Exciting news for first home buyers. From the 31st January, 4700 additional places came available for the First Home Loan Deposit Scheme (FHLDS). These will go fast, so get in touch with Nicki today to secure your spot! See below for more information and eligibility requirements.
Usually, first home buyers with less than a 20% deposit need to pay lenders mortgage insurance, but under the Scheme eligible first home buyers can purchase a home with a deposit of as little as 5%. The type of property that can be bought must be a ‘residential property’ meaning an existing house, townhouse or apartment; a house and land package; land and a separate contract to build a home; or an off the plan apartment or townhouse.
Eligibility criteria
To check your potential eligibility for the Scheme, use the eligibility tool available on the NHFIC website. The following criteria will generally apply:
Applicants must be Australian citizens who are at least 18 years of age.
Only singles with a taxable income of up to $125,000 per annum and couples with a combined taxable income of up to $200,000 per annum may be eligible.
Couples are only eligible for the Scheme if they are married or in a de facto relationship. Other persons buying together, including siblings, parent/child or friends, are not eligible.
Applicants must have a deposit of between 5% and 20% of the property’s value. If you have over 20% saved then the home loan will not be covered by the scheme.
Applicants must be first home buyers who have not previously owned or had an interest in a residential property, either separately or jointly with someone else (this includes residential strata and company title properties).
Your maximum property purchase price is subject to the suburb and postcode of your new property. You can check the property price threshold for your property’s suburb and postcode on NHFIC’s website here.
You can only receive the Government Guarantee once. If you have entered the Scheme but were unable to purchase a property in time, you can request another place.
If you would like to discuss your eligibility or seeking assistance with your application, contact us today via the form, email nicki@keywestfinance.com.au or call 0498 050 002.
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