What you need to know

So, you’re ready to buy your first home? First, consider some of the options you have when it comes to financing.


As a first home buyer, you may be eligible for a First Home Owner Grant (FHOG). Depending on the state or territory you live in this can be between $10,000 and $15,000.

First Home Loan Deposit Scheme

The First Home Loan Deposit Scheme was introduced in January 2020 to help first home buyers enter the property market sooner. Under the Scheme, eligible first home buyers can purchase a home with as little as 5% deposit without the need for Lenders Mortgage Insurance. Across all the participating lenders, the Scheme will support up to 10,000 first home loans each financial year.

Teachers Mutual Bank is proud to be one of the select group of lenders chosen to participate in the First Home Loan Deposit Scheme. We’re excited to be able to offer our teachers a helping hand to get ahead.

To see if you’re eligible for the scheme, use the government’s eligibility tool at www.nhfic.gov.au or visit your state government’s First Home Owners website and search for information relating to your state or territory.

Lenders Mortgage Insurance

If you aren’t eligible for the First Home Loan Deposit Scheme, Lenders Mortgage Insurance might be the best option for you. With the assistance of Lenders Mortgage Insurance, you can borrow up to 95% of the purchase price of the property, depending on your location. Keep in mind that you will need extra for your upfront costs, including legal costs and the LMI premium.

TMB is set up for teachers, support staff and their families

Aside from being the bank for teachers, by teachers, all Teachers Mutual Bank home loans are certified as responsible investment mortgage products, which means the money we lend you is screened for damaging industries like fossil fuels, armaments, gambling and more. We have competitive interest rates, and our flexible home loans have great features that keep you in mind. We waive establishment fees for first home buyers and our mobile lending team can even come visit you at home or work.

For more on our home loans or to book an appointment with one of our lending experts visit www.tmbank.com.au/home-loans.