First Home Loan Deposit Scheme
The First Home Loan Deposit Scheme is a fabulous Australian Government initiative to help eligible first home buyers build or buy their first home sooner rather than later.
There will be 10,000 First Home Loan Deposit Scheme places to eligible first home buyers from the 1 st July 2021, and the end date has been extended.
Normally, first home buyers who have less than a 20% deposit will need to pay lenders mortgage insurance. Under this scheme, part of an eligible first home buyer’s home loan from a participating lender will be guaranteed by the National Housing Finance and Investment Corporation (NHFIC). This will help you build or buy your first home sooner with only a 5% deposit, which is a much smaller figure than normal.
Visit the First Home Loan Deposit Scheme Fact Sheet here to learn more
Some of the more important facts are:
- Applicants must be first home buyers;
- The property price thresholds are $550,000 for capital cities and regional centres, and $400,000 for the rest of the state;
- You must be an Australian citizen at the time you enter the loan;
- You must earn no more than $125,000 per year as a single or $200,000 combined as a couple; and
- You must intend to be the owner-occupier of the purchase property.
You may also be eligible for other government programs such as the WA First Home Owners Grant with this scheme.
So, am I eligible for the First Home Loan Deposit Scheme?
Find out by filling out the form below and we can touch base with you to run through some finance questions. From there we can guide you in the right direction so your first home is underway sooner rather than later. Remember, there are limited spaces!