The First Home Loan Deposit Scheme is an Australian Government initiative to support eligible first home buyers to build or purchase a first home sooner.
From 1 July 2021, an additional 10,000 spots will be in place for the First Home Loan Deposit Scheme, as well as new property price caps. These spots will be allocated on a first in, first served basis.
The scheme ensures that purchasers are only required to put down a 5% deposit on the purchase price of the property, with the government guaranteeing the remaining 15% of the deposit.
Purchasers are required to borrow the remaining 95%, however, you can save up to $17,000 by not being required to pay Lenders Mortgage Insurance.
For more information regarding the scheme, including guidelines and full eligibility criteria, click here.
Purchase Price Thresholds
New property price caps for the First Home Loan Deposit Scheme will come into effect from 1 July 2021. For Bendigo and other regional Victorian areas, this is great news! The price cap for these areas, which was previously set at $375,000, is now being increased to $500,000.
Click here to view the new price caps for all Australian regions.
We can help you take advantage of the First Home Loan Deposit Scheme and smoothen out the process of you building or buying your first home. Give us a call on 03 5434 7690.