First Home Loan Deposit Scheme - 10,000 more places made available

The Australian Government has released a further 10,000 opportunities for First Home Buyer to access the First Home Loan Deposit Scheme (FHLDS)
03-07-2020 |

The Australian Government has released a further 10,000 opportunities for First Home Buyer to access the First Home Loan Deposit Scheme (FHLDS).    

In order to be approved for a home loan, many lenders require applicants to save up to 20% of the purchase price as a deposit – or be subjected to additional costs and conditions such as Lenders Mortgage Insurance, or Loan Guarantors.

Borrow as little as 5%

Under the Scheme, first home buyers with less than 20% deposit are able to apply for assistance. If approved, the NHFIC will guarantee a portion of your loan – enabling you to secure your first home loan with a reduced deposit of as little as 5% of the property purchase price.

The guarantee is not a cash payment or a deposit for your home loan – you will still have to have to pay the remaining 15 percent on settlement. You are technically borrowing 95 percent of the property's valuation from a lender.

Owner occupier requirement

The Scheme is provided to assist Australians to purchase their first home and you must meet the owner-occupier requirement. Investment properties are not supported by the Scheme.

Minimum Deposit to be made up of “Genuine Savings”

Meaning that the funds you use as a deposit have been saved over time – at least 3 months – your preferred lender will have more information.

We have provided some handy links so you can find out more information

Participating Lenders
https://www.nhfic.gov.au/what-we-do/fhlds/how-to-apply/#FHLDSlenders

 

Check your eligibility
https://www.nhfic.gov.au/what-we-do/fhlds/eligibility/

 

Property price thresholds
https://www.nhfic.gov.au/what-we-do/fhlds/property-price-thresholds/

 

Frequently asked questions
https://www.nhfic.gov.au/what-we-do/fhlds/faqs/

 

How to apply 
https://www.nhfic.gov.au/what-we-do/fhlds/how-to-apply/
 

What is the process to apply for the FHLDS?

In order to apply for a loan under the First Home Loan Deposit Scheme, there are a few steps to follow:

- Check your eligibility.
- Consider seeking additional financial and legal advice.
- Contact a participating lender for further details about available places and relevant criteria.

Once you are ready to apply
- Lodge your application through your chosen participating lender (not directly with the NHFIC).

Once you have taken these steps check out our properties for sale or register and register for offmarket property alerts!

Review our properties for sale (https://street.net.au/residential/sale), register for our offmarket property alerts (https://www.street.net.au/off-market), or give us a call (https://street.net.au/offices) to talk to our team of Street Property experts.