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First Home Loan Deposit Scheme

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.

Eligibility criteria

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
  • Get in touch today!

    Take the first step on the way to realising your first home dream by contacting us today.

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*Finance provided by Harrisdale Pty Ltd trading as The Loan Company ABN 59 088 462 140 (Australian Credit Licence Number 386355). Lender credit criteria, terms and conditions, fees and charges apply. Your full financial situation would need to be reviewed prior to acceptance of any offer or product. BCN 10805.

© Copyright Aussie Living Homes 2020. Building Contractor 10805. Images for illustrative purposes only.