The Australian government has introduced a First Home Loan Deposit Scheme (FHLDS) to help first home buyers purchase a home sooner. Only two months on since the announcement and already, more than 5,000 keen first home buyers have taken up the offer. Here’s what you need to know to do the same.
The FHLDS was introduced on January 1, 2020, to help eligible first home buyers to purchase a home sooner. Each financial year, 10,000 first home buyers on low and middle incomes will be eligible to secure a property with as little as a 5 per cent deposit without paying lenders mortgage insurance (LMI). Under the arrangement, a price threshold of up to $600,000 applies to Melbourne properties.
In order to be eligible for the scheme you must meet the following conditions:
To find out more about the application process, visit the NHFIC website at www.nhfic.gov.au.
If you’re curious about house and land packages that are eligible at Orchard, visit our House and Land page and filter by price (max $600,000). Or visit us in person at our Sales Centre located at corner Leakes Road & Heartlands Boulevard, Tarneit.