First Home Loan Deposit Scheme
- The First Home Loan Deposit Scheme is a Australian Government initiative to support eligible first home buyers purchase a home sooner. It does this by providing a guarantee that will allow eligible first home buyers on low and middle incomes to purchase a home with a deposit of as little as 5% (lender's criteria apply).
- The Australian Government has introduced the First Home loan Deposit Scheme to assist eligible first home buyers to purchase a home sooner. It does this by providing a guarantee to participating lenders that will allow eligible first home buyers to purchase a home with a deposit of as little as 5%, and the additional benefit of not having to save for Lenders Mortgage Insurance (LMI).
- You can check your potential eligibility on the NHFIC website.
- NHFIC has developed a tool to help first home buyers find out the property price threshold for the suburb in which they are looking to purchase a property. The relevant dates and requirements for the different property types are set out here.
- No. The First Home Loan Deposit Scheme allows first home buyers with deposits as low as 5% to get a home loan without paying Lenders Mortgage Insurance (LMI) fees.
- To ensure the Scheme is only available for the purchase of a modest home, property price thresholds (maximum property purchase price under the Scheme) apply in capital cities, large regional centres and regional areas. You can find them here.
I’ve successfully gained an FHLDS place reservation. What documentations do I need to provide People’s Choice to complete my application to obtain finance pre-approval?• Completed and signed application form – including signed privacy declaration;
• Needs Analysis;
• Verification of income and expenses – payslips etc;
• Evidence of 5% genuine savings;
• Evidence of funds to complete the transaction – savings plan/gift from family;
• Signed Home Buyer Declaration (Statutory Declaration) – Peoples Choice will provide this to you.
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