

To register your interest or if you would like to find out more about how we can help you buy your first home via the First Home Loan Deposit Scheme, please fill out the form below.

Why Choose Sydney Mutual Bank

  • We've been around for over 55 years. We're safe and secure, with a network of 25 branches where you’ll receive a warm welcome from people who are more generous with their time.
  • We’re not like the big banks. We are customer owned and by putting you first, our investment is in you without the conflict of interest between customers and shareholders.
  • We are not behind big banks in terms of facilities. We have Internet Banking, Mobile Banking App, NPP, Apple & Google Pay and an Australia-based call centre.