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First Home Loan Deposit Scheme (FHLDS)

Are you eligible for the new First Home Loan Deposit Scheme (FHLDS), the New Home Guarantee (NHG) or the Family Home Guarantee (FHG) ?

The federal government has schemes available to a limited number of first home buyers to make it easier for them to buy their own home with a smaller deposit.  

The government will be providing a guarantee to participating lenders that will allow eligible first home buyers on low and middle incomes to purchase a home with a deposit of as little as 5% of the property purchase price in genuine savings, and for single parent to buy a property with just 2% deposit.

The benefit of the scheme is that lenders mortgage insurance will not be required, which will mean a saving of between $5,000 and $30,000 for many first home buyers.

Here is a summary of the main requirements:

  • All applicants must be first home buyers in Australia
  • Available to individuals or couples (defacto or married)
  • Individuals must have earned less than $125,000 in the last financial year, and couples less than $200,000
  • Applicants must be Australian citizens 
  • Applies to owner-occupied loans only with principal & interest repayments
  • Must have a minimum of 5% deposit in genuine savings held in an account for 3 months + savings to cover any stamp duty and other costs for the property purchase
  • Capped property purchase prices varies by state

This is great news for all first home buyers who have been unable to save a large deposit.

Your income will still need to be sufficient to service the home loan you require and not all lenders can participate in the scheme.

This scheme is limited to 10,000 applicants only, so if you believe you are eligible please contact me as soon as possible to secure your place!

 

 


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