First Home Loan Deposit Scheme
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What is the First Home Loan Deposit Scheme?
This scheme is executed by the Australian Government in order to extend support to First Home Buyers. This will grant first home buyers the option to deposit only 5% when purchasing a property while saving $10,000 due to the voiding of the Lenders Mortgage Insurance. This means that eligible first home buyers will no longer incur the Lenders Mortgage Insurance even if they choose to deposit less than 20%.
The bank that will engage will be assured a 15% deposit acquired from the First Home Buyer’s home loan.
How do I apply for the First Home Loan Deposit Scheme?
You will have to complete an application directly and only with the 27 lenders that are engaging in the scheme. You can choose to apply as ‘single’ or as a ‘couple’, however it’s worth noting that that these have both different eligibilities. If there is a must for you to revise something on your application, you will need to retract theoriginal application and submit a new one.Â
If you do not want to lose your initial position in the application process, make sure that all fields in your application are accurately filled on the first go.
Thinking of purchasing your home soon and want to apply for this scheme? Contact us today.
Eligibility Critera
There are a number of different criteria points that will your eligibility for the First Home Loan Deposit Scheme.
To assure that you are eligible for this scheme, it is a must to determine if you possess all these requisites.
Income test
minimum age test
deposit requirement
PRIOR PROPERTY OWNERSHIP TEST
owner-occupier requirement
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