A first home buyer’s insight into the First Home Loan Deposit Scheme.


With as little as a five per cent deposit and no lenders mortgage insurance*, first home buyers can now enter the property market sooner with the First Home Loan Deposit Scheme (FHLDS), an Australian Government initiative.

A very happy Australian Defence Force (ADF) member Kieran from Townsville, and on the other side of Australia a very excited Defence spouse Margaret from Warnbro, Western Australia share their story with Defence Bank and how the FHLDS helped them both achieve their dream of home ownership.

How did you find out about the First Home Loan Deposit Scheme?

Kieran: “I was googling the net and saw it on the Defence Bank website.’’

Margaret: “Actually from Defence Bank - we thought we wouldn’t have a deposit big enough but then we made an appointment with Defence Bank and were pleasantly surprised to find we were eligible for the scheme.’’

Where have you purchased your first home?

Kieran: “I’m currently building my home in Townsville.”

Margaret: ‘’We bought an established home here in WA.’’

What made you choose this location?

Kieran: ‘’It’s a nice quiet community near the beach, affordable land prices and bigger blocks.’’

Margaret: “We’d actually sourced all around Rockingham area up to Golden Bay, looking at what was available. We love the beachside and didn’t want to go too far from it. Warnbro is quite an old area and established which is what we really liked.”

Is this your forever home or a stepping stone to your forever home down the track?

Kieran: “Being in Defence we will move again. So this house is a compromise between a forever home and a stepping stone as we wanted to make the most of it while we’re in Townsville for a couple years.’’

Margaret: “I think it will be our forever home, it has a pool and the gardens are established and not too big so they’re easy to maintain. Plus it’s quite a rarity to find such a big block which is why we love it.”

How long did it take you to save your deposit?

Kieran: “Thanks to the First Home Loan Deposit Scheme not as long as I thought. My wife and I met with Erica from Defence Bank to see where we were at and I was surprised to find we were able to save up a lot quicker than we thought.”

Margaret: “If we didn’t have access to the scheme it would have taken another few years, because you needed that 20% deposit which is a big thing to try and come up. But it took us less than a year with the help of the scheme.”

What made you choose Defence Bank for your home loan?

Kieran: “DHOAS… the scheme… the rates… and Erica from Defence Bank.”

Margaret: “Defence Bank was just wonderful, we were looked after, had all our questions answered and made things happen. We didn’t think purchasing a home would be so smooth, we thought it would be a harrowing experience but it was so easy dealing with Anna and Sue at Defence Bank at Stirling.”

How did Defence Bank make it easy for you to acquire your home loan?

Kieran: “Erica was absolutely amazing. She really took the time, she was always available to answer any questions especially as we were first home buyers. We felt that she was as invested in the process as we were.’’

Margaret: “It was so smooth, just boom boom boom, and then my husband and I were like “what else would you like us to do?’’ and that’s it. They took over and we didn’t have to stress about anything.’’

And what tips would you have for other first home buyers?

Kieran: ‘’Make sure you get your head around all the government incentives that can help you.’’

Margaret: “Just do your budget well, make sure you don’t have any outstanding debts, clear all those first and budgeting is a big thing. See that you can afford to put money away and pretend it doesn’t exist and put it somewhere that you can’t access. And keep the goal in mind.”

Places are limited for the First Home Loan Deposit Scheme to 10,000 per financial year. To discuss your home ownership dream speak to one of our Defence Bank home loan consultants today.

More information on the First Home Loan Deposit Scheme.

Find a home loan consultant near you.


*Eligibility and lending criteria apply.


Important note: This information is of a general nature and is not intended to be relied on by you as advice in any particular matter. You should contact us at Defence Bank to discuss how this information may apply to your circumstances.

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