With the introduction of the Australian Governments newest initiative, the First Home Loan Deposit Scheme, it is an exciting time for first home buyers in the property market.
The First Home Loan Deposit Scheme will support up to 10,000 first home buyers per financial year with guaranteed loans. Eligible buyers can borrow with as little as a 5% deposit and avoid lenders mortgage insurance, while the government guarantees the remaining 15% deposit. Helping first home buyers to purchase a home sooner.
What type of property can be purchased under the Scheme?
What are the requirements for an eligible buyer?
Eligible borrowers can use the First Home Loan Deposit Scheme in conjunction with other Government Incentives, like the Stamp Duty Concession. The guarantee is not a cash payment or a deposit for your home loan.
For further details on the First Home Loan Deposit Scheme please visit: https://nhfic.gov.au/what-we-do/fhlds/