First Home Loan Deposit Scheme
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What is the First Home Loan Deposit Scheme?
Were you looking to buy your first home with a 5% deposit?
On July 1, 2020, the Federal Government’s First Home Loan Deposit Scheme will be available with limited slots. This scheme enables eligible first-home buyers to buy a property with just a 5% deposit and avoid paying the Lender’s Mortgage Insurance (LMI) – worth up to $10,000 in savings. For this financial year, 10,000 slots are available.
What is the First Home Loan Deposit Scheme?
The First Home Loan Deposit Scheme is an Australian Government program designed to assist First Home Buyers who may not have the full 20% deposit for their property buy. It permits these buyers to make a minimum 5% deposit and can save them up to \$10,000 in Lenders’ Mortgage Insurance. You must meet specific criteria to qualify for this scheme.
The Australian Government will provide up to 15% of the required deposit through a First Home Buyer’s home loan for participating banks.
How do I apply for the First Home Loan Deposit Scheme?
You must apply to one of the 27 participating lenders to receive the First Home Loan Deposit Scheme. Decide whether to use as either a ‘single’ or ‘couple’, as different criteria for eligibility exists for both. If wanting to amend your application, it must be done through withdrawal of the original and resubmission of a new one, though this will mean losing place in the process.
Thinking of purchasing your home soon and want to apply for this scheme? Contact us today.
What are the requirements?
It is necessary to assess if you are qualified by making sure you have the complete requirements.
Income test
minimum age test
deposit requirement
PRIOR PROPERTY OWNERSHIP TEST
owner-occupier requirement
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