Market update: 10,000 new First Home Loan Deposit Scheme places added for first home buyers in Australia
The First Home Loan Deposit Scheme is an Australian Government initiative which supports eligible first home buyers to purchase a property with as little as a 5% deposit. Usually, buyers would be required to come up with a 20% deposit to avoid paying Lenders Mortgage Insurance (LMI). However, the scheme means part of a buyer’s home loan (to a maximum of 15% of the property’s value) will be guaranteed by the National Housing Finance and Investment Corporation (NHFIC).
10,000 First Home Loan Deposit Scheme places available from July 1st 2021, until June 30th 2022.
The key features of the First Home Loan Deposit Scheme at a glance:
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The type of property applicable includes; an existing house, townhouse or apartment, a house and land package, land and a separate contract to build a home, an off-the-plan apartment or townhouse.
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The contract of sale must fall within the designated date that the initiative is available.
You may also be eligible for other Government incentives, including the Australian Government's First Home Super Saver Scheme, First Home Owner Grant or any concessions that may be offered by State or Territory governments.
Information sourced from NHFIC 29/07/21. https://www.nhfic.gov.au/what-we-do/support-to-buy-a-home/first-home-loan-deposit-scheme/
Important note: The information in this article is general information only and has been prepared without taking into account your personal circumstances. While every care has been taken to ensure the accuracy of the information, Mirvac cannot be held liable for any inaccuracies, errors or omission. The information in this article does not constitute legal, tax or financial advice and you should always seek professional advice before purchasing property in relation to your individual circumstances.