Related FAQs

  • What is the 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 per cent (lender's criteria apply).
  • How do I 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.
  • How does the 5% deposit scheme work?

    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.
  • Who is eligible for the First Home Loan Deposit Scheme?

    You can check your potential eligibility on the NHFIC website ( https://www.nhfic.gov.au/what-we-do/fhlds/eligibility/).
  • What types of properties can you buy?

    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/ ).
  • Do I have to pay LMI in the First Home Loan Deposit Scheme?

    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.
  • When is the First Home Loan Deposit Scheme available?

    People's Choice will be launching the First Home Loan deposit Scheme in February 2020.
  • Is there a property price limit under the scheme?

    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.

Did you find what you are looking for?

Help us improve our website and the information we provide to ensure you get what you need.
X
Cookies help us improve your website experience. By using our website, you agree to our use of cookies.
Confirm