All you need to know about the First Home Loan Deposit Scheme!
WHAT IS THE FIRST HOME LOAN DEPOSIT SCHEME?
The Australian Government has brought in The ‘First Home Loan Deposit Scheme’ which is a new plan that will make it easier for Australians to buy their first home.
The scheme came into effect on the 1st of January 2020 and is available to first home buyers with a single income of up to $125,000 (or $200,000 for a couple). The first home loan deposit scheme will help first home buyers get into the market much easier by:
✅Helping first home buyers purchase a house with a deposit as low as 5% ✅Saving first home buyers around $10,000 in Lenders Mortgage Insurance ✅Prioritising small lenders to boost the competition and keep rates competitive
The scheme means that rather than having to save up a full 20% deposit, first home buyers will require much less at just 5% genuine savings.
NOTE: It is available to first 10,000 applicants only around Australia
Max purchase price $300k for First home Buyers in country & regional towns
(FYI - Perth & Mandurah area is $400K)
Only CBA, NAB & PN Bank are basically the only banks in WA who we can access this scheme.
WHEN CAN I APPLY?
From the 1st January 2020 for major bank lenders and February 1st 2020 for non-major lenders.
Borrower eligibility checklist singles
Borrower eligibility checklist couples
FHLDS Fact Sheet
HOW DO I APPLY?
You must apply for the scheme through a participating lender. Rick Hockey recommends Warrick from Launch Finance.
Warrick Greaves Director I Finance Manager P: (08) 9367 4222 M: 0400 278 380 E: email@example.com