Get into your first home for less
One of the biggest hurdles first home buyers face when trying to get into the property market is saving up for a deposit, which could take YEARS!
In January 2020, the Australian Government introduced the First Home Loan Deposit Scheme to assist first home buyers get into their own home sooner.
To make the deal even sweeter, this scheme can be used in conjunction with the First Home Owners Grant.
How does it work?
- Eligible applicants will receive a limited guarantee from the Australian Government to purchase their first home.
- This will allow you to purchase your first home with a deposit of as little as 5% and without having to pay Lenders Mortgage Insurance (LMI), which could save you thousands of dollars.
The First Home Loan Deposit Scheme is limited to 10,000 loans each financial year, Australia wide, and all applicants must meet the following criteria:
- Be first home buyers
- Individuals must have earned less than $125K and couples less than $200K in the last financial year
- Be over 18 and have a Medicare card
- Be Australian Citizens with proof of citizenship
- Property price caps apply, which vary depending on the location in which you buy