- 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 per cent (lender's criteria apply).
- The scheme will open in February, and scheme places can be reserved from that time. To speak to one of our Home Loan Advisors, complete the enquiry form above.
- 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 per cent and the additional benefit of not having to save for lenders mortgage insurance (LMI). Pair this with a People's choice exclusive Fixed 3 Year First Home Buyer rate, giving an even greater savings benefit to members.
- You can check your potential eligibility on the NHFIC website ( https://www.nhfic.gov.au/what-we-do/fhlds/eligibility/).
- NHFIC has also 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.(https://www.nhfic.gov.au/what-we-do/fhlds/eligibility/ ).
- 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.
- People's Choice will be launching the First Home Loan deposit Scheme in February 2020.
- To ensure the Scheme is only available for the purchase of a modest home, or the purchase of land and construction of a modest home, the following link details property price thresholds (maximum property purchase price under the Scheme) that will apply in capital cities, large regional centres and regional areas: https://www.nhfic.gov.au/what-we-do/fhlds/property-price-thresholds/
You’ve successfully gained an FHLDS Scheme Place Reservation? What documentations do you need to provide People’s Choice to complete your 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 First Home Buyer Declaration (Statutory Declaration) – Peoples Choice Credit Union will provide this to you.
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