PURCHASE A PROPERTY SOONER
The First Home Loan Deposit Scheme is an Australian Government initiative to support eligible first home buyers purchase their first home sooner. 10,000 places will be available to eligible first home buyers from 1 July 2021 to 30 June 2022.
Normally you’ll need to pay Lenders Mortgage Insurance if you have a deposit of less than 20% of the property value.
Under The First Home Loan Deposit Scheme, you can purchase a property with as little as 5% deposit, with the National Housing Finance and Investment Corporation (NHFIC) guaranteeing up to 15% of the property value.
There are several factors that will determine your eligibility to participate in the First Home Loan Deposit Scheme. These include:
- Your citizenship status
- Your income
- Your marital status
- How much deposit you have
- The property value
- The kind of property
- If the property is owner-occupied or an investment
- If you already own any property or land
This guarantee is not a cash payment or a deposit for your home loan. Loans under FHLDS require scheduled repayments of the principal and interest of the loan for the full period of the agreement.
If you are eligible and your home loan is covered by this Scheme, you may also be eligible for other schemes such as the Australian Government’s First Home Super Saver Scheme, Home Builder Grant or First Home Owner Grant.
These other programs apply their own criteria and conditions – contact us and we’ll help you determine which schemes you are eligible for.
We’ll help you determine your eligibility for the First Home Loan Deposit Scheme, as well as take care of all the paperwork.
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