First Home Loan Deposit Scheme

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What is the First Home Loan Deposit Scheme?

Our government is provide first home buyers a chance to purchase their own homes by initiating the the First Home Loan Deposit Scheme. Not every First Home Buyer has the funds to purchase a property with a whopping 20% deposit, so with that, under the First Home Loan Deposit Scheme, First Home Buyers can afford a house (under a certain criteria) with only a 5% deposit! The remaining 15% can be loaned from the bank with the Australian Government acting as guarantors.

How do I apply for the First Home Loan Deposit Scheme?

The application process is quite simple to understand, all you need to do is submit an application for the First Home Loan Deposit Scheme. However, you will need to apply to the participating lenders and not to the Australian Government. There is a set of criterion (set out below) which will affect the eligibility of the Scheme. You will need to think carefully whether or not you want to apply as a “single” or as a “couple”, as there are separate conditions for both. If you think you made a mistake and want to change your application, will be able to do so. However, this can only be done by withdrawing your lodged application and therefore you will lose your original place in the application process.

Thinking of purchasing your home soon and want to apply for this scheme? Contact us today.

Eligibility Critera

For a First Home Buyer to successfully apply for the Loan Deposit Scheme, you will need to take note of the different criteria points that will impact their eligibility.

If you do not possess all the criteria points mentioned below, then this may impact upon your eligibility.

Income test

minimum age test

deposit requirement

PRIOR PROPERTY OWNERSHIP TEST

owner-occupier requirement

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