First Home Loan Deposit Scheme
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What is the First Home Loan Deposit Scheme?
The First Home Loan Deposit Scheme is spearheaded by the Australian Government and is a scheme implemented to be of help to First Home Buyers in acquiring their first home. It has been known that if first home buyers wish to deposit less than 20%, they would also have to purchase the Lenders Mortgage Insurance – costing them $10,000. This scheme will give buyers the option to purchase a property with a deposit of as little as 5%, if eligible for it. The Australian government will guarantee the remaining 15% of the required deposit.
Interested? Here are some guidelines you can follow for an efficient process!
How can I participate in the First Home Loan Deposit Scheme?
First, you will need to apply for the scheme by completing the application directly with the lenders who are in the scheme. There are 27 lenders you can choose from and it is a must to apply to them, not the Australian Government, nor anyone else.
There are different eligibility criteria for someone applying as ‘single’ or as a ‘couple’ , so you should decide which of these you are applying with. If there is a need to change your application, you can withdraw your original application and provide a new one. However, this may give you a disadvantage as you may lose you your place in the application 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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