The First Home Loan Deposit Scheme is an Australian Government initiative to support eligible first home buyers purchase their first home sooner.
Usually first home buyers with less than a 20 per cent deposit need to pay lenders mortgage insurance. Under the Scheme, eligible first home buyers can purchase a home with a deposit with as little as 5 per cent. This is because NHFIC guarantees to a participating lender up to 15 percent of the value of the property purchased that is financed by an eligible first home buyer’s home loan.
Available places
First Home Loan Deposit Scheme places for the 2019-20 financial year have now been reserved.
Even though all of the Scheme places are currently reserved, first home buyers can continue to engage with participating lenders as the reserved places may become available if applicants do not proceed to purchasing a property.
Another 10,000 Scheme places will be available for next financial year from 1 July 2020
Your application
All applications for the First Home Loan Deposit Scheme need to be made directly with one of the Scheme’s participating lenders. NHFIC doesn’t accept applications.
Contact us now by calling (02) 8860 9545 or by email info@eaadvisory.com.au to reserve your place.
