Close up of the top of a desk with a little white house & calculator on top

You will have seen, or heard, that all of the places in the National First Home Deposit Scheme have been allocated. So what does this mean for you, if you wanted to get on board?

Well first of all, yes it is true. All places have been reserved. They are issued to the first 10,000 applicants per financial year and it really is a case of first in, best dressed.

Don’t despair, you can still find a way to access your first home.

Remember that the First Home Deposit Scheme allows certain lenders to finance your home without mortgage insurance being required. This allows place getters to save thousands of dollars on mortgage insurance premiums.

You can (maybe) still get a place in the scheme. Not every place getter will end up with a loan approved or a property located within the 90-days they are given to act. and so they are forced out of the scheme, and the next person on the waitlist takes up their place. That person then has 90 days to find a home and get their finance approval finalised. You can go on a waitlist, but you may never get to the top. By then your dream home may have passed you by.

The next best option is to pay mortgage insurance. You’ll need your 5% genuine savings, plus enough cash to cover your mortgage insurance premium. This premium varies according to your purchase price, deposit, the state you live in and from lender to lender. Your friendly North Coast Lending broker can give you a mortgage insurance premium quote tailored specifically for you.

Lastly, if you still can’t get there with a deposit, but have a family member willing to help with a guarantee, there are plenty of options available to you with guarantor support.

Need a hand? We know how to make your first home purchase happen. So talk to us about how we can get you into your home now!


We are based on the beautiful Coffs Harbour coast and we offer a complimentary home loan broking service.

Make an appointment today for an obligation-free chat, to talk about what you need and how we can help.

Click here to get in touch.