Commonwealth Bank and NAB are the two major banks among 27 lenders chosen by the National Housing Finance and Investment Corp to offer guaranteed loans under the new First Home Loan Deposit Scheme.The scheme, which kicks off in January, is designed to help first home buyers who do not have a full deposit needed to purchase a home.First home buyers will only need a 5 per cent deposit. The government will make up the rest with a guarantee. It is investing A$500 million in the NHFIC to back the guarantees.The scheme will be available to 10,000 people a year. Support will be available for people with income up to $125,000 ($200,000 for a couple). There will be a maximum loan size, depending on the market where the property is being purchased.Applications for the scheme will be made through participating lenders and their authorised representatives.Participating lenders, who applied through a competitive procurement process, have agreed not to charge eligible customers higher interest rates than equivalent customers outside the scheme.Panel members were selected on a range of criteria, including the competitiveness of their home loan offering, geographic reach and readiness to meet scheme implementation timelines."Non-major" lenders on the panel will receive no less than 50 per cent of the initial 10,000 guarantees allocated in the current financial year.The non-major lenders on the panel are: Australian Military Bank, Auswide Bank, Bank of Us, Bank First, Bendigo Bank, Beyond Bank, Community First Credit Union, CUA, Defence bank, Gateway Bank, G&C Mutual Bank, Indigenous Business Australia, Mortgageport, MyState Bank, People's Choice Credit Union, Police Bank, P&N Bank, QBANK, Queensland Country Credit Union, Regional Australia Bank, Sydney Mutual and Endeavour Mutual, Teachers Mutual Bank, The Mutual Bank and WAW Credit Union.